Dogecoin Price Prediction as $800 Million Trading Volume Comes In – $1 by 2023?
DOGE, the native cryptocurrency of the Dogecoin blockchain, continues to consolidate near the $0.10 per token mark, despite a rise in trading volumes since the start of the week. According to CoinGecko, Dogecoin trading volumes were around $800 million in the last 24 hours. Meanwhile, according to TradingView citing Binance exchange data, the number of Dogecoin tokens traded on Monday hit its highest level since last Wednesday of above 134 million.
Compared to Dogecoin trading volumes prior to Elon Musk’s recent takeover of Twitter in late October, that is elevated. Prior to the takeover, Binance trading volumes (as per TradingView) were routinely in the 10-30 million tokens per day range. But compared to recent weeks, where daily trading volumes have been in 100s of millions of tokens, Monday’s volumes aren’t anything to shout home about. Indeed, normal volumes are in fitting with Dogecoin’s price consolidation – trading volumes usually surge alongside big price moves.
Dogecoin’s bullish momentum which saw it hit fresh multi-week highs above $0.11 on Monday appears to have waned. DOGE/USD is no longer in a clear uptrend, as was the case a few days ago. In the next few days, cryptocurrencies may consolidate alongside broader markets amid a lack of any meaningful expected macro updates.
DOGE/USD could easily fall back to support in the $0.09 area, which acted as key resistance in August and mid-November (and may now become support), and is also where the 21 and 50-Day Moving Averages reside.
CNBC Mad Money show host and US TV personality Jim Cramer on Monday told investors to sell their cryptocurrency holdings before it is too late. He singled out Dogecoin and a few others as having the potential to drop to $0. A joke that is
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