Dogecoin (DOGE) Price Spikes As The Network Activity Grows - Will This Crypto faster than DOGE?

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The price of Dogecoin (DOGE) has again reacted in line with a tweet from Tesla CEO Elon Musk. The popular meme-coin saw over a 4% increase in value shortly after Musk tweeted on Wednesday.

He simply wrote “Doges ftw,” and what followed was that the DOGE’s price spiked to as high as $0.072 from around $0.069, where the price was hovering before the post.

According to CoinMarketCap Data, today’s live Dogecoin price is $0.072145, with a 24-hour trading volume of over $909m. Dogecoin is up 4.71% in the last 24 hours. The current CoinMarketCap ranking is #9, with a live market cap of $10 billion.

It has a circulating supply of 140,249,776,384 DOGE coins, and the max. Supply is not available.

Insight on DOGE

Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created in 2013.

Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency with greater appeal beyond the core Bitcoin audience since it was based on a dog meme.

The success of Dogecoin is closely connected with Elon Musk’s passion for it. Musk began tweeting about Dogecoin in early 2021, sharing a Lion King DOGE meme.

That kickstarted a massive DOGE rally that saw it make some insane price gains.

Notable Price action of DOGE

The Dogecoin (DOGE) price is trading between crucial resistance and support levels; the reaction of this zone can determine the future trend’s direction.

Prior to the price spike triggered by Elon Musk’s tweet yesterday, doge has been trading within the $0.06-$0.075 range for a couple of days, showing weakness as the price of the Cryoto asset has failed to break out from this range.

Additionally, it is important to note that the recent price movement from $0.06-$0.075 was specifically sponsored by Ripple’s lawsuit victory over the United States Exchange and Securities Commission SEC.

Structural levels on DOGE price action

The daily time frame technical analysis shows that DOGE’s price has fallen under a descending resistance line since reaching its highest value of $0.739 in May 2021. This decline resulted in a low point of $0.049 in June 2022.

Following that, the price of DOGE experienced recovery and started trading above the $0.060 horizontal support level. However, it has not yet surpassed the long-term descending resistance line, which has lasted 805 days.

More recently, the price of DOGE traded above the resistant Trendline and is currently ranging above that region. An impulsive move from that level will see the price cross the $0.1 mark in the coming days or weeks.

The key price level on the DOGE chart

As illustrated on the daily chart, the last few days have seen the price of Doge trade within the local support level of $0.06, although a spike downwards on the June 10 pushed the price to $0.05340.

However, the price moved back upwards into the range and has consolidated around this level for a while now. The level marked as “minor resistance” is important in determining Doge’s short-term bullish price movement.

If the price successfully flips this level, we could see the price rally to as high as $0.1, reaching the major daily resistant zone.

Technical indicators on DOGE price action

Based on the daily chart, DOGE/USDT trades above the 50-Day Simple Moving Average (SMA) but below the 200-Day SMA indicator, indicating a mixed or neutral trend.

The 50-Day SMA reflects short-term price movements, while the 200-Day SMA indicates longer-term trends. This situation may suggest a possible short-term bullish run despite the price being below the 200-Day SMA.

Moreover, the asset’s Moving Average Convergence Divergence (MACD) shows a bullish move with a fading green candle, indicating moderate upward pressure on the price.

Lastly, the asset’s Relative Strength Index (RSI) is at 56, which indicates that the asset is neither oversold nor overbought. An RSI value around 50-70 suggests moderate bullish momentum, but it’s not too extreme.

Expert price prediction for Doge

According to changelly technical analysis, the price of Dogecoin in 2023 is expected to hit a minimum cost of $$0.0599. The maximum level that the DOGE price can reach is $$0.0661. The average trading price is expected to be around $$0.0722.

According to Crytonewsz, As per the market sentiment and future price action, the maximum expected DOGE price might be around $0.18. The average price might be $0.13, and the minimum price might be $0.074.

