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Dogecoin Price Prediction as DOGE Rallies Up 9% in 24 Hours – Here’s Where DOGE is Headed in 2023

Simon Chandler
Last updated: | 4 min read
Source: TradingView

The dogecoin price has now rallied by 9% in the past seven days, pushed up by reports that Twitter is moving ahead with its plans to introduce payments. At $0.091703, it has dipped by 1% in the past 24 hours, although it rose by well over 10% between Monday and Tuesday, with the coin also up by 30% in the last 30 days.

DOGE’s rally follows Monday’s publication of an article in the Financial Times, in which the paper reported that Twitter owner Elon Musk has begun accelerating the social network’s payment plans. This has resulted in a big surge of buying activity, including by whales, yet the fact remains that recent reports on Twitter’s payment strategy have made no explicit mention of dogecoin itself.

Dogecoin Price Prediction as DOGE Rallies Up 9% in 24 Hours – Here’s Where DOGE is Headed in 2023

DOGE’s indicators suggest that the altcoin likely still has some rallying left to do. Its 30-day moving average (red) overtook its 200-day average (blue) earlier in January, and it continues to rise above the longer term indicator, signalling the possibility of further rises.

Source: TradingView

In addition, DOGE’s relative strength index (purple) remains above 60. This is a good position insofar as it signals some degree of positive buying pressure, while also indicating that the coin isn’t overbought, so has some more room to rise further.

The main catalyst for dogecoin’s performance over the past couple of days is the aforementioned Financial Times article. Perhaps its most notable revelation was that Twitter has already begun applying for regulatory licenses across the US, something which highlights just how advanced its plans for payments currently are.

While the report indicates that Twitter will initially roll out its payment services only with fiat currency (or currencies), it’s desiging them “so that crypto functionality could potentially be added at a later point.” 

Given Elon Musk’s long-standing championing of dogecoin — as well as hints last year that he may consider introducing the option to pay for Twitter subscriptions in DOGE — this mention of “crypto functionality” was enough to spark a wave of buying, even if it was the only mention of cryptocurrency in the entire article.

On top of this, it now appears that the report’s effects were helped along by the involvement of whales, with analysis from Santiment suggesting that over 500 transactions worth at least $100,000 each were largely responsible for yesterday’s surge.

Such developments may leave DOGE holders getting overly excited. Yet the thing is, the insiders who shared info with the Financial Times make no mention of dogecoin at all, so it would be rash to conclude that the article ‘proves’ payments in the altcoin are coming to Twitter soon.

Worse still, Elon Musk’s (in)famous “maybe even an option to pay in doge” tweet from April 10 has actually been deleted by the Twitter owner. Could this indicate that he no longer wishes to use the altcoin on his social network?

In light of this, it seems extremely premature to invest in DOGE solely on the assumption that it’s coming to Twitter. On top of this, the past couple of months have brought information on a so-called ‘Twitter Coin’, a reportedly in-house digital currency that may end up removing the need for the social network to use pre-existing cryptocurrencies, including dogecoin.

https://www.twitter.com/cb_doge/status/1619787909711921152

However, given that the recent Financial Times article does mention that cryptocurrency are likely coming to Twitter, there remains a real chance that DOGE could benefit. And if the social network does integrate with dogecoin, there’s little doubt that the altcoin will rise massively in the following weeks and months.

Of course, such a scenario could be a long way off, with $1 remaining more of a medium-to-long term goal for the coin, rather than something it will achieve this year.

As for 2023, a more realistic target for the end of this year would be somewhere in the region of $0.13. In fact, a recent release by crypto-exchange Changelly suggests that DOGE will have an average price this year of around $0.129987, with some analysts predicting a maximum of around $0.15.

This would imply a gain of around 63.5% over its current price, which would make for a pretty good profit by any standards. And to be fair, DOGE has witnessed some good news in recent weeks, including the news that major exchange Bitstamp would be listing it.

Needless to say, if Twitter does introduce dogecoin payments at some point, expect much bigger gains.

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While DOGE may not rally massively in the near future, there other high-potential crypto projects that are worth investing in alongside DOGE. Accordingly, we’ve reviewed 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.