Dogecoin Price Prediction As DOGE Added To New Crypto Exchange – Adoption On The Rise?
The price of Dogecoin has fallen by 2% in the past 24 hours, with the meme token falling to $0.080528 amid a similar drop for the broader market. The current price means that it has fallen by 5.5% in a week and by 8.5% in the last 30 days, at a time when many other major tokens have seen gains.
However, DOGE’s fall today comes in the wake of news that Philippines-based exchange Coins.ph has become the latest platform to list the token. Coupled with the expectation that Twitter will eventually integrate DOGE-based payments, this news highlights the possibility that sooner or later the cryptocurrency will enjoy some big rallies this year.
Dogecoin Price Prediction As DOGE Added To New Crypto Exchange – Adoption On The Rise?
DOGE’s indicators seem to suggest that the coin will have to fall a bit further before it bounces back. For example, its relative strength index (purple) has dropped to nearly 40, meaning it still has some way to go before becoming oversold.
At the same time, the coin’s 30-day moving average (red) has started to decline towards its 200-day average (blue), although it will take some more time before it falls below the long-term indicator.
As for support levels, a drop below $0.08 could signal further losses, although DOGE hasn’t really been below this price since the start of the year.
In other words, the DOGE may not fall too far before it starts to rise again. And it’s not as if the coin is entirely lacking in good news, with Coins.ph yesterday being just the latest exchange to list the popular meme token.
Although such an entry is not monumental news in itself, it nevertheless provides some confirmation that the industry and its players expect DOGE to do well this year. Coins.ph wants to join the ranks of exchanges listing the token because it expects the demand for the token to remain high and continue to increase.
At the moment, however, it appears that larger investors are looking to sell the coin, including numerous reports of whales moving DOGE to exchanges. Yesterday, for example, a whale transferred just over $12 million in DOGE to Binance, most likely to sell it.
Despite the current state of the DOGE market, the future still looks bright for the meme token. This is largely due to the expectation that sooner or later Twitter will introduce cryptocurrency payments, including payments in DOGE.
This assumption was given considerable weight at the end of January by a Financial Times article that showed Twitter moving forward with its digital payment plans, with the social media even applying for licenses in various US states.
Recently, Musk has continued to reaffirm his love for DOGE, with last month witnessing a viral tweet by his Shiba Inu dog, Floki. It also saw him attend Super Bowl LVII while wearing a Dogecoin T-shirt, which may or may not have been seen by millions of viewers around the world.
Given Musk’s constant cheerleading for DOGE, the Dogecoin community has come to believe that hints of introducing DOGE payments have real substance behind them. If so, there is no doubt that the mome token will rise sharply, potentially even returning to its all-time high of $0.731578, set in May 2021.
Barring any major Twitter-related news, many experts are predicting a year-end target for DOGE of $0.13, as suggested by a recent report from crypto exchange Changelly. This may seem somewhat unambitious, but it would still give traders a 49% profit if they bought the altcoin now.
Buy Dogecoin now
Is now the time to buy Dogecoin?
Because indicators – and information on whales – suggest that DOGE may be due for a short-term fall, investors may prefer to look at other promising cryptocurrency projects for now. To this end, we have compiled a list of the top 15 cryptocurrencies for 2023, analyzed by CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
