Dogecoin Price outlooks remain bullish Thursday, despite a slight pullback from the multi-week highs seen earlier this week. The DOGE token, which powers the Dogecoin Blockchain, attempted to break beyond $0.11 on Wednesday. This came after the US Federal Reserve chairman, Jerome Powell, sent a moderater message than anticipated, with crypto being driven with traditional risk assets such US stocks and wider crypto markets.
Dogecoin Is Still In an Uptrend
For the moment, bulls seem to be taking a break. Dogecoin TradingView reports that trading has fallen to below the $0.1050 mark, and is down by around 2.0% per day. But Dogecoin’s The technical outlook is still positive. DOGE/USD remains in an uptrend, despite it being $0.07 lower than the crypto’s double bottom earlier this month. The The crypto market is possibly in an ascending triangle. Resistance currently exists at $0.10s/$0.11
Ascending Triangle patterns are usually interpreted as a sign of market consolidation ahead of a breakout. If Dogecoin If the $0.11 level is maintained, it could lead to a rapid rally in the early stages. November Highs before FTX’s collapse at $0.16 Dogecoin The stock has already traded up by 29% over its levels a week ago, according to CoinMarketCap. A rally to the early December A 50% increase in levels to $0.16 would be possible.
Could Dogecoin Reach $1 in 2023?
Dogecoin Followers are again asking if the price can go higher than $0.10. Dogecoin Could it conquer the psychologically significant $1.0 mark. Recently, crypto skyrocketed October Or, you can start early November On speculation that billionaire Twitter Owner Elon MuskA well-known example of this is. Dogecoin A fan might incorporate the cryptocurrency into a futuristic future Twitter Payments system
Prominent cryptocurrency/blockchain developer and Cardano Founder Charles Hoskinson Recently, it was predicted that Elon Musk’s Acquisition Twitter This could add 200 million users to the crypto space. Musk Most likely to make some with Dogecoin On Twitter. The Twitter Integration could be the only bullish catalyst Dogecoin Bulls have been waiting to see the cryptocurrency return to its original state. May The 2021 all time high in the $0.73 region and beyond is expected to be significant as it could generate substantial demand. of the token.
Another Factor that could be helpful Dogecoin Reaching $1.0 in 2023 could mean a better financial environment: lower inflation and looser policy stances by the major central bank world. Elon Musk Recently, the Federal Reserve To avoid a severe recession, immediately reduce interest rates For The central bank is not listening now and is expected increase interest rates by around 100bp to 5% in 2023.
This Recent weeks have seen a rise in traditional risk assets, such as stocks of the US and global stock markets. The Due to the FTX’s collapse, cryptocurrencies were not able take advantage of the macro-optimism. November. But Come December In 2023 and beyond, