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]

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.

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