Dogecoin Price: Analyst Predicts When DOGE Reclaims New High

Crypto News: Riding on the back of the Twitter logo change news, Dogecoin DOGE price saw significant gains in April 2023 but was confined to a brief period. Traditionally, the memecoin category has often been driven by hype and speculation and less of fundamental strength. Hence, an altcoin rally or a bull cycle could potentially lead to 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 a n impulsive movement in 2021 places the cryptocurrency in a good position for a pump. What could follow is another impulse from the current level and break the $0.70 range, he predicted. CrediBULL recalled that the market cap argument was clearly dismissed when DOGE price pumped way beyond the expected lines. At $11.67 billion, the DOGE market cap is comparatively 50 times small to that of Bitcoin.

“DOGE is a perfect example of why arguments based on market cap don’t make much sense.”

In terms of a good price for accumulating, the analyst suggested taking a position under $0.5 cents. But it is the direction of Bitcoin price going towards an all time high that could potentially bring about a major altcoin rally when new investment starts flowing into the crypto market, he said. Otherwise, there could be short term spells of price momentum for the memecoin whenever some upside related to Elon Musk translates to Dogecoin hype. Earlier, the successful launch of Starship led to an over 4% rise in DOGE price although the news had no remote connection to the cryptocurrency in any way.

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Anvesh Reddy
CoinGape