Doge Price Prediction: Today’s Dogecoin Price, 7th March 2023

Doge price prediction – Here’s the latest Doge price  prediction and Doge TO USD converted price you can find here

Doge Today’s price

Doge price today is $0.0738311 USD

Doge Price Prediction:

DOGE, the largest and most popular meme coin, is back in the spotlight after its most ardent supporter, Elon Musk, announced his intention to transition from crypto to artificial intelligence (AI).

The price of Dogecoin fell this week along with the rest of the crypto market due to regulatory pressure and the ‘ghosts’ of Sam Bankman-FTX Fried’s exchange’s messy implosion.

DOGE began giving back gains made in January at the beginning of February, when the Federal Reserve rained down 25 basis point interest rate hikes on the aggressive bullish party.

Investors thought a 0.25% increase in interest rates was good for risky asset classes at the time.

However, Jerome Powell’s deflationary remarks quickly faded as more data, such as the Consumer Price Index (CPI), Non-farm payrolls, and the unemployment report, indicated that inflation would be a major concern in the coming months.

Investors are looking forward to key economic data releases for March, culminating in the much-anticipated FOMC meeting at the end of the month, as the crypto market bleeds, including DOGE’s 5.4% drop in seven days.

However, investors, particularly retail investors, are likely to remain on the sidelines until they can determine where the crypto market, and more specifically the Dogecoin price, is headed.

It is worth noting that the loss of support at $0.08 suggests that the chances of overhead pressure surging this weekend are high. As a result, all eyes are focused on the potential support levels of $0.074 and $0.07.

Dogecoin price would remain in bullish territory as long as its leg did not extend beyond $0.07. Investors would begin to acclimatise to declines sweeping through lower key levels at $0.06 and $0.05, respectively, if this were not the case.

Two strong points of control are emerging to guide the direction Dogecoin price may take in the first quarter. These are the psychological resistance level of $0.10 and the previously mentioned critical support level of $0.07.

If the Dogecoin price falls below $0.07, declines will be visible. Investors can expect a sweep down to $0.06 and a worse-case scenario of $0.055.

On the plus side, a break above the coveted seller congestion area at $0.10 could be the ultimate catalyst for DOGE’s return to the $0.0159 highs reached after Elon Musk acquired Twitter in October 2022.

The Money Flow Index (MFI) indicator on the daily chart should alert investors to the massive outflow volume from DOGE markets. Although this index, like the RSI, overlays the chart, it takes into account the flow of volume into and out of the asset’s markets.

A consistent downward slope, as shown on the chart, strengthens the bearish grip on the Dogecoin price. As a result, expecting a significant rebound this week, particularly in the next few sessions, may be futile.

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