Dogecoin DOGE Price Prediction – Will The Price Trend Make Any Difference?

DOGE has been on a bullish journey in the past few days without significant signs of stopping. Despite the persistent fluctuations and bear attacks on Dogecoin’s price, the asset is striving to maintain this bullish pattern in the long term.

But, cryptocurrencies are subject to the laws of supply and demand, market and investor sentiment, and even macroeconomic factors. 

As such, investors believe that one of these could be affecting the price of Dogecoin, like Elon Musk’s Announcement to step down as Twitter CEO.

Musk’s love, promotion, support, and plans to make Dogecoin a future payment option have driven the coin’s price. 

Meanwhile, today, May 13, 2023, DOGE’s price is at $0.07204, down by 0.08% at the time of writing. 

So, if Elon Musk steps down as Twitter, DOGE might face a few struggles acclimatizing with the new face of Twitter. Yet, crypto experts expect the asset to record several high prices.

DOGE Past and Present Price Trend

Following Dogecoin’s past and present price performance, it’s clear that the coin is re-tasting its $0.07 level, as recorded in January. 

As of January 1, DOGE was trading at $0.07029; by January 13, it had reached $0.08028. Throughout the remaining days of the month, DOGE was within the $0.08 mark. At the end of the month, it traded at $0.0833.

Dogecoin took off with the price of $0.09619 on February 1. But on February 9 and 10, it dropped to $0.09016 and $0.08148 respectively.

Amid several bearish efforts, which finally crept into March, DOGE finished February trading at $0.08136 (February 28). 

As of March 1, DOGE traded at $0.08076. But by March 10, it dropped to $0.066. After picking up on March 13 with a price of $0.071, DOGE declined again to $0.069988 on March 16. However, at the end of the month, it climbed back to $0.07426 (March 31).

April was an eventful month for Dogecoin, where it recorded higher prices than the past month amid persistent fluctuations. 

It went from $0.07702 on April 1 to $0.09282 on April 6, and from there again, it went to $0.09399 on April 19. As fluctuations pressed, DOGE dropped to $0.08163 on April 30.

Starting May, Dogecoin went from $0.07976 on May 1 to $0.08039 on May 6. Nevertheless, it’s still within the $0.07 level. 

Today, May 13, 2023, DOGE has dropped to $0.07198 by 0.01% at the time of writing. Yet, investors see several chances for the asset’s price to skyrocket to new milestones.

DOGE Price Prediction with Technical Indicators

DOGE is experiencing its share of the volatile crypto market. It is currently bearish, yet, there are possibilities that DOGE will recover from this dilemma.

Dogecoin is trading below its 50-Day and 200-Day Simple Moving Average (SMA), a short and long-term bearish representation. This means DOGE’s bearish market is likely to linger for several weeks.

Furthermore, its Relative Strength Index (RSI) value is at 34.34, a neutral position in DOGE’s market. The downward movement of the line means it could enter the oversold region (below 30) if more SELL trades occur.

Dogecoin’s Moving Average Convergence/Divergence (MACD) is below the signal line, confirming the current bearish trend of the asset. 

However, the faded red bar on the histogram hints at several price gains for DOGE in the short term.

Dogecoin’s support levels are $0.0588 and $0.0703, which means there would be price fluctuations for the asset as it trades a few pips away from its strongest support.

In contrast, its resistance level at $0.0959 hints at the possibility of DOGE gaining new prices recurrently in the long run.

Therefore, in the next few days, Dogecoin is likely to increase even amid fluctuations.

Factors Affecting the Price of DOGE

As mentioned earlier, DOGE is a crypto project, and it’s subject to several factors, including market sentiment, laws of supply and demand, etc. 

Notably, one of the recent factors that could impact DOGE’s price is the change of leadership in the leading social media company, Twitter.

Here’s recent news stirring questions in the Dogecoin community about whether the coin will cope without its enthusiast, Elon Musk.

Elon Musk to Step Down from Being Twitter CEO

The public announcement made by Twitter CEO Elon Musk reveals that in the next 6 weeks, he will be handing over his position as Twitter CEO to his newly hired female partner. 

Although the identity of the new face of Twitter is yet to be revealed, many are guessing Linda Yaccarino be the chosen one.

According to Musk, he’ll become the Executive Chairman and CTO of the company, overseeing its products, software, and sysops.

This announcement is causing jitters in the DOGE crypto market as community members fear the loss of attention and reduced support from the Dogecoin’s enthusiast. 

However, according to Santiment’s data, the number of active addresses on DOGE has increased following the news. 

In line with Coinglass’s data, many investors have positive expectations from this new change.