DOGE, the native cryptocurrency of the Dogecoin blockchain, continues to consolidate near the $0.10 per token mark, despite a rise in trading volumes since the start of the week. According to CoinGecko, Dogecoin trading volumes were around $800 million in the last 24 hours. Meanwhile, according to TradingView citing Binance exchange data, the number of Dogecoin tokens traded on Monday hit its highest level since last Wednesday of above 134 million.
Compared to Dogecoin trading volumes prior to Elon Musk’s recent takeover of Twitter in late October, that is elevated. Prior to the takeover, Binance trading volumes (as per TradingView) were routinely in the 10-30 million tokens per day range. But compared to recent weeks, where daily trading volumes have been in 100s of millions of tokens, Monday’s volumes aren’t anything to shout home about. Indeed, normal volumes are in fitting with Dogecoin’s price consolidation – trading volumes usually surge alongside big price moves.
Price Prediction – DOGE To Pull Back Towards $0.09?
Dogecoin’s bullish momentum which saw it hit fresh multi-week highs above $0.11 on Monday appears to have waned. DOGE/USD is no longer in a clear uptrend, as was the case a few days ago. In the next few days, cryptocurrencies may consolidate alongside broader markets amid a lack of any meaningful expected macro updates.
DOGE/USD could easily fall back to support in the $0.09 area, which acted as key resistance in August and mid-November (and may now become support), and is also where the 21 and 50-Day Moving Averages reside.
CNBC’s Cramer Urges Investors to Dump DOGE
CNBC Mad Money show host and US TV personality Jim Cramer on Monday told investors to sell their cryptocurrency holdings before it is too late. He singled out Dogecoin and a few others as having the potential to drop to $0. A joke that is taken somewhat seriously in recent years by some within the financial/twitter space is that the market tends to do the opposite of what Jim Cramer predicts.
Is The Bear Market Over and Can DOGE Hit $1.0?
Looking at Dogecoin price action in the longer run, many bulls will remain optimistic that 2022’s bear market which saw prices at one point dip under $0.05 per token has come to an end. Indeed, the late-October break higher saw DOGE/USD push above a key long-term downtrend on the log chart. DOGE/USD then seemingly went on to confirm this breakout when it found support at the downtrend in early November in wake of the FTX collapse.
If technicians are right that the bear market is over, a recovery above recent highs and to the 2022 highs above $0.20 seems on the cards. But can it get back to last year’s record highs in the $0.70s per token? Or, better yet, can Dogecoin make it to $1.0?
That would need a significant recovery in the cryptocurrency’s broader appetite for risk – such a recovery in risk appetite could come as a result of 1) an improvement in macroeconomic conditions (i.e. easier financial conditions and a better growth backdrop) or 2) progress towards constructive crypto legislation in key markets like the US.
Another catalyst for a rally to $1.0 could be if Elon Musk lives up to the hype and integrates Dogecoin in some way into a future Twitter payments system. Prominent crypto developer and Cardano founder Charles Hoskinson recently speculated that if Musk integrates crypto payments into Twitter, this could bring 200 million new users into the technology. Dogecoin could be one of the chief beneficiaries of this. If things fall into place, a jump to $1.0 could be on the cards for 2023.
Dogecoin Has a History of Exponential Price Jumps
A jump to $1.0 would mark a 900% jump from the current price. Such a jump may seem farfetched, but in the Dogecoin world, it is not without historical precedent. From the 2017 lows to early 2018 highs, DOGE/USD jumped nearly 10,000%. Then from the 2020 lows to 2021 record highs, it jumped around 64,000%.
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