The price of dogecoin has fallen by 2% in the past 24 hours, with the meme token dropping down to $0.080528 amid a similar dip for the wider market. Its current price means that it has fallen by 5.5% in a week and by 8.5% in the last 30 days, at a time when many other major tokens have enjoyed gains.
However, DOGE’s dip today comes in the wake of news that Philippines-based exchange Coins.ph has become the latest platform to list the token. Along with the expectation that Twitter will eventually integrate DOGE-based payments, this news highlights the possibility that the cryptocurrency will sooner or later enjoy some big rallies this year.
Dogecoin Price Prediction as DOGE is Added to a New Crypto Exchange – Adoption on the Rise?
DOGE’s indicators appear to suggest that the coin needs to fall a little further before a rebound is due. For instance, its relative strength index (purple) has dropped to almost 40, meaning that it still has some way left to drop before it becomes oversold.
At the same time, the coin’s 30-day moving average (red) has begun sinking towards its 200-day average (blue), although it will take some more time before it drops below the longer term indicator.
In terms of support levels, a drop below $0.08 could signal further losses, although DOGE hasn’t really been below this price since the start of the year.
In other words, DOGE may not fall too far before it begins rising again. And it’s not as though the coin is completely lacking in good news, with Coins.ph yesterday becoming only the latest exchange to list the popular meme token.
While such a listing isn’t monumental news in and of itself, it nonetheless provides some confirmation that the industry and its players expect DOGE to do well this year. Coins.ph wants to join the ranks of exchanges listing the token because it expects demand for the token to remain high and continue rising.
At the moment, however, it seems that bigger investors are looking to sell the coin, with numerous reports of whales moving DOGE to exchanges. For instance, yesterday saw one whale transfer just over $12 million in DOGE to Binance, most likely in order to sell it.
Despite the current state of the DOGE market, the future still looks good for meme token. This is largely because of the expectation that, sooner or later, Twitter will introduce cryptocurrency payments, including payments in DOGE.
This assumption was given considerable weight at the end of January by a Financial Times article that showed Twitter is moving ahead with its digital payment 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. It also saw him attend Super Bowl LVII while dressed in 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 has come to believe that hints of introducing DOGE payments have some real substant behind them. If so, then there’s no doubt that the mome token would rally strongly, potentially even returning to its all-time high of $0.731578, set in May 2021.
Without big Twitter-related news, many experts are predicting an end-of-year target for DOGE of $0.13, as suggested by a recent report by crypto-exchange Changelly. This may seem somewhat unambitious, but it would still earn traders a 49% profit if they purchased the altcoin now.
Buy Dogecoin Now
Is Now the Time to Buy Dogecoin?
Because indicators — and information concerning whales — suggest that DOGE may be due a fall in the short-term, investors may prefer to look at other promising cryptocurrency projects at the moment. To this end, we’ve compiled a list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
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