Doge price prediction – Here’s the latest Dogeprice prediction and Doge TO USD converted price you can find here
Doge Today’s price
Doge price today is $ 0.0820695 USD
Doge Price Prediction:
Dogecoin (DOGE), the cryptocurrency that powers the dog meme-inspired Dogecoin crypto payments blockchain, plummeted on Thursday, and price forecasts have since deteriorated.
After breaking out of an uptrend that began in late-December 2022 earlier this week, the internet’s favourite meme coin went from bad to worse on Thursday amid a broad crypto sell-off triggered by a mix of Fed tightening fear-induced downside and concerns about the SEC’s crackdown on US-based crypto staking services.
DOGE/USD has settled just above its 50-Day Simple Moving Average (SMA) near $0.08 on Friday, down more than 10% on the week and nearly 18% from last Saturday’s highs of $0.10.
The bears achieved their short-term goal of testing the resistance-turned-support level of $0.079, implying that the Dogecoin market is now likely to stabilise, if only for a few days.
Dogecoin’s latest drop has reduced its year-to-date gains to less than 20%, and traders are once again questioning whether Dogecoin ever truly emerged from its bear market, which began in the second half of 2021 and lasted through most of 2022. The cryptocurrency is still up more than 60% from its 2021 lows of less than $0.05.
Hopes that Elon Musk, the recently appointed CEO of Twitter, will incorporate Dogecoin into a future payment system on the platform are keeping prices elevated compared to the 2022 lows.
However, falling Twitter engagement, as evidenced by falling engagement on Elon Musk’s posts, has some analysts concerned that Twitter may not be the silver bullet that will return Dogecoin to all-time highs.
Musk appears to be growing increasingly frustrated with declining Twitter engagement – according to one recent study, US usage is down 9% since Musk took over, with Democrats abandoning the platform in droves due to Musk’s apparent right-wing political leanings.
Musk has previously stated that Twitter is on the verge of bankruptcy, and Dogecoin investors should be concerned unless things improve for the social media platform.
In the short term, a retest of $0.079 support and possibly a drop towards the 200-Day SMA at $0.077 appear more likely than a recovery back to recent highs in the $0.10 area.
If US CPI data comes in lower than expected next week, sentiment may improve slightly. However, Dogecoin is likely to remain restricted within its multi-month $0.07-$0.11ish range in the near future.
Doge Price Prediction: Today’s Dogecoin Price, 11th Feb 2023
Doge price prediction – Here’s the latest Doge price prediction and Doge TO USD converted price...