Until Dogecoin embraces a major growth catalyst, I cannot recommend Dogecoin. There are plenty of dog-themed meme coins out there, and I can’t even say that Dogecoin is the best one. For one thing, in its nearly 10-year history, Dogecoin has never once hit the $1 mark. The all-time high for Dogecoin is $0.74, which it hit back in 2021, when billionaire Elon Musk was tweeting about the meme coin regularly. In order to reach $1, Dogecoin would need to increase in value more than tenfold, given its current price of $0.09. Shiba Inu price is experiencing an increase in volatility as the price has declined by the largest percentage amount this year.
“Overnight the Federal Reserve chair Jerome Powell had just the soothing message the market was looking for,” Russ Mould, investment director at brokerage AJ Bell, said via email. On average, over a million DeFi transactions occur daily just within the Ethereum Blockchain to the tune of billions in USD volume. What if some of the excess volume could be used to preserve the world’s forests, rainforests, and the biodiversity found within them – all while generating passive income for holders of the token? The list is updated weekly with new altcoins and ICO projects.
In conclusion, the Dogecoin price analysis suggests that the coin is currently in a bearish trend and could potentially move lower in the short term. Prices are anticipated to keep falling, though, as the bearish trend is still very strong. The market indicators are indicating additional near-term downside momentum as the bears take over the market. Traders should remain cautious and monitor the market closely to stay ahead of any potential price movements. The one-day Dogecoin price analysis shows a bearish trend in the market.
And the pattern has been much the same in 2023, with Dogecoin offering no major catalysts of its own. Investors are hoping that Dogecoin can extend its current rally and eventually hit a price point of $1. On the other hand, traders should also keep an eye on the crucial barrier at $0.084. A breach below the previous swing low would indicate a change in market structure and prompt a stronger reversal. In such a scenario, DOGE could decline as low as $0.067, resulting in a 25% loss in its market value.
Despite this fact, the notorious meme coin still shows promise as support has progressively arrived at higher price levels throughout the winter. But last Friday’s strong US jobs and ISM Services PMI data will have eased concerns being felt at the Fed about a potential incoming US recession, which makes the likelihood of a fresh dovish surprise from Powell less likely. Still, Dogecoin may continue to grind higher given its positive technical outlook – as noted above, the cryptocurrency has responded well to support in the form of the 21 and 100DMAs plus 2023 uptrend. A grind higher again toward recent highs in the $0.10 area looks to be on the cards. 2,043,137 DOGE is worth just shy of $190,000 at current prices.
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While the bullish outlook for Dogecoin price makes logical sense, investors need to be aware of a Bitcoin price sell-off. A selling spree initiated by the big crypto holders could tank the entire market, including DOGE. Bitcoin price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames.
According to a new analysis shared by crypto analyst Rekt Capital on February 7, Dogecoin price has broken out from its “falling wedge” pattern in the weekly timeframe. Price since the beginning of 2023, pushing ethereum, BNB , XRP , cardano, dogecoin, polygon and solana higher. The jobs report “was an incredible surprise and it raises a lot of questions about what the Fed is going to do next,” Kristina Hooper, chief global market strategist at Invesco, told Reuters.
- Dogecoin price is experiencing some resistance near the $0.09 barrier.
- A flip of this level will allow DOGE to take another jab at the buying climax at $0.0863.
- At the present price, as many as 62% of DOGE investors are profitable.
- The bearish influence should concern investors as it has reached significant levels of support, one being the 8-day exponential moving average and two, trendlines that provided resistance throughout the previous rally.
- The coin is currently trading at $0.09245, and there’s significant selling pressure in the market.
The RSI is a momentum oscillator that measures the kinetic potential of an asset. A bullish divergence occurs when the RSI forms higher lows while the price forms lower lows. DOGE’s divergence signals a potential reversal during the current selloff and indicates underlying strength in the market. The bitcoin price is now hovering around $23,000 per bitcoin, up from under $17,000 at the beginning of the year. Ethereum ETH and other top ten cryptocurrencies BNB BNB , XRP XRP , cardano, dogecoin, polygon and solana, have also soared, with some smaller coins leaving bitcoin in the dust. Dogecoin price is experiencing some resistance near the $0.09 barrier.
Dogecoin price takes its time
Ethereum co-founder Vitalik Buterin has already championed Dogecoin’s move to proof of stake, and has even said that he would help in the transition process. However, Powell’s comments were taken by the market to be more on the dovish side than expected, sending bitcoin, ethereum, crypto and stocks sharply froge coin price higher. Payments made using Dogecoin may also be processed more quickly and at a lower cost than with other methods, further improving the user experience. However, as of the time this article was published, Twitter has not revealed any specific intentions to include dogecoin as a payment option.
The presented content may include the personal opinion of the author and is subject to market condition. The author or the publication does not hold any responsibility for your personal financial loss. Meanwhile, rival meme coin Shiba Inu gathers community’s attention amid the anticipated launch of the Shibarium Layer-2 blockchain this month. The news drove Dogecoin whale activity causing DOGE price to rally 10% in a day. The Dogecoin community has been actively awaiting Dogecoin integration on Twitter, as hinted by Elon Musk earlier.
