Dogecoin (DOGE) Price Prediction: Will We See A Return To $0.09 Soon?
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Dogecoin is trading at $0.08139 today, down by 3.28% in 24 hours. The meme coin enjoyed an explosive start to the year in price. After closing at $0.1016 on December 1, 2022, it fell to the $0.09 level.
DOGE price has recorded slight gains since this dip closing at $0.08237 on February 11, 2023. As a result, the network enjoyed wider adoption and exposure this year despite the price fluctuations.
Factors Influencing Dogecoin Price
Dogecoin is the most popular meme coin in the world, benefitting from immense support from Business mogul Elon Musk. The CEO of Twitter has been vocal about his support for DOGE, a sentiment that helps to boost its price sometimes.
Here are some of the latest activities on the network that might be influencing its price.
Elon Musk Teases Crypto Payments On Twitter
Doge and Mask go wild https://t.co/Hoj9fV9W7v pic.twitter.com/RNMHQd7siv
— db (@tier10k) January 30, 2023
The CEO of Twitter has stated that he intends payments on the platform to be mainly in fiat currencies. However, he stated that the development engineers would create the design to support crypto payments in the future. This announcement pushed Dogecoin’s price to $0.09617 on January 31 before it returned to $0.08955 on February 6.
Twitter is also working on a “Coins” menu item that takes you to the purchase screen pic.twitter.com/tSG8msWBGe
— Jane Manchun Wong (@wongmjane) January 10, 2023
Dogecoin And Robinhood Drama Might Be Behind This Week’s Pullback
Robinhood, a retail giant, holds more than $2.8 billion worth of Dogecoin for its customers, according to Dogecoin Whale Alert. These figures account for 25.17% of Dogecoin’s total circulating supply.
The current total combined amount of #Dogecoin held by @RobinhoodApp 🪶 on behalf of its investors is:
34,762,118,366 $DOGE$2,834,885,515 USD25.17% of the circulating supplyhttps://t.co/iWz81VqfEE
— Ðogecoin Whale Alert (@DogeWhaleAlert) February 10, 2023
Robinhood is a significant player in the Dogecoin ecosystem, holding numerous tokens for users. However, Vlad Tenev, CEO of Robinhood, stated that the platform has no plans to partner with Twitter. This review might have contributed to the dip in DOGE’s price.
Twitter’s Influence On Dogecoin’s Price Still A Reality
Crypto asset prices correlate with news events since traders react to them while making trading decisions. Unfortunately, Elon Musk Twitter takeover has been far from smooth sailing, generating mixed reactions among followers.
Twitter’s battles with some challenges in the past week have negatively influenced Dogecoin’s price. First, the platform experienced an outage on February 8, when many users could not access its features.
Twitter’s support team apologized to users for this defect and promised to fix it for their users. Dogecoin is associated with Twitter and Elon Musk; hence, it is affected by negative or positive news.
Dogecoin Price Prediction
DOGE is currently in a sideways trend on the price chart today after losing value in the market on February 9. Furthermore, a Gravestone Doji is observed on February 12, indicating the possibility of a bearish trend emerging.
DOGE is trading above its 200-day Simple Moving Average but slightly below its 50-day SMA. It means a further price decline in the short term is a possibility. However, in the long term, the asset’s price will likely rally in a possible trend reversal.
The Relative Strength Index is at 42.30, close to the oversold region of 30. If the bearish pressure persists, it will likely continue its descent. The Moving Average Convergence/Divergence (MACD) is below its signal line and is currently bearish.
The support levels are $0.07755, $0.07968, and $0.08085, while the resistance levels are $0.08414, $0.08627, and $0.08744. The action of the bears is pushing DOGE’s price down below the $0.08085 support. Dogecoin’s price will likely dip further and test the $0.07968 support. It implies that the $0.09 level might not be achievable for DOGE in the short term.
Altcoin Alternatives To DOGE
While Dogecoin is a popular meme coin project, some altcoins have the potential to reward early investors. These investors can use presales when the tokens are offered cheaper to maximize profit when they eventually list in the open market. Here are some exciting projects you would love.
C+Charge is an innovative platform aimed at revolutionizing the electric vehicle industry. The platform incentivizes users to charge their vehicles and reduces environmental pollution from carbon waste.
C+Charge has teamed with AmpUp to provide technical support for electric vehicle stations. There are a host of benefits to investing in the green-energy-centred token. First, the network provides users which much-needed analytics.
EV drivers are disadvantaged by the current carbon credit system, which favours more giant corporations. C+Charge seeks to reverse this trend and create equal opportunities for individuals to benefit from innovation.
Also, the platform offers users a universal payment system that is affordable and easy to understand. With the native CCHG tokens, users can easily purchase these carbon credits. The presale has been successful, with over $783,000 raised within a few months.
Fight Out (FGHT)
Fight Out is a move-to-earn platform that has successfully combined fitness with technology. With a growing fanbase, the project has unveiled a seven-stage presale for the native FGHT token. The presale has raised over $3.5 million and will increase as it nears its closing stages.
The price is affordable at $0.0166 to encourage more users to take advantage of the presale. In addition, early investors will receive up to a 50% bonus on their assets based on how many tokens they hold and how long they hold them.
Fight Out also has a reward scheme where users can exercise in a public space at home to receive REPS, an off-chain coin. This coin is used to subsidize app subscriptions and gym memberships. In addition, this app allows users to schedule a personal training session and purchase much-needed fitness gear.
The app creates a digital fitness portfolio that monitors user activity, sleep, and nutrition, offering customized training plans to users. The goal is to achieve fitness and health in its users.
Robotera is a play-to-earn gaming model where users can earn by renting out virtual properties and participating in community events. It offers users access to the virtual world of TARO, where players compete as robots forming alliances with robot buddies.
Participants team up to develop metaverse lands and gain rewards in TARO. NFTs are used to represent robots in this virtual reality game. The token is worth 0.020 USDT in phase 1 of the presale, which will increase in the next stage to 0.025 USDT.
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