Against the backdrop of a pronounced revival in the appeal of meme coins, prominently exemplified by the remarkable surge of Pepe (PEPE) in recent weeks, the price trajectory of Dogecoin (DOGE) has become a focal point of considerable attention and meticulous examination.
Being widely acknowledged as the original meme coin, DOGE price has attracted a heightened level of scrutiny, with investors and observers closely analyzing its movements and implications within the broader cryptocurrency landscape, especially with the actions of Elon Musk around the dog meme coin since his takeover of Twitter.
As we approach mid-year, experts from various fields have been consulted to provide insights into Dogecoin’s year-end price target.
These assessments consider both fundamental analysis factors and network developments, aiming to gain a comprehensive understanding of the cryptocurrency’s potential trajectory.
Nick Ranga, senior cryptocurrency analyst for AskTraders
Senior cryptocurrency analyst Nick Ranga noted that:
“While Dogecoin started life as a meme whose price was driven purely by hype, it is starting to move beyond that. With the recently launched Doge-ETH bridge and the layer 2 Dogechain allowing the development of dApps, DeFi, GameFi, and NFTs, Dogecoin is starting to prove its usefulness.”
“However, while interest rates remain high, risk appetite will remain subdued. Dogecoin has been trading sideways throughout 2023 and remains in a consolidation pattern. There is support in the region of $0.065 – $0.070. Beyond that, the price levels to watch for are $0.08, in the region of the 50 and 100-day SMAs, and the psychologically important $0.1 price level.”
Frank Corva, senior analyst for digital assets at Finder
Senior analyst Frank Corva noted that the probability of DOGE performing well or setting a new all-time high this year is low.
“DOGE hit its all-time high when the speculative crypto fervor was at a peak back in May 2021. It’s currently down over 90% from its all-time high.”
The digital assets expert highlighted that according to a consumer confidence study, almost half (49%) of the respondents indicated that they have adopted a more conservative investment approach compared to just six months ago.
“In the same report, only 28% of respondents expressed their confidence in crypto as a favorable investment, while just 25% of crypto investors confirmed their ownership of DOGE.”
Dan Barrett, co-founder of Pacific Precious Metals
Dan Barrett suggests that whether DOGE sets a new all-time high in 2023 remains to be seen.
Barrett noted the cryptocurrency market is notorious for its volatility, and Dogecoin is no exception. Its price can be significantly impacted by various factors such as market sentiment, adoption rates, and regulatory changes.
“However, as we’ve seen in the past, DOGE has the potential to experience sudden spikes in value due to social media hype and the support of high-profile figures like Elon Musk.”
These factors have the potential to exert a significant influence on DOGE’s value and attract substantial attention from investors.
June Jia, the website owner of Canny Trading
Quantitative researcher June Jia outlined that Dogecoin has demonstrated a consistent lateral trading pattern throughout the early months of 2023, fluctuating between the price points of $0.070 and $0.10.
“Despite repeated efforts, the cryptocurrency has been unable to surpass the crucial resistance level of $0.10. This indicates a formidable technical obstruction that this cryptocurrency, originally created as a meme, has yet to surmount. Furthermore, the notably decreased trading volume of $184 million, a striking deviation from the $3 billion observed during the resistance examination in April, implies a diminished market impetus.”
Given the aforementioned factors and their potential impact on Dogecoin, the forecast for the cryptocurrency’s performance throughout the rest of 2023 remains cautious and uncertain.
“The price motion of Dogecoin seems to be staunchly established within its present trading bracket. Barring substantial shifts in market sentiment or unforeseen market catalysts, it’s anticipated that DOGE will maintain its lateral course for the rest of the year. Consequently, it’s projected that by the conclusion of 2023, the price of Dogecoin will gravitate around its current levels, remaining within the $0.070-$0.10 band.”
DOGE price analysis
Dogecoin is currently trading at $0.0743. Over the past 24 hours, it has experienced a notable increase of 1.68%. This positive momentum has continued over the past week, with a substantial rise of 3.11% in value. These recent gains indicate a growing interest in Dogecoin within the crypto market.
In terms of market capitalization, Dogecoin boasts a significant figure of $10.3 billion. Additionally, the 24-hour trading volume for Dogecoin stands at $304,906,669, indicating a high level of activity and liquidity in the market
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