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Dogecoin price is down 2% over the past 24 hours, with meme token falling to $0.080528 amid a similar decline for the broader market. Its current price means it is down 5.5% in one week and 8.5% over the past 30 days, at a time when many other major coins have posted gains.
However, the decline of DOGE comes after today’s news Philippines-based exchange Coins.ph becomes the latest platform to list the token, With the expectation that Twitter will eventually integrate DOGE-based payments, this news highlights the potential that the cryptocurrency will enjoy some big rallies this year.
Dogecoin Price Prediction as DOGE Is Added to a New Crypto Exchange – Adoption on the Rise?
The indicators for DOGE show that the coin needs to move down a bit more before rebounding. For example, its Relative Strength Index (purple) has dropped to around 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 begun to sink towards its 200-day average (blue), although it will take some more time before breaking below the longer-term indicator.
In terms of support, a drop below $0.08 could signal further losses, although DOGE hasn’t really traded below this price since the beginning of the year.
In other words, DOGE may not fall very far before it starts rising again. And it’s not as if there is a complete lack of good news in the coin, with Coins.ph becoming the latest exchange to list the popular meme token yesterday.
While such a listing is not big news in itself, it does provide some confirmation that the industry and its players expect DOGE to do well this year. Coins.ph is looking to join the ranks of exchanges listing the token as it expects the demand for the token to remain high and continue to grow.
However, at the moment, it seems that large investors are looking to sell the coin. Multiple reports of whales moving DOGE to exchanges, For example, yesterday saw a whale transfer 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 Meme Token. This is largely due to the expectation that, sooner or later, Twitter will introduce cryptocurrency payments, including payments in DOGE.
This notion was given considerable importance in late January by A financial Times Article This shows that Twitter is going ahead with its digital payments plans, with the social media company even applying for licenses in various US states.
More recently, Musk has continued to reaffirm his love for DOGE with last month witnessing a viral tweet of his Shiba Inu dog, Floki. This saw him attend Super Bowl LVII 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 is convinced Signal to start DOGE payment There is some real substance behind them. If so, there is no doubt that the WAX token will rally strongly, potentially even returning to its all-time high of $0.731578, set for May 2021.
Without big news involving Twitter, 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 sound somewhat bleak, but it still nets traders a 49% profit if they buy the altcoin now.
Is Now the Time to Buy Dogecoin?
As indicators – and information related to whales – suggest that DOGE may be due for a decline in the near-term, investors may prefer to look at other promising crypto projects at this time. For this, we have compiled a list of the top 15 cryptocurrencies for 2023, which are analyzed. crypto news Industry Talk Team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talks section features insights by crypto industry players and is not part of the editorial content of 0x0news.com.
