Dogecoin Price Prediction May 16, 2023, Will We See A Rally Soon?

Dogecoin is retracing slightly today as the bears seek to take control of its price in the market. Its trading volume is down by over 10% as it remains at the $0.07 price level.

Dogecoin competes with several new meme tokens like PEPE and SPONGE for market dominance. However, it still retains its spot as the number 8 ranked cryptocurrency by Market Cap. 

Dogecoin Price Action In 2023

DOGE traded at $0.07022 on January 1, 2023, it moved to $0.0844 on January 12. It maintained this price level for the rest of January, briefly touching $0.09 on January 29. 

Also, DOGE traded at $0.09417 on February 1 as the bulls continued to push its price higher. However, it returned to the $0.08 price range by February 9.

By March, the bears continued to mount pressure, driving it down to $0.07456 on March 4.

Dogecoin traded at this level until it rallied again on April 3 to $0.09608. It traded between $0.08 and $0.09 till April 23, when it returned to $0.07.

From that price level, DOGE traded between $0.07 and $0.08 till May, when the bears kept it at $0.07, its current price level. 

Dogecoin Price Prediction With Technical Indicators

DOGE is trading in a sideways trend today without significant price changes in the last few days, 

It is trading below its 50-day and 200-day Simple Moving Averages (SMA), a short-term and long-term bearish sentiment.

Notably, its Relative Strength Index (RSI) is 37.64, close to the oversold region 30. However, the indicator is rising, hinting at a possible rally ahead.

DOGE’s Moving Average Convergence/Divergence (MACD) is below its signal line, a bearish sentiment. However, its histogram bars are fading, suggesting a possible price upswing ahead.

Dogecoin Support And Resistance Levels

DOGE has found strong support at the $0.0712 price level as it seeks to consolidate and move into an uptrend. 

However, the indicators on the daily chart suggest that the bears are still active and will likely push it down to the $0.0711 support. 

Also, DOGE’s RSI will likely descend to the oversold region of 30 before it rallies again to retest the $0.0745 resistance. A further price decline remains a possibility if the bears persist.

Note that cryptocurrencies are volatile and can deviate from their past price actions. Proper technical and fundamental analysis is vital in trading combined with risk management techniques. 

Experts’ Long And Short Term Price Prediction For Dogecoin

Experts have complied short and long-term price forecasts based on technical and fundamental analysis. 

DOGE Price Prediction By CrpytoNewsZ

CryptoNewsZ tip DOGE to trade at a minimum of $0.074 and a maximum of $0.18 in 2023. 

Also, in 2025, the forecast is a minimum of $0.25 and a maximum of $0.39. By 2030, the expected minimum is $0.57, and the maximum is $0.8. 

DOGE Price Prediction By Bitnation

Bitnation predicts that DOGE will trade at a minimum of $0.086, an average of $0.108, and a maximum of $0.129 in 2023.

In 2030, the expected minimum price is $0.591, the average price is $0.612, and the maximum price is $0.634. 

Also, by 2025, they predict a minimum of $0.230, an average of $0.252, and a maximum of $0.274. 

Factors Influencing Dogecoin’s Price

Dogecoin’s price action is a product of several factors, both external and within its ecosystem.

These factors include laws of supply and demand, crypto regulations, macroeconomic factors such as inflation and recession, crypto adoption, and investor sentiments. 

Recent Trends And Developments On The Dogecoin Network

Daily #Dogecoin transactions have skyrocketed to ATH (650k), surpassing #BTC and #LTC transactions today due to folks trying to cram tokens (DRC20 "standard") and other stuff on top of the Dogecoin network.

Many have been rushing to mint these "tokens" over the past two days. pic.twitter.com/Vt60MxX1no

— Mishaboar (@mishaboar) May 15, 2023

Dogecoin recorded an all-time high transaction volume of 650,000 on its network on May 15, 2023. 

The memecoin surpassed Bitcoin and Litecoin, holding onto its positive gains.

Mishaboar, a Dogecoin fan, stated on Twitter that the increase in traffic on the network is due to the growing trend of creating tokens on the Dogecoin network with the DRC20 standard.

These increased transactions can indirectly influence the price of DOGE and spark another rally. 

Dogecoin Alternatives

While Dogecoin experiences price volatility, some altcoin presales promise exciting rewards for early investors. 

Launchpad XYZ (LPX)

Launchpad XYZ is a new crypto project committed to assisting investors in making well-informed decisions. 

It is an Artificial Intelligence (AI) powered platform that provides users detailed market sentiments on various crypto coins and tokens.

This ensures that traders do not make irrational decisions in the market based on third-party and unreliable information.

Also, its insights cover presales tokens, helping investors to find projects with profit potential. Launchpad also provides updates to users on NFT play-to-earn games. 

The developers hope to launch a decentralized exchange in 2023, making it easy for users to utilize these insights on a modern platform. 

Additionally, it offers users a Web3 wallet with a simple onboarding process. A user can sign up for this service with a phone number or email address.

However, it gives users self-custody to their assets, DApp interactions, and the ability to sign in to Web3 services. 

Launchpad offers Play-to-Earn (P2E) games where users can access games in real-time and view potential earnings. 

Launchpad presales are still ongoing, with each token currently valued at $0.0445. Users can take advantage of these presales before the listing begins and benefit from the guaranteed price increase to $0.0565. 

LPX, its utility token, enables activities and transactions in the ecosystem. Users can purchase these tokens with ETH, USDT, or with a credit card. 

DeeLance (DLANCE)

DeeLance is a blockchain-powered job marketplace for freelancers connecting them to quality jobs with ease.

The freelancer niche has grown exponentially, with various categories of freelance jobs available for users.

However, popular Freelance sites, like Fiverr and Upwork, are overcrowded and often struggle with scams and bot accounts.

DeeLance offers users a verified and accountable platform that secures their jobs and payments. Its Escrow protection ensures that both the freelancer and employer keep to the terms of their agreement.

DeeLance will offer users an NFT marketplace where they can transact using DLANCE, its native token.

DLANCE tokens power the ecosystem and are currently on presale. The presale recently surpassed $850,000, showing investors’ interest in the project. 

1 DLANCE token is currently worth $0.033, with a price increase to $0.038 in two weeks. It will list at $0.057 USDT on exchanges rewarding early investors.