The price of dogecoin has risen by 6% in the past 24 hours, with its jump to $0.075820 today also representing a 13% gain in a week.
DOGE’s rise comes as the cryptocurrency market as whole increased by 4% in the past day, with investor sentiment likely buoyed by measures taken in the United States to stabilize the financial situation of First Republic Bank, which had faced potential collapse.
Dogecoin’s current price also means that, despite a 10% loss in the past month, it has appreciated by around 7.5% since the start of the year.
Its gains this week provide it with a solid foundation for further growth in the coming months, and with Dogecoin supporters still holding out for some kind of Twitter integration, 2023 could end up being a very positive year for the meme token.
Dogecoin Price Prediction as DOGE Shoots Up 13% in a Week – Here’s Where DOGE is Heading Now
DOGE’s indicators are in a position where a significant rally might be incoming.
For example, as the chart below shows, the coin’s relative strength index (purple) has bounced from nearly 20 (oversold) a few days ago to nearly 50, and looks like it will continue gaining momentum in the coming days.
In addition, its 30-day moving average (red) has dropped below its 200-day average (blue), implying that it will soon be due for another surge above the longer term average.
And with DOGE recovering today from losses on Tuesday and Wednesday, it really does seem that conditions are ripe for a nice upwards correction.
Part of the reason why DOGE fell mid-week is that researchers at cybersecurity firm Halborn had discovered a zero-day vulnerability in Dogecoin’s code, as well as that of some 280-plus networks.
This vulnerability enabled malicious actors to attack nodes and take them offline.
And while Dogecoin’s developers had already patched the bug prior to Halborn disclosing it (on Monday March 13), DOGE still fell in response.
It’s only recovering now, and for some it likely remains a massively undervalued token.
This is largely because there remains a real possibility that Twitter will introduce DOGE payments in some form at some point in the future.
That there’s real chance of this is supported by hints Musk has dropped ever since he first proposed buying the social network.
On top of this, reports from January revealed that Twitter has been accelerating its plans to introduce digital payments on its platform.
While fiat-based payments would likely come first, sources from within the company have said that cryptocurrency options would be added somewhere down the line.
So given how much Musk continues to support Dogecoin, there would be little doubt that, if crypto payment options were introduced on Twitter, they would include DOGE.
Needless to say, the introduction of DOGE payments on Twitter would be massive for the meme token, with its price likely shooting up in response.
Investors could expect it to reach levels it hasn’t seen for well over a year, with its all-time high of $0.731578 potentially in sight if the market as a whole enters more bullish territory.
As for now, average predictions from analysts indicate an end-of-year price of for DOGE of around $0.10, making for a 32.8% rise from its current price.
Of course, DOGE could end up even higher by the end of the year, with data this month suggesting that whales are buying up millions of dollars in DOGE and taking their holdings off exchanges.