Dogecoin Price Prediction as DOGE Overtakes Cardano – Can DOGE Reach $1 in 2023?
The Dogecoin price has gained by 0.5% in the past hour, with its move to $0.062421 coming as the cryptocurrency market as a whole recovers by 1% today.
Despite being flat in 24 hours, DOGE is also up by 2% in a week, with its regathering of strength enabling it to briefly overtake Cardano (ADA) today as the eighth-biggest coin in the market (by cap).
However, DOGE is down by 2% in the past month and by 11% since the start of the year, although this could just as easily be taken as a sign that the meme token is oversold and due a rebound in the not-too distant future.
DOGE has been sold heavily for the past month or so, but it now seems like it's moving into a position where it can begin posting some notable gains.
Interestingly, its 30-day moving average (yellow) has finished falling further below its 200-day average (blue) and has flattened out, implying that it and the coin's price are ready to resume climbing.
Similarly, DOGE's relative strength index (purple) is rising towards 50, having spent around a month between 30 and 40, which is a very undervalue position.
It's also encouraging to note that the coin's support level (green) has been rising over the past week, something which can be taken as a sign that it has indeed bottomed out and is ready to return to growth.
Of course, there's no immediate fundamental reason why DOGE should enjoy a rally anytime soon, with its discounted price being the main draw right now.
In fact, DOGE has recently experienced some bad news, with co-creator Billy Markus describing its community as "dead" in a recent Twitter post.
There may be some truth to this criticism from Markus, with Dogecoin itself seemingly having nothing to look forward to other than a possible (if very remote) integration
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