The Dogecoin bulls regained control on Tuesday, sending DOGE/USD back above the cents level. The world’s most popular meme-inspired cryptocurrency was last trading higher by a little over 5.5% on the day, according to TradingView, unwinding all of Monday’s 3.5% loss.
Tuesday’s turnaround comes as Dogecoin is lifted by broad cryptocurrency market upside, which comes despite further losses in stock markets on the day. Dogecoin is now trading more than 35% higher versus its levels one week ahead not far above $0.07.
Indeed, Dogecoin price predictions have become more bullish in light of the cryptocurrency finding support at its 100- and 200-Day Moving Averages (currently both around $0.073) for a second time in November. A surge in Dogecoin in early November amid hype that Elon Musk might integrate the cryptocurrency into a future Twitter payments system has seen DOGE/USD break decisively and lastingly above its 200DMA for the first time since September 2021.
https://twitter.com/elonmusk/status/1512954808394731521
Elon Musk, who is the CEO of Tesla, SpaceX and Twitter, is a supporter and advocate of Dogecoin.
Where Next for Dogecoin?
Dogecoin is looking bullish on the four-hour candlesticks. It appears to be in a short-term uptrend that remains very much intact, and also appears to be forming a pennant structure. An upside break of this pattern could see DOGE/USD quickly rally to test resistance in the $0.1080 area. A break above here could open the door to a swift surge back to earlier monthly highs near $0.16.
Can Dogecoin Hit $3 in 2023?
Dogecoin has a history of exponential price increases that occur once every three to four years. For example, after years of languishing at near-worthless levels, Dogecoin rose as much as 6500% between mid-2017 to January 2018 from around $0.0003 per token to as high as $0.019. Between early January 2018 and December 2020, Dogecoin then continued to languish between $0.001 and $0.006 per token.
It then surged as much as another 25,000% between the months of December 2020 and May 2021, hitting its record high of over $0.76 per token. It has since spent most of 2022 languishing between around $0.05 to $0.15 per token. Going by Dogecoin’s historic norm, another few months to a few years could be in store before the next exponential bull rally kicks off.
That could mean that 2023 is the year that Dogecoin not only takes out not only the $1.0 level, but also $3.0. What could be the catalyst for such a rally? Firstly, if aforementioned speculation that Elon Musk might integrate the Dogecoin blockchain into a future Twitter payments system turn out to be true, this could drive significant adoption of and demand for the meme coin.
Otherwise, Dogecoin is likely to continue to ride the crypto adoption wave that is also likely to benefit its main competitors like bitcoin, Litecoin and ethereum in the long run. If economic conditions facilitate some interest rate lowering from major central banks like the US Federal Reserve in 2023, this should also be bullish for crypto assets, which still trade like speculative risk assets and tend to perform better when financial conditions are easier.
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