{"id":392014,"date":"2023-05-06T12:53:53","date_gmt":"2023-05-06T12:53:53","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=392014"},"modified":"2023-05-06T13:08:40","modified_gmt":"2023-05-06T13:08:40","slug":"doge-price-predicts-as-bulls-and-bears-fight","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/doge-price-predicts-as-bulls-and-bears-fight","title":{"rendered":"DOGE Price Prediction As Bulls And Bears Fight, Who Will Win?"},"content":{"rendered":"

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.<\/span><\/p>\n

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 <\/span>before it crashed<\/span><\/a>. Yet, DOGE has recorded several bullish trades in the long run.<\/span><\/p>\n

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

Dogecoin Price Trend<\/h2>\n

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.<\/span><\/p>\n

On January 1, 2023, DOGE <\/span>traded at $0.07029<\/span> 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.<\/span><\/p>\n

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.<\/span><\/p>\n

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

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).<\/span><\/p>\n

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

DOGE Price Prediction with Technical Analysis<\/h2>\n

\"DOGE\"<\/p>\n

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

Furthermore, the asset’s Relative Strength Index (RSI) <\/span>is at 41.68,<\/span> 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).<\/span><\/p>\n

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.<\/span><\/p>\n

DOGE Support and Resistance Levels<\/h2>\n

\"DOGE\"<\/p>\n

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.<\/span><\/p>\n

Factors Influencing Dogecoin’s Price<\/h2>\n

Crypto regulations, laws of supply and demand, token utility, macroeconomic factors, and ecosystem developments challenge cryptocurrencies’ prices. <\/span><\/p>\n

These factors can spike, fluctuate, or even crash the price of a crypto project in the short and long term.<\/span><\/p>\n

Notable Trends on the Dogecoin Platform<\/h2>\n
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Dogecoin jumps as Musk's Twitter flips logo to Shiba Inu dog https:\/\/t.co\/YOiQfFBeMG<\/a> pic.twitter.com\/nTSUvJIbp4<\/a><\/p>\n

— Reuters (@Reuters) April 4, 2023<\/a><\/p><\/blockquote>\n