What do you think the midterm price target for Dogecoin (DOGE) will be going into 2023?
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Even though 2022 was a forgettable year for the crypto community, the macroeconomic outlook for 2023 is not great. But people who use cryptocurrencies are hoping for a relief rally to give them a break from the ongoing bear market.
Dogecoin (DOGE), a popular cryptocurrency that rose in value by an exponential amount in 2021, has lost all of its value in the last year. The fact that Elon Musk took over as Twitter’s CEO was a good sign for the memecoin.
How Much Will Dogecoin Cost in 2023?
In 2022, the memecoin made a lot of progress to become a popular cryptocurrency, not just a “meme” token like its name suggests. In fact, Google Cloud users will soon be able to pay with DOGE and other cryptocurrencies. This will happen sometime in 2023. But it’s still not clear how far up the token price will go if more people use it. There are signs that the price of DOGE could go up by a fair amount in the middle term.
Crypto analysts, on the other hand, think that the $1 price goal will not be reached in the near future. But Anbessa’s Twitter account says that DOGE could reach $0.65 in the next few years if the memecoin continues to hold support for the 25-week moving average. At the time of writing, the price of DOGE is $0.07342, which is 0.92% less than it was 24 hours ago.
$DOGE/USD #macro update— AN₿ESSA (@Anbessa100) December 21, 2022
The #dumbmoney target of $1 is far away. Here is the #midterm potential if $DOGE holds 25MA WEEKLY support though. #macro stays bearish below macro channel upper trendline resistance + 99MA pic.twitter.com/EHNruszl1E
Dogecoin’s value may react to the announcement that Elon Musk is in the running to become Twitter’s next CEO. Musk clarified in a recent tweet that even if he resigns, he will continue to oversee the company’s software and servers. It will be interesting to observe how the new management approaches crypto payments on the site if Musk does end up hiring a new CEO.
Source: Google Trend