The meme cryptocurrency Dogecoin (DOGE) showed signs of a bullish trend in the early days of 2023. However, the asset is still feeling the impact of factors such as the collapse of the FTX crypto exchange and the general market downturn.
Its algorithm determines the price of Dogecoin (DOGE) for January 31, 2023!
With both bulls and bears having no significant strength to push the coin’s price in either direction, investors are focusing on DOGE’s subsequent price trajectory in the first month of 2023, and the asset’s January performance will likely determine what to expect for the rest of the year.
It is worth noting that an earlier Finbold report ranked Dogecoin among the top five meme cryptocurrencies to watch in January 2023.
Accordingly, machine learning algorithms on crypto tracking platform PricePredictions 30-day forecast show that Dogecoin will trade at $0.071286 on January 31, 2023, a correction of approximately 1.7% from DOGE’s value at the time of publication.
Price prediction is based on technical indicators such as moving averages (MA), relative strength index (RSI), moving average convergence divergence (MACD), and Bollinger Bands (BB), among others.
Dogecoin 30-day price forecast. Source: Price Estimates
Dogecoin price analysis
Currently, Dogecoin is trading at $0.0725 with a daily gain of less than 0.1%, extending the consolidation phase.
Dogecoin seven-day price forecast. Source: Finbold
Currently, Dogecoin is facing a resistance at $0.0729 and if the price rises above the position, the asset will likely enter an uptrend towards the $0.073 mark.
Notably, the asset that previously benefited from Elon Musk’s acquisition of Twitter (NASDAQ: TWTR) could rally if initial speculation of the token being integrated as a payment option on the social media platform materializes.
Additionally, DOGE has seen an increase in whale activity with high net worth wallets accumulating the asset amid low prices.
At the same time, Dogecoin will likely improve the performance of 2022, when the digital asset fell 54% in 2022, making it the second best performing among the top ten cryptocurrencies by market cap.
Elsewhere, Dogecoin could be bullish as the community focuses on new products like Libdogecoin, Dogecoin Standard, and GigaWallet, among others.
Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. When investing, your capital is at risk.