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Dogecoin Price Prediction: From $0.215 to $0.0489, What’s next for DOGE Price in 2023?

Dogecoin Price Prediction

Key Takeaways:

Dogecoin Price History: 2022 Year in Review 

Month DOGE Price % Change
Jan $0.1395 -23.40%
Feb $0.1231 -1.53%
March $0.4132 +11.04%
April $0.135 -16.19%
May $0.08787 -33.48%
June $0.06948 -24.84%
July $0.06964 +20.38%
August $0.06153 -14.01%
Sept $0.06074 -2.81%
October $0.1178 +112.85%
November $0.1018 -25.71%
December $08767* -14.27%

Additional Read: Top Altcoins 2022

This is How Dogecoin Price Performed in 2022

Source: Tradingview

The year 2022 was considerably bearish ever since the beginning which was further fueled by multiple events. The DOGE price, however, maintained a steep descending trend throughout the year with a lower volume. Moreover, multiple events related to Terra, Celsius, etc compelled the price to remain largely consolidated as bears maintained enough strength to restrict the price.

However, the DOGE price gained huge bullish momentum and surged high slicing through the 200-day MA which it traded below since the beginning of 2022. The volume spiked up creating massive volatility that enabled the price to reclaim the lost levels above $0.1. However, the FTX fiasco dragged the price lower and due to frequent rejections, the rally strength appears to have been hampered largely.

Hence a bearish close for the year 2022 appears to be imminent. 

Bitcoin Technical Analysis for 2022

Source: Tradingview

Dogecoin Price Prediction 2023

Source: Tradingview

The DOGE price raised significantly high above the trend line after trading below these levels for quite a long time, before the beginning of 2022. However, just before the end, it made a bullish move, yet could be compelled for a bearish close for the year. In such a case, the price may remain consolidated throughout Q1 2023. A notable recovery may be expected during Q2, but it could be mainly consolidated in a slight elevated trend, mainly due to the bears remain passive. 

During the second-half of 2023, the bulls may try hard to rise the price high, but eventually the lowered volume may hinder the progress. It could be Q4 2023, wherein the markets may be gearing up for a strong upswing or even a bull run. Hence, much similar to 2020, the prices may rise slowly and by the end of 2023, the upswing could have intensified uplifting the DOGE price beyond $0.2.

Additional Read: Dogecoin Technical Analysis

Dogecoin Price Prediction 2024

Source: Tradingview

The year 2023 could be largely consolidated but in an ascending trend which could have given enough boost to the DOGE price to begin 2024 trade on a bullish note. The year 2024 have every possibility to remain extremely bullish with the DOGE price making to its ATH and also form a new one. However, the price may still be distinct from the $1 milestone as the bears appear to have held a strong grip around the ATH at $0.8. 

In that case, the price may face a rejection just before it reached its ATH and undergo a notable pullback. However, the plunge may certainly not be a steep one as it happened before, but may could be enough to push the token in an extended consolidation. Meanwhile, by the end of 2024,could have ignited with a recovery after halting the downtrend. Hence the price levels could be somewhere around $0.5 to $0.65.

Dogecoin Price Prediction 2025

Source: Tradingview

In the longer time frame, Dogecoin continues to be bullish in nature, as the prices then may have significant strength. Therefore, could maintain a firm upswing to reach the desired target at $1. However, the price may surpass its current ATH to form a new one, but just before reaching the milestone and experience a pullback. 

During the H2 2025, the bulls could gear up to rise the price high but eventually end up consolidating within a very narrow range. The price could trade within a pre-determined resistance & support levels and accumulate strength to breakout of the consolidation. Further, by the end of the yearly trade, the price may rise beyond $1 and sustain above these levels. 

Year Dogecoin Price Prediction
2022 $0.092 to $0.105
2023 $0.198 to $0.21
2024 $0.35 to $0.56
2025 $0.78 to $0.92

Read more: Dogecoin Price Prediction 2025

Overview of Dogecoin On Chain Analysis:

Daily Active Address

Source: Santiment

The daily active addresses(DAA) indicates the number of address interact with the platform, regardless of whether they are buying or selling or swapping. It indicates the rising or draining sentiments of the market participants over the time. A rising daily active address implies the rising sentiments among the traders due to which they interact with the platform and perform numerous transactions.

In case of Dogecoin, the DAA maintained a decent levels from past couple of months, regardless of the trend of the price. However, the number has dropped in the recent times which signifies the loss of interest on the token as less transaction are been recorded at the moment. Therefore, the price may be negatively impacted, as the token could be less volatile with reduced volume. 

Whale Accumulation

Source: Santiment

The whale accumulation is one of the important indicator which may determine the upcoming price action of the token. The address holding huge amounts of tokens, usually referred as Whales grab a large market share as the markets wrap up the bearish trend. With the announcement of the accumulation, the traders usually be bullish about the token whales hold. 

The DOGE whales appear to be pretty bullish on the price and hence have been accumulating heavily of-let. These accumulations suggests the DOGE price could rise high, igniting the rest of the crypto space as it did earlier in 2021. 

Dormant Circulation (3 years) 

Source: Santiment

Dormant which means to remain stagnant or have not been moved for a long-time, signifying the whale or a long-term holder movement. This would create a sense of FUD or Fear Uncertainty, and Doubt within the market participants. The above chart shows the number of tokens which have not moved in the past 3 years that were transacted in a day.

Should you Invest in Dogecoin in 2023?

Dogecoin has been one of th popular altcoins which have been displaying drastic price variations in either direction. It also has to be noted that, the DOGE price rally in 2021 attracted many celebrities and also was one of the reasons for the beginning of the 2021 bull run. However, the following plunge was also massive which also dragged the entire crypto space onto its knees. Hence, in-depth research and analysing of the right entry & exit points is imperative before investing in Dogecoin or any other cryptos. 

Top Crypto News of 2022 that Impacted DOGE Price


Additional Read: Top Crypto News Today

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