Dogecoin Price Prediction as DOGE Added to New Crypto Exchange – Upside Adoption?

The price of dogecoin has fallen 2% in the past 24 hours, with the token even falling to $0.080528 amid a similar decline for the broader market. Its current price means it has fallen 5.5% in one week and 8.5% in the last 30 days, at a time when many other major tokens have seen gains.

However, DOGE’s downfall today follows news that Philippines-based exchange Coins.ph has become the latest platform to list the token. Along with the expectation that Twitter will eventually integrate DOGE-based payments, this news highlights the possibility that the cryptocurrency will enjoy big rallies sooner or later this year.

Dogecoin Price Prediction as DOGE Added to New Crypto Exchange – Upside Adoption?

DOGE’s indicators seem to suggest that the coin needs to drop a bit further before a bounce is due. For example, its relative strength index (purple) has fallen to nearly 40, meaning it still has some way to go before it becomes oversold.

At the same time, the coin’s 30-day moving average (red) has started to decline towards its 200-day average (blue), although it will still take some time before it falls below the longer-term indicator.

In terms of support levels, a drop below $0.08 could signal further losses, although DOGE hasn’t really been below that price since the start of the year.

In other words, DOGE can’t fall too far before it starts climbing again. And it’s not like the coin is completely short of good news, with Coins.ph only yesterday becoming the latest exchange to list the popular meme token.

While such a list isn’t monumental news on its own, it does confirm that the industry and its players expect DOGE to succeed this year. Coins.ph wants to join the ranks of exchanges listing the token as it expects demand for the token to remain high and continue to rise.

At the moment, however, it looks like bigger investors are looking to sell the coin, with many reports of whales moving DOGE to exchanges. For example, yesterday a whale transferred just over $12 million from DOGE to Binance, most likely to sell it.

Despite the current state of the DOGE market, the future still looks bright for the meme token. This is largely due to the expectation that sooner or later Twitter will introduce cryptocurrency payments, including DOGE payments.

This hypothesis was given considerable weight at the end of January by a FinancialTimes article that showed Twitter moving forward with its digital payment plans, with the social media company even applying for licenses in various US states.

More recently, Musk has continued to reaffirm his love for DOGE, with the last month having witnessed a viral tweet of his Shiba Inu dog, Floki. He also saw him attending Super Bowl LVII wearing a Dogecoin t-shirt, which may or may not have been seen by millions of viewers around the world.

Given Musk’s constant encouragement for DOGE, the Dogecoin community has come to believe that hints of the introduction of DOGE payments have real substance behind them. If so, there is no doubt that the mome token would rally strongly, potentially even returning to its all-time high of $0.731578, set in May 2021.

Without big news related to Twitter, many experts are predicting a year-end target for DOGE of $0.13, as suggested by a recent report from crypto exchange Changelly. This may sound somewhat unambitious, but it would still net traders a profit of 49% if they bought the altcoin now.

Buy Dogecoin now

Is it time to buy Dogecoin?

Because indicators — and whale news — suggest DOGE may be due for a short-term dip, investors might prefer to look into other promising cryptocurrency projects at this time. To that end, we’ve compiled a list of the top 15 cryptocurrencies for 2023, as analyzed by the CryptoNews Industry Discussion Team.

The list is updated weekly with new altcoins and ICO projects.

^{Disclaimer: The Industry Talk section features information from crypto industry players and is not part of the editorial content of Cryptonews.com.}