Dogecoin Price Prediction as DOGE Climbs Into Top 10 Crypto – Is a Price of $1 Possible in 2023?
The price of Dogecoin (DOGE) has dropped by 1% in the past 24 hours, with the meme token re-entering the top ten of cryptocurrencies by market cap prior to its loss today.
At $0.058112, DOGE is down by 5% in a week and by 6% in a month, with the original meme coin also having fallen by 13% since the beginning of the year, in contrast to many other major tokens (e.g. BTC, ETH, XRP, SOL).
However, the overselling that has taken hold of DOGE in the past few months may have put it in a good position for a strong rebound, with the cryptocurrency potentially on course to have a strong end to the year.
Based solely on technical indicators, many analysts would expect DOGE to see a recovery very soon.
Its relative strength index (purple) has almost reached 30 again, after having already spent nearly two months below 50, with much of this period seeing the indicator actually below 40 or even lower.
Similarly, DOGE's 30-day exponential moving average (yellow) has been some way below its 200-day average (blue) for several months now, another sign that the coin is grossly undervalued and is overdue some kind of joy.
The problem is, however, that DOGE's support level (green) continues to decline, and there's every chance it could be broken yet again, with a move below $0.580 potentially opening the floodgates to further losses.
If we were talking about a normal asset (e.g. a stock of a useful company), then the above indicators would all-but guarantee a rebound in the near future.
Yet this isn't quite the case when talking about a meme token like DOGE, which lacks fundamentals and utility.
As such, a skeptic would be tempted to conclude that Dogecoin is suffering from a very long-term decline that may not be reserved, at least not during the
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