Dogecoin Price Prediction for 2023: Is The Consolidation Over?

Dogecoin price has been trading within a range between $0.1914 to $0.3000 area for a considerable time. The most recent price is indecisive within the symmetrical triangle while  Bitcoin and Ethereum moved lower from the new all-time high.

The broader crypto market became interesting as soon as the global inflation fear changed the market sentiment. Moreover, the cheap money helped digital asset prices to grow as the Fed announced to taper the asset purchase program. As a result, Bitcoin and Ethereum shot higher to the new all-time high while the dogecoin realistic price prediction remained corrective. 

According to some prominent analysts, the recent bullish pressure in Bitcoin and Ethereum was influenced by investors who wanted to hedge their positions against inflation. The continuous stimulation from central banks decreases the money value over time, while the fixed limit of the BTC showed a solid demand during the inflation fear.

On the other hand, Tesla CEO Elon Musk’s attempt to sell 10% of his Tesla Holdings increased the possibility of investing money in the crypto market. However, these bullish developments failed to breach the 0.3000 resistance level for Dogecoin, where the current price is trading with a corrective momentum.

Let’s see the Dogecoin price prediction from the Technical Analysis Dogecoin:

Dogecoin Consolidation Extended

 

 

Dogecoin made a remarkable gain in May, where the price extended to the all-time high at 0.7400 level. Later on, the price moved lower with a corrective speed and remained within a range between $0.1914 to $0.3000 for more than four months. Moreover, the most recent price moved below the dynamic 20 EMA with a bearish daily close. Therefore, until the price breakout from this range, we can expect the current price to test the 1.1941 support level in the coming days.

In the indicator window, MACD Histogram is bearish and making new lows, which signifies a possible bearish pressure in the price. Therefore, based on the daily price structure, a bearish pressure may appear with the target of 0.1941 level in the coming days. However, the selling possibility is valid as long as bears hold the price below the 0.3000 key resistance level. In the dogecoin long-term price prediction, any bullish rejection from 1.1941 or a bullish daily close above the 0.3000 would be a potential buying opportunity in this pair.

DOGE/USDT Ichimoku Cloud Analysis

 

 

According to the Dogecoin forecast based on the Ichimoku Kinko Hyo, DOGE/USDT remained within a consolidation where the price failed to show a strong momentum from the Cloud area. However, the most recent H4 price tried to move above the Kumo Cloud but failed. As a result, the current price is below the Cloud resistance where the Senkou Span A and Senkou Span B in the future cloud are bearish. In that case, a selling pressure below the most recent static support level of 0.2500 would be a good selling opportunity in this pair.

As per the above dogecoin price prediction chart, the Tenkan Sen and Kijun Sen are above the price and working as a dynamic resistance. Therefore, the bearish possibility is valid as long as the price holds below the dynamic Kijun Sen. On the other hand, a break above the 0.2800 psychological number would invalidate the bearish setup where investors should find a stable price for further gains.

Dogecoin  Intraday Price Action Analysis

 

 

In the H4 timeframe, DOGE/USDT is trading within a symmetrical triangle where the price squeezes to a single point. Therefore, it is a sign that bulls and bears are indecisive about the market momentum where a strong breakout with a solid reason might create a trend. 

Based on the H4 structure, the price is below the dynamic 20 EMA and weekly VWAP, indicating that selling pressure is intact. On the other hand, MACD lines moved lower where the price made higher lows, showing a divergence. In this context, investors should closely monitor how the price reacts on the 0.2500 support level. In the dogecoin latest price prediction, a break below the symmetrical triangle with a strong bearish H4 close is more likely to extend the bearish pressure in the coming days.

Is Dogecoin A Buy?

According to the Doge price prediction, the overall market structure is highly corrective, where investors should wait for a breakout to find a stable investment opportunity. For long-term investors and HODLers, a corrective downside pressure with a bullish rejection from 0.2200 to 0.1914 would be a decent buying area towards the target of 0.3400. Moreover, investors should closely monitor the fundamental factor that might affect the dogecoin future price prediction. The current speculation of Elon Musk’s investment in crypto would boost this meme coin.

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