dog coin Price forecasts remain bullish on Thursday, despite a slight pullback from multi-week highs printed earlier this week. DOGE, the native token that powers the Dogecoin blockchain, twice attempted to strike above $0.11 on Wednesday, with the cryptocurrency being boosted in tandem with the broader crypto markets and traditional risk-on assets such as US stocks, which Chairman benefited from a more dovish than expected message. Jerome Powell of the US Federal Reserve on the pace of further rate hikes.
Dogecoin Still in Uptrend
Bulls are taking a breather for now, with Dogecoin trading back below $0.1050 and down nearly 2.0% on the day, according to TradingView. But Dogecoin’s technicals are still looking positive, with DOGE/USD still in an uptrend since the cryptocurrency’s double bottom at $0.07 printed earlier this month. The cryptocurrency is arguably in the process of forming an ascending triangle, currently with resistance in the upper $0.10/$0.11 area.
The ascending triangle pattern is generally seen as a sign that the market is consolidating ahead of a bullish breakout. If Dogecoin can make a sustained push above the $0.11 area, it could open the door for a bullish rally into early November-ftx collapse High in the $0.16 area. According to CoinMarketCap, Dogecoin is already trading about 29% higher than its level a week ago. A rally to the early December high of $0.16 would mark gains of over 50% from current levels.
Can Dogecoin Reach $1 in 2023?
With Dogecoin back above $0.10, supporters are once again asking whether Dogecoin can conquer its next major psychologically important level, the $1.0 mark. Cryptocurrency billionaire and Twitter owner spiked in late October/early November speculation Elon Muskwho is a known fan of Dogecoin, may integrate the cryptocurrency into the Twitter payment system in the future.
Charles Hoskinson, a prominent cryptocurrency/blockchain developer and founder of Cardano, recently predicted that Elon Musk’s Twitter acquisition could bring 200 million new users to the cryptocurrency space, and Musk likely has something to do with Dogecoin on Twitter. The Twitter integration could be just the bullish catalyst that Dogecoin bulls are waiting for to propel the cryptocurrency back to the $0.73 area and higher in May 2021, as it could generate significant demand for the coin.
Another factor that could help Dogecoin reach $1.0 in 2023 could be improving financial conditions – low inflation and an easier policy stance from major global central banks. Elon Musk recently called on the Fed to cut interest rates immediately To prevent a severe recession. For now, the central bank isn’t listening, and is expected to raise interest rates by around 100 bps to around 5% in 2023. The chances of rate reduction later in the next year/2024 are increasing.
This has been helping traditional risk assets like US and global equities in recent weeks. The collapse of FTX means that crypto has not been able to benefit as much from the macro-optimism in November. But in December and 2023, if the stock market bullish market pulls back, it could be a major catalyst to support massive gains in crypto.
Alternative meme coin to consider
An alternative dog-themed meme cryptocurrency with more use cases than Dogecoin that some investors may want to consider is Tamadoge’s TAMA token. TAMA is going to act as the native token of Tamadoge’s Tamaverse. Users will be able to play Tamadoge games, earn rewards and grow their own Tamadoge Non-Fungible Token (NFT) pet.
Tamadoge has partnered with some powerful players in the crypto space, including Transak, OKX, and Launchpad. Analysts believe TAMA, which is currently changing hands on major exchanges for just less than 2 cents apiece, could see substantial gains in the coming years as the cryptocurrency combines the mass appeal of meme coins and gaming. Plays to earn.
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