The Dogecoin price has fallen by 1.5% in the last hour and by 4% in the past 24 hours, dropping to $0.080716 amid a similar fall for the cryptocurrency market as a whole. The altcoin is also down by 12% in a week and by 4% in the last 30 days, dragged down, like much of the market, by regulatory uncertainty (most recently surrounding Paxos and BUSD).
However, despite the negativity, Dogecoin enjoyed some good news over the weekend, with the Super Bowl providing images of Elon Musk wearing a Dogecoin T-shirt while sitting next to Fox News owner Rupert Murdoch. Such footage has provided further fuel for hopes that Musk will follow through on earlier hints that he might add DOGE payments to Twitter.
DOGE is an awkward position, technicals-wise. Its 30-day moving average (red) has peaked in relation to its 200-day (blue), and it appears that it has begun sinking downwards, predicting potential losses in the next few days.
DOGE’s relative strength index (purple) is also in a difficult position, having fallen below 50 and towards 40 in the past few days. Given that it had spent much of January in a high position, it could have further falls in store, implying that the altcoin’s price will drop with it.
Even though DOGE’s technicals and wider industry news seem to have set the token up for additional losses in the immediate future, it has at least a few positives to highlight.
As noted above, one of the most striking images of Super Bowl LVII was that of Elon Musk sitting next to Fox Corp. and News Corp. owner Rupert Murdoch, with Musk also wearing a rather fetching Dogecoin T-shirt.
Unsurprisingly, Musk’s T-shirt generated plenty of commentary on Twitter, with the Crypto Twitter communities getting excited about the Tesla and Twitter owner reaffirming his support for the meme token.
Musk himself amplified the chatter by replying to a tweet with the claim that he actually discussed Dogecoin with Murdoch, although it should be noted that his post was in reply to a tweet calling for “Wrong answers only.”
Assuming that he did really talk about Dogecoin with possibly the world’s biggest media mogul, this would be a major boost for DOGE, insofar as it could result in the mainstream media taking a more favorable stance towards the meme token. However, it needs to be reiterated that Musk’s tweet here looks as though it was made entirely in jest.
Still, it all adds to the now long-running speculation that Twitter will sooner or later bring cryptocurrency payments to its platforms, including payments in DOGE. Such speculation reached fever pitch a couple of weeks ago, when the Financial Times ran an article reporting that the social network was pushing ahead with its digital payment plans, and that it had even been applying for regulatory licenses across the US.
And given Elon Musk’s long-standing championing of dogecoin — as well as hints last year that he may consider introducing the option to pay for Twitter subscriptions in DOGE — this report was enough to spark a dogecoin rally. This rally has now died down, but Musk’s attendance of the Super Bowl in a Dogecoin T-shirt has reminded the market that it could return at very short notice.
But for now, it’s likely that DOGE won’t rally in the short term (meaning the next few days or weeks). As such, holders will have to wait a bit longer for big movements.
In terms of 2023, a realistic target for the year would be somewhere close to $0.13. Indeed, a recent release by crypto-exchange Changelly suggests that DOGE will have an average price this year of around $0.129987, with some analysts predicting a maximum of around $0.15.
This would make for a gain of around 85% over DOGE’s current price, yet holders are gearing themselves up for a rally toward $1. Such a target would be dependent on Twitter following through and introducing DOGE payments, yet seeing as how Musk has actually deleted his “maybe even an option to pay in doge” tweet from April 10, this can’t be taken for granted.
Still, DOGE has witnessed some good news in recent weeks, including the news that major exchange Bitstamp would be listing it.
As such, DOGE can expect to make modest gains over the next few months, even if it depends on an entirely undependable supporter for bigger returns.
Buy Dogecoin Now
While DOGE may not rally massively in the near future, there other high-potential crypto projects that are worth investing in alongside DOGE. Accordingly, we’ve reviewed the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Talk team.
The list is updated weekly with new altcoins and ICO projects.
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
A quick 3min read about today's crypto news!
A quick 3min read about today's crypto news!