While the year 2022 was forgettable for the crypto community, the macroeconomic scene is not in full favor going into 2023. However, the crypto community is hoping for a relief rally to provide respite in the ongoing bear market environment. Popular cryptocurrencies like Dogecoin (DOGE), which rose in exponential growth in 2021, lost all the value in the last one year. The memecoin did have an encouraging sign with Elon Musk taking over as Twitter chief.
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Dogecoin DOGE Price Prediction 2023
The memecoin made a lot of progress in 2022 to be considered a mainstream cryptocurrency but not a ‘meme’ token as the name suggests. In fact, DOGE, along with other cryptocurrencies, is all set to be rolled out as a payment option for Google Cloud users some time in 2023. However, it remains to be seen how far would the rise in adoption propels the token price. Technical indicators point to the possibility of a decent price rise for DOGE in the mid term.
Crypto analysts, however, believe that the $1 price target is not within reach in the coming future. But, if the memecoin does hold support for 25 weekly moving average, there is a possibility of DOGE reaching $0.65 in the next few years, as per prediction of Anbessa Twitter account. As of writing, DOGE price stands at $0.07342, down 0.92% in the last 24 hours, according to price tracking platform CoinMarketCap.
$DOGE/USD #macro update
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
— AN₿ESSA (@Anbessa100) December 21, 2022
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Meanwhile, with the news of Elon Musk in the search for the new Twitter CEO, there could potentially be some price action for Dogecoin. In a latest clarification, Musk said he would still be leading the software and servers team even if he steps down. If Musk goes on to bring in a new CEO, it would be interesting to see how the new leadership plans to integrate crypto payments on the platform.
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