Dogecoin Price Prediction as DOGE Blasts Up 25% From the Bottom – Bear Market Over?
Dogecoin has made a strong comeback, rising from a low of $0.071 on November 9 to $0.093 on November 10, gaining more than 25% in 24 hours. Despite this, the Dogecoin price prediction remains bearish, under $0.093, a resistance level that is being extended by a downward trendline.
Crypto Whales Jumps In
Amid this week’s fluctuating cryptocurrency market, crypto whale investors have been buying and selling roughly $410 million worth of Dogecoin (DOGE).
In just over an hour on Thursday, almost five billion DOGE were reportedly transferred in six consecutive transactions, as recorded by the blockchain-tracking platform Whale Alert.
The ninth-largest cryptocurrency by market cap hit an all-time high of $0.1422 on October 31 but is currently trading at $0.0829, a drop of roughly 45%. When Internet tycoon and Dogecoin advocate Elon Musk successfully took over Twitter, the price of DOGE began to rise.
Followers of DOGE believe he may use DOGE in some way with the social media behemoth. However, as the news of the crypto exchange FTX’s bankruptcy spread, the value of DOGE and the entire crypto market plunged.
DOGE Holders May Reap Reward
Elon Musk, CEO of Tesla, who recently acquired Twitter and is making significant changes to its internal and customer policy, took to his company’s official handle to proclaim that no matter how challenging 2023 may be, his businesses are prepared for it.
A positive effect on Dogecoin could result from Twitter’s planned integration of the cryptocurrency as a payment and tipping option. Recent Twitter user activity levels suggest DOGE and its holders may soon reap the rewards of their investment.
Dogecoin Price & Tokenomics
Dogecoin’s current price is $0.0828, with a 24-hour trading volume of $1.4 billion. In the last 24 hours, Dogecoin has dropped over 6%. CoinMarketCap currently ranks #9, with a live market cap of $10.9 billion. The circulating supply is 132,670,764,300 DOGE coins.
Technically, Dogecoin has completed a 38.2% Fibonacci retracement and is now trading above $0.0828. If the price falls below this level, more selling may be possible until the next support level of $0.0725 is reached.
At the same time, a downward trendline is extending strong resistance at $0.093, and the candle closes below this level indicating the possibility of a selling trend continuation.
If DOGE manages to break above $0.093, it may proceed to the next resistance level of $0.099 or $0.1080.
Despite positive developments, the news that Twitter is being sued is putting downward pressure on DOGE, and it may suffer further damage. As a result, it makes sense to include alternative currencies in your portfolio.
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