After the year started optimistic for most of the cryptocurrency market, the momentum seems to be slowing down, including for the dog meme cryptocurrency Dogecoin (DOGE), which has gained over 21% since January 1 but declined more than 5% over the past day.
As it happens, the aggregated votes cast by the members of the crypto tracking platform CoinMarketCap have projected that the average price of Dogecoin on January 31, 2023, would stand at $0.08135, as per the most recent information accessed by Finbold on January 25.
Provided that the projections, which are the result of 1,361 member votes cast by press time, turn out to be correct, it would mean that the coin favored by Tesla (NASDAQ: TSLA) and Twitter (NYSE: TWTR) CEO Elon Musk will decline further, losing -4.13% or – $0.003504 to its current price.
At the same time, the machine algorithms over at the crypto monitoring website PricePredictions are slightly less bearish than the community, having predicted that the price of Dogecoin would likely be at $0.086048 on January 31, 2023.
Dogecoin price analysis
As things stand, the meme token is currently changing hands at the price of $0.08483, down 5.52% on the day, as well as declining 2.56% across the previous week, whereas it has gained 12.22% during the past 30 days, as charts indicate.
At the same time, DOGE is facing resistance at $0.09438 for a change toward a bullish uptrend, while its support level at the time of publication resided in the $0.07774 area, promising to decline even further if this level is breached.
Positive sentiment despite bleak predictions
Interestingly, the sentiment around Dogecoin on the one-day TradingView gauges is positive, indicating ‘buy’ at 14, which is summarized by oscillators being in the ‘buy’ zone at 2 and moving averages (MA) pointing at a ‘strong buy’ at 12.
Meanwhile, Dogecoin is among the crypto market’s top undervalued assets, along with Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), Polygon (MATIC), Shiba Inu (SHIB), Uniswap (UNI), and Chainlink (LINK), deemed lower-risk investments.
Notably, DOGE could indeed switch to the bullish mode as its community focuses on new products such as Libdogecoin, Dogecoin Standard, and GigaWallet, or if there is positive news related to its greatest supporter, Elon Musk, which historically has led to Dogecoin pumps.
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