Three Arrows Capital was among the first few crypto companies to fall in July 2022, which initiated the first contagion in the market. The bankrupt hedge fund has since been left to liquidators to make the most of its remaining assets. FXStreet and the author do not provide personalized https://cryptolisting.org/ recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.
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The hope of Dogecoin enthusiasts is that Elon Musk will find some way to integrate Dogecoin into a new Twitter payments system. Musk has said that Twitter is looking for ways to embed payments within the social media platform, and the speculation is that Dogecoin could play a role here. On that speculation alone, the price of Dogecoin jumped by 10% on a single day in January.
The bearish influence should concern investors as it has reached significant levels of support, one being the 8-day exponential moving average and two, trendlines that provided resistance throughout the previous rally. Dogecoin price is experiencing a minor dip, with its price down 3% daily. However, the bulls have established support near the upper $0.08 level, accompanied by a bullish divergence on the 4-hour Relative Strength Index .
To attract users and members of the cryptocurrency community who aren’t interested in using traditional fiat, Twitter might provide support for Dogecoin as a payment method. A larger number of Dogecoin transactions and user participation might result from this. The CoinMarketCap cryptocurrency community price estimate is based only on the votes of its users.
A minor pullback to POC at $0.0859 or $0.0813 support levels will be a good place to accumulate DOGE. Dogecoin price has shed 15% after facing rejection at $0.0946, aka buying climax. Right now, the primary catalyst for Dogecoin involves Elon Musk’s $44 billion acquisition of Twitter. If you look at the trading history of Dogecoin in 2022, sharp spikes in the price of Dogecoin were almost always accompanied by some bit of news coming from Elon Musk and Twitter. For example, when Musk finally closed the door on the Twitter acquisition in October, the price of Dogecoin spiked by 35%.
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A flip of this level will allow DOGE to take another jab at the buying climax at $0.0863. It just doesn’t seem to want to be anything other than a silly, viral meme coin. Its future growth is now becoming so tied to Twitter that it might fade into obscurity if Elon Musk ever decides to abandon it.
Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success. Dogecoin price has recovered over 40% since hitting a low of $0.066 on December 30. The rally was supported by rising Dogecoin development activity, whale accumulation, and Elon Musk continuously hinting at Dogecoin integration on Twitter payment.
Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Friday’s non-farm payroll report showed the U.S. added just over 500,000 jobs in January, blowing an estimate of under 200,000 out of the water. Earlier in the week, Powell announced an interest rate hike of a quarter of a percent, the eighth straight increase but the smallest increase since March, and warned “the job”—of stamping out inflation—”is not fully done.” Tracking of cryptocurrency markets has become even more convenient with our application.
Featuring 25 professional dealers who will buy and sell coins and paper money. I write about how bitcoin, crypto and blockchain can change the world. The Forge Network is an all-inclusive ecosystem aiming to bring together all of the demands of the community into a single cryptocurrency powered by the Forge coin.
Needs to review the security of your connection before proceeding. If you’re looking for other high-potential crypto projects alongside DOGE, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by theCryptoNewsIndustry Talk team. Get stock recommendations, portfolio guidance, and more from The Motley Fool’s premium services. This situation might be OK if Dogecoin has only limited aspirations for its blockchain, but if it ever wants to be a major blockchain player, it must transition to proof of stake. Naturally, this has led to hype and speculation that Dogecoin might be on a rocket ship to $1. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.
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“Powell’s comments about the disinflationary process having begun will now dominate investors’ mindsets in 2023 as they seek to create and build wealth after a difficult 2022.” The Froge Finance Foundation (reg. The Hague, NL) is currently partnered with and donates funds to One Tree Planted, and Rainforest Foundation US . The Foundation will continue to vet and form new partnerships with Eco-Charities to ensure the ecological goal of the project is achieved.
By burning coins, you are removing them from circulation, thus reducing total overall coin supply. However, there appears to be an internal battle happening right now in the Dogecoin community. On one hand, some developers agree that the shift to proof of stake is the right way to modernize Dogecoin. So they have a vested economic interest in preserving the current proof-of-work system.
Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions. Although unlikely, a successful flip of this level would open the path for Dogecoin price to trigger another rally and retest the $0.106 hurdle, bringing the total gain to 31%. Yes, you can use it to pay for items on a growing number of sites online. But apart from that, Dogecoin has never really been able to participate in the growth drivers of the modern blockchain economy, such as decentralized finance and non-fungible tokens. So Dogecoin needs to find a way to embrace these potential growth options.
“What I think is causing some of the volatility is markets trying to make sense of how the Fed will perceive this.” Bitcoin BTC , ethereum and other major cryptocurrencies have surged into 2023, with the combined market adding around $250 billion—a rally some think could have a lot longer to run. At the present price, as many as 62% of DOGE investors are profitable. The prospect of Dogecoin being integrated into Twitter’s payment channel has kept the optimism of these backers.