Whales Taking Doge to the Moon?

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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Sustainability concerns of DOGE cryptocurrency as a result of whale activity, according to the dogecoin price prediction, could trigger a surge in 2023. For the price of Dogecoin to continue its ascent toward $0.080 over the charts, it must maintain its current level. After receiving support from $0.063, the price of DOGE currency has been rising and is currently attempting to hold.

For the price of Dogecoin to remain stable and return, more buyers must enter the market during the trading session of the day. The multibillionaire Elon Musk might promote DOGE in 2023, according to analysts at a reputable cryptocurrency firm. Although Musk’s incredible plan to send DOGE to the moon may sound a little ridiculous, DOGE cryptocurrency investors are confident that a significant DOGE surge is imminent as the whales gather. 

Dogecoin price was at $0.0672 and has lost 1.45% of its market capitalization during the day’s trading session. However, trading volume has increased by 72% during the intraday trading session. This demonstrates that the buyers are trying to accumulate for DOGE crypto prices to surge and avoid short selling pressure. Volume to market cap ratio was at 0.0387.

Dogecoin Price Prediction: Will DOGE Reach $0.1?

Due to recent high levels of whale activity, dogecoin price forecast points to a recovery phase of DOGE cryptocurrency price in 2023. Analysts predict that if the price of Dogecoin keeps rising and breaks out of the long-term consolidation period, it may reach $0.1.

For the price of Dogecoin to continue rising, it must maintain and remain in the recovery phase. The price of Dogecoin increased by about 8.10% last week, boosting the market for cryptocurrencies. However, other analysts also think that other cryptocurrencies, such as Dogecoin, may recover and rise to their highest levels if Bitcoin maintains its price above $300,000. The price of Dogecoin could rise significantly in 2023, according to further analysts.

The recovery phase of DOGE cryptocurrency is indicated by the dogecoin price prediction for 2023. When whale activity picks up in 2023, the dogecoin price may begin its important recovery rise. 

Technical indications are quite at odds with the price movement of Dogecoin. The price of Dogecoin is trending downward, as shown by the relative strength index. At 51, the RSI was heading in the direction of oversold territory. 

On the other side, MACD displays DOGE’s recovery momentum. A positive crossover was registered when the MACD line crossed the signal line. Dogecoin investors must hold off investing until the DOGE cryptocurrency price stabilizes and continues its recovery phase.

Summary

Whale activity is creating sustainability concerns for DOGE, and this might set off a surge in price. For the price of Dogecoin to remain stable and return, more buyers must enter the market intraday. Analysts predict that if the price of Dogecoin keeps rising and breaks out of the long-term consolidation period, it may reach $0.1. Technical indicators are quite at odds with the price movement of Dogecoin. Dogecoin investors must hold off investing until the DOGE cryptocurrency price stabilizes and continues its recovery phase.

Technical Levels

Resistance Levels: $0.070 and $0.075

Support Levels: $0.063 and $0.060

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.