DOGE Price Prediction As Bulls And Bears Fight, Who Will Win?

Dogecoin is currently in its bearish phase in the market. However, the surging relevance of meme coins and the news about Elon Musk’s attention and usage may pull it out of the dark.

Dogecoin is an open-source digital asset from the popular internet meme “doge.” Its success is linked with Elon Musk’s love for it. In the past years, Musk’s tweets caused a furious rally for DOGE before it crashed. Yet, DOGE has recorded several bullish trades in the long run.

Today, May 6, 2023, Dogecoin trades at $0.07698, with a price decline of 2.95% at the time of writing. Following the occasional tweets from Elon Musk and other indicators, investors expect DOGE to get back on its feet and make a difference. 

Dogecoin Price Trend

Over the past months, DOGE has tried to hold its price gains amid fluctuations, but the bears’ pressure overpowered it. Here is Dogecoin’s price performance so far.

On January 1, 2023, DOGE traded at $0.07029 and later reached $0.07773 after 11 days (January 11). Between January 13 and January 30, it traded between $0.08028 and $0.09022. However, at the end of the month, DOGE dropped to $0.08833.

February was an eventful month for Dogecoin. It started trading at $0.09616 on February 1 and maintained its gains till February 6, when it traded at $0.0921. The rest of the days brought persistent fluctuations, which caused DOGE to drop to $0.08136 at the end of February.

The bearish pressure increased in March and caused Dogecoin to record $0.066 on March 10 for the first time in the year. Fortunately, the asset reached March 31 with a price of $0.07426.

April was remarkable for Doge. It recorded several price gains following the social media buzz about its utility as the new Twitter logo. DOGE touched $0.09517 on April 5 and $0.09048 on April 17. However, at the end of the month, it dropped to $0.08163 (April 30).

DOGE has begun May with a bearish sentiment, and today, May 6, 2023, it trades at $0.07695, a 3.18% price drop. Although it has not recorded high prices, investors still foresee a promising price outlook for the asset.

DOGE Price Prediction with Technical Analysis

Dogecoin has lost up to 1.47% of its last-week price today. It’s trading below its 50-Day and 200-Day Simple Moving Average (SMA), a short and long-term bearish sentiment. 

Furthermore, the asset’s Relative Strength Index (RSI) is at 41.68, representing DOGE’s neutral market position. The downward movement shows the bears’ pressure on Dogecoin’s price. Thus, it’s likely to enter the oversold zone (below 30).

Dogecoin’s Moving Average Convergence/Divergence (MACD) is below the signal, a bearish sentiment. The negative values of the indicator and a bold red bar on the histogram confirm the prevalent bearish trend on the chart.

DOGE Support and Resistance Levels

Dogecoin’s support levels are $0.05881 and $0.07019. In contrast, its resistance level is $0.09471. Despite fluctuations, DOGE is trading above its strongest support levels. So it won’t decline beyond $0.07019. On the other hand, its resistance level hints at the possibility of price rallies in Dogecoin’s market.

Factors Influencing Dogecoin’s Price

Crypto regulations, laws of supply and demand, token utility, macroeconomic factors, and ecosystem developments challenge cryptocurrencies’ prices. 

These factors can spike, fluctuate, or even crash the price of a crypto project in the short and long term.

Notable Trends on the Dogecoin Platform

Dogecoin jumps as Musk's Twitter flips logo to Shiba Inu dog https://t.co/YOiQfFBeMG pic.twitter.com/nTSUvJIbp4

— Reuters (@Reuters) April 4, 2023

In a Twitter post by Reuters, DOGE price pumped after Twitter and Tesla CEO Elon Musk changed the Twitter “Bird” to “Shiba Inu Dog.” This update created a higher level of relevance for the asset. 

However, after Musk reverts the Twitter logo to its popular “Bird,” there have been more price decline for Dogecoin. 

Since the success of this cryptocurrency is intertwined with Twitter’s CEO, investors believe that DOGE will spike again if Musk gets the DOGE Fever again.

Dogecoin Alternatives To Consider

While DOGE shows a massive price decline today, May 6, investors can leverage the low prices of ongoing presales to amass impressive returns. Find some of these alternatives below. 

yPredict ($YPRED)

yPredict is an innovative project aiming to simplify crypto trading for amateurs and veterans. One of the challenges traders face in the market is making reliable price predictions on crypto assets.

This new project aims to simplify the process by providing AI tools to analyze large amounts of data and identify hidden trends. This process will ensure that traders enjoy a competitive edge when trading. 

Through the yPredict platform, traders can utilize trading signals, AI technical analysis, real-time news and social sentiment analysis, and AI-powered chart pattern recognition. 

Recently yPredict announced a new Ambassador Program and a partnership with ShubPy to incentivize the community and offer realities to its promises. 

These functionalities spell survival and adoption for the project. Notably, all activities on the platform will rely on its token, $YPRED. The token is in the 4th stage of its presale, selling out at $0.05. 

Once it rounds off this stage, stage 5 will kick off, pushing the price to $0.07. When the token completes the presale stages, it will list on top exchanges, like PePe and Floki Inu on Binance. At that time, the price will gain 140% selling at $0.12. 

Early investors can leverage the low price to grab millions of $YPRED tokens. 

DeeLance (DLANCE) 

One of the impressive advantages of the internet is making the world a global village. As such, people in faraway places can easily interact and even work together. This functionality gave rise to freelancing as many people now prefer to work from home while employers boost their efficiency through online workers. 

But one problem with this arrangement is the lack of trust and scammers’ antics to defraud unsuspecting employees and employers. That’s why DeeLance launched to mitigate the risks freelancers and their employers face when engaging in business transactions.

The project offers a platform based on the blockchain to foster efficient interactions between recruiters and freelancers. It offers a decentralized approach to ensure speed, transparency, security, and unquestionable ownership of project rights. 

The native token DLANCE powers all the activities on the platform. It enables users to conduct diverse businesses such as purchasing lands, virtual offices, NFTs, and services or leasing their offices for more earnings. 

DLANCE is running its presale and has reached the 3rd stage. The price now is $0.029, and we will add some pips in the 4th presale. After the 6th presale, the price will be $0.055 as it lists on exchanges. 

Investors who have bought many DLANCE tokens will gain massively when the price increases.