Crypto News: Riding the news of the Twitter logo change, the Dogecoin DOGE price saw significant gains in April 2023, but was limited to a short period of time. Traditionally, the memecoin category has often been driven by hype and speculation and less by fundamental strength. Therefore, an altcoin rally or a bull cycle can potentially lead to a DOGE price pump. However, there is not much strength at the current level as a drop in Bitcoin price affected the crypto market.
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Analyst Predicts DOGE Price for 2023
Crypto analyst CrediBULL said a corrective phase in Dogecoin price after an impulsive move in 2021 puts the cryptocurrency in a good position for a pump. What could follow is another boost from the current level and break through the $0.70 range, he predicted. CreditBULL recalled that the market cap argument was clearly rejected as the DOGE price pumped well above expected lines. At $11.67 billion, DOGE’s market cap is relatively 50 times smaller than Bitcoin’s.
“DOGE is a perfect example of why market cap arguments don’t make much sense.”
In terms of a good price to accumulate, the analyst suggested taking a position below $0.5 cents. But it is the direction of the Bitcoin price heading to an all-time high that could potentially spark a major altcoin rally as new investments enter the crypto market, he said. Otherwise, there may be short-term periods of price momentum for the memecoin when an Elon Musk-related upside translates to Dogecoin hype. Previously, the successful launch of Starship led to an increase of more than 4% in the DOGE price, although the news was not remotely related to the cryptocurrency in any way.
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Anvesh reports major developments around crypto adoption and trading opportunities. He has been associated with the industry since 2016 and is now a strong advocate for decentralized technologies. Anvesh is currently based in India. Contact him at [email protected]
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