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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
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Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Dogecoin Climbs 25%, Leads Top 10 Coins, In Last 7 Days – Can It Hit $1 By 2023?

Christian Encila
Christian Encila
2 years ago
2 mins read
Dogecoin

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Dogecoin is currently driving the market’s current recovery, at least in part. The memecoin’s price reached the $0.0945 on Monday, in the midst of the shockwave brought about by FTX’s implosion.

Despite the strain, DOGE still proved its resilience at it soared 25 percent in the last week, data from Coingecko show, Monday.

Here’s a quick rundown as DOGE fights back against the bear market:

  • There is a chance that by 2023, DOGE will be worth $1
  • The technical indicators are quite optimistic, displaying many strong levels of support
  • In order to break through to $0.1265, bulls should look to $0.1076 and $0.1186.

DOGE is trading at $0.0955 on a red candle. Bulls are optimistic that 2023 will be the year DOGE reaches the magical $1 level, thanks to the announcement by ETH co-founder Vitalik Buterin and Twitter and Tesla CEO Elon Musk that they are working on an update for the memecoin.

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Can Dogecoin Sustain Its Positive Pace?

Since DOGE has been performing better than Bitcoin and Ethereum in the market rebound, the coin’s technicals are looking highly positive.

The bulls have the backing of the Bollinger band, and the expansion of the band’s middle band provides dynamic support at $0.0848.

Increased volatility from a wider Bollinger band increases the probability of a price rally.

Chart: TradingView

The EMA ribbon supports the rally throughout all significant time scales. Currently, the price action indicates the overbought side of the RSI, which bulls must monitor.

However, bulls might position themselves at $0.0890, which is the current price movement’s support.

The money flow indicator validates the recent price action, strengthening the positive feeling. Long-term bullish strength is demonstrated by the regression channel’s output of 0.14.

If this uptrend persists, bulls should aim for $0.1076, the major level of resistance that, if breached, would finally support the bull run. Secondary objective would be $0.1186, resulting in a final objective of $0.1265

This would inevitably recover lost ground from the DOGE catastrophe earlier this month.

DOGE & The Challenging Path To $1

Current market activity will inevitably increase investor confidence in cryptocurrencies. Not to mention reports of DOGE being utilized in Twitter payments, which, if this momentum continues, will eventually bring the price near or above $1.

However, investors and traders must exercise caution as the market begins a phase of recovery, which makes investor sentiment extremely volatile.

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DOGE total market cap at $12.5 billion on the daily chart | Featured image from Coin Edition, Chart: TradingView.com

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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