Dogecoin Price Prediction as Adoption Grows to 5 Million Wallet Addresses – Can DOGE Reach $10?

cryptonews.com:

The Dogecoin price has fallen by 1.5% in the past 24 hours, slipping to $0.078079 after the number of non-zero DOGE wallet addresses passed the 5 million-mark yesterday.

DOGE is now up by 1.5% in a week and by 13% in the last 30 days, with the meme token up by a relatively modest 11% since the start of 2023.

This pales in comparison with some of the gains recorded by bigger coins (e.g. BTC, ETH, XRP, SOL) since January, yet the news of Dogecoin wallets reaching 5 million underlines the coin’s potential as a medium of exchange.

And with the Dogecoin community still hoping that next year may see X add DOGE payments to its network, the original meme coin could witness big gains in the not-too distant future.

While many analysts are expecting a strong end to the year, DOGE’s chart looks like it may have begun a medium-term comedown after November’s market-wide exuberance.

Its RSI (purple) has dropped below 60 and looks like it will reach 50 in the next few days, meaning that further losses may be in store for the meme token.

On the other hand, DOGE’s 30-day average (yellow) continues to rise higher than its 200-day (blue), which is usually a sign that an asset remains in the middle of a phase of growth.

Reinforcing this view is the token’s support level (green), which has risen in recent weeks and which has prevented DOGE from falling below the $0.070 level.

As such, today’s decline may be short-lived, with DOGE’s trading volume at around $600 million today.