Dogecoin is a leading meme coin in the crypto industry which is backed by the Tesla CEO, Elon Musk. There is speculation that he will integrate Dogecoin as payment on its Twitter platform, so many investors are curious about the potential future of Dogecoin. At the time of writing this post, DOGE was trading around $0.07, which has been consolidating in the last two months.
On the daily chart, Bollinger Bands lack volatility; MACD and RSI are neutral, and DOGE price is trading around the support, so it is the right time to invest for the short term.
In the last three months, DOGE has formed a triangle pattern with lower highs of $0.143 and $0.104 that might suggest a downtrend, but it has been holding the support of $0.07 decisively, so we can consider that it may not break the support soon. However, read our Dogecoin prediction for a more detailed analysis and future projections.
On the weekly chart, candlesticks are currently forming below the baseline of BB after four bearish weekly candles, which suggests selling pressure in the market. However, we can find support around $0.05, and the DOGE price might touch this level again in 2023.
Based on the technical indicators, MACD is neutral, and RSI is over 40 suggesting a short-term bullish sentiment, and you can capitalize on this opportunity with a strict stop loss.
If you consider the overall price action of the last 12 months, DOGE has been in a downtrend, but it consolidated around June-October. After that, it spiked when Elon Musk brought stakes on Twitter. Experts believe any significant news in 2023 regarding the speculation can prove all the technical and fundamental analyses wrong.
However, we do not recommend meme coins for long-term holding because they do not have strong fundamentals. Dogecoin price depends on market sentiment and social media news, so you may add it to your watchlist for short-term trading.
In 2023, experts forecast a volatile year, so all the meme coins like Dogecoin and Shiba Inu will be much more volatile than Blue cheap coins. Active traders must keep an eye on these meme coins to get short-term gains in 2023.
