Dogecoin (DOGE) breaches the $3 threshold
On Tuesday, bulls appear to have regained control of Dogecoin as even the most popular cryptocurrency in the market traded up just over 5.5% on the day, according to TradingView, reversing the loss. of 3.5% recorded on Monday.
The turnaround comes as DOGE seems to be benefiting from the sustained rise in the crypto market, despite new losses on the stock markets on Tuesday. DOGE is currently trading over 30% from its levels a week ago, at just over $0.10.
Dogecoin price discounts remain bullish, with the cryptocurrency finding support at its 100- and 200-day moving averages (currently both around $0.073) for a second time in November. The surge in the price of Dogecoin, in a context where Elon Musk could install the cryptocurrency within a future payment system on Twitteran authorization for DOGE/USD to decisively and sustainably break through its 200-day moving average for the first time since September 2021.
The next step for Dogecoin
The formation of chandeliers on the four-hour chart seems to confirm the bullish trend for DOGE. The short-term bull remains intact, with a pennant structure. An upside break of this structure could see DOGE/USD move quickly to test the resistance at $0.1080. A break above this zone could open the door for a quick rally towards previous monthly highs near $0.16.
Can Dogecoin reach $3 in 2023?
DOGE’s price history shows that an exponential rise occurs once every three or four years. After stagnating at low price levels for several years, Dogecoin rose by as much as 6500% between mid-2017 and January 2018, rising from around $0.0003 to a high of $0.019. Between early January 2018 and December 2020, Dogecoin’s progress was largely disappointing as its price remained between $0.001 and $0.006.
It then surged another 25,000% between December 2020 and May 2021, reaching its all-time high of over $0.76. DOGE has spent most of 2022 in the $0.05 to $0.15 range. If we stick to historical data, it could still be some time before the start of the next rise.
This could mean that 2023 is the year when Dogecoin not only breaks the $1.0 level, but also the $3.0 level. What could be the catalyst for such a rise? First of all, if the speculations raised according to Elon Musk could integrate the Dogecoin blockchain into a future Twitter payment system prove to be correct, it could lead to significant adoption and demand for the same cryptocurrency.
Dogecoin should continue to ride the wave of cryptocurrency adoption which should also benefit Bitcoin, Litecoin and Ethereum in the long term. If economic conditions result in some reduction in interest rates from major central banks such as the Federal Reserve american In 2023, the impact on crypto-assets should be positive as they still trade as speculative risk assets and tend to perform better when market conditions are less challenging.
Alternative Altcoins to Consider
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