Dogecoin price might have found great support in a short period after the rise of this year. According to Coincodex, the price of Dogecoin is predicted to drop by -0.79% and reach $ 0.069683 by July 25, 2023.

According to technical indicators, the current sentiment is Neutral, while the Fear & Greed Index shows 56 (Greed). Dogecoin recorded 16/30 (53%) green days with 3.34% price volatility over the last 30 days. Based on the Dogecoin forecast, it’s now a good time to buy Dogecoin.

Factors that could affect Dogecoin price in the long or short run

Following the recent market sentiment around regulations and the Ripple lawsuit victory over the SEC, the cryptocurrency market has seen volatility and whale activities increase in the past few days.

This could lead to sustainable long-term price action for Dogecoin and the crypto market in general. It is also evident that Elon Musk’s frequent tweets on Dogecoin could eventually affect the long-term price performance of the token.

Also, twitter’s earlier announcement of using Dogecoin as a payment reward for creators on its platform could prove to be very pivotal in the push for the general crypto market adoption.

This is amongst other factors that could influence the price of the token.

Launchpad XYZ Presale Speeds Up as It Hits 1.1M Milestone

The presale of Launchpad XYZ’s all-in-one web3 hub is rapidly gaining traction, amassing over $1.1 million in a few months through the sale of their native token $LPX.

The start-up aims to create an innovative web3 platform, as outlined in their Whitepaper, to simplify the complex and daunting web3 space, making it more accessible to users.

The web3 start-up is planning to develop a user-friendly gateway that offers seamless entry to the finest blockchain projects. Users will have the capability to self-custody their assets through this portal.

From NFTs to play-to-earn games, Launchpad XYZ aims to be an impartial platform showcasing the latest and most remarkable experiences the web3 space offers.

Launchpad XYZ Presale Activities

The presale offers $LPX tokens at $0.035 per token during its initial stage. As the presale approaches the $1.5 milestone, the price has increased by 7% to $0.0445.

Subsequent presale stages will gradually raise the $LPX price to $0.0565, the listing price on decentralized exchanges, in Q3 2023. Early investors who utilize this opportunity may enjoy potential paper gains when the coin is listed on several notable exchanges.

Prominent crypto news and analysis websites, including Cryptonews.com, Business 2 Community, and Techopedia, recognize Launchpad XYZ as one of the top crypto presales of the year.

Launchpad XYZ Features – All-In-One Web3 Platform

Launchpad XYZ’s comprehensive platform seeks to provide users with a wide array of NFT analysis, trading, and investment tools.

Through their decentralized exchange, peer-to-peer NFT exchange, and trading terminal, users can engage in fractionalized assets, utility tokens, and web3 presales. Additionally, Launchpad XYZ offers its web3 wallet, enabling users to maintain immediate self-custody of their crypto assets.

Moreover, the platform grants access to the metaverse and play-to-earn web3 gaming realms via its metaverse library and web3 gaming hub.

By bridging the gap between Web2 and Web3 for brands, Launchpad XYZ aspires to facilitate crypto mass adoption, empowering brands to leverage the potential of immutable contracts and validated data while delivering market-leading experiences.

The ultimate goal is to assist brands in onboarding the next 10 million Web3 users by providing the necessary tools, knowledge, and audiences aligned with the current infrastructure.

How to Join the Launchpad XYZ Presale

Importantly, the LaunchpadXYZ token will be listed on several decentralized trading exchanges after launch.

However, to join the presale, follow the procedures below.

Fund your EVM-compatible wallet with ETH or USDT
Proceed to the presale widget and follow the on-screen information
Add the intended purchase amount
Click on swap
Proceed to confirm the transaction, and make sure you have enough ETH to cover the network fee
after the Launchpad XYZ presale ends; investors can claim their purchased tokens. This involves going to the Launchpad XYZ website, clicking the “Claim” button, and following the instructions on-screen.