While most top digital assets faced declines over the past two days, Dogecoin (DOGE) bucked the trend with a 6% increase in the past 24 hours. The meme-inspired cryptocurrency experienced a surge in the daily traded volume of over 173%, reaching $1.28 billion on Tuesday, indicating strong demand.
However, high liquidation levels, with $4.01 million recorded in the past 24 hours, suggest caution for intraday DOGE traders as sudden price drops due to stop hunts may occur. It’s worth noting that the performance of most altcoins is closely tied to that of Bitcoin.
Dogecoin Price Predictions
The Dogecoin market appears to have emerged from the 2022 bear market, fueled by Elon Musk’s Twitter announcement which triggered a relief rally in late 2022. The bullish sentiment is expected to drive the DOGE price towards a retest of its December 2022 high at $0.11, followed by a correction and a possible rally to $0.155.
However, the ongoing consolidation period suggests that a parabolic rise in price discovery is unlikely. Therefore, a near-term price correction could cause DOGE to revisit lower levels, possibly below $0.9 by the end of 2023.
The Dogecoin community believes that DOGE’s upward price trend will persist as long as Elon Musk continues to support the cryptocurrency. With Twitter reported to have applied for payment licenses in the US, the Dogecoin community eagerly awaits Musk’s integration of the meme-inspired cryptocurrency as a form of payment.
Musk has demonstrated his support for Dogecoin in his other ventures and is advocating for McDonald’s to accept it as payment.
Written by: Sohrab Khawas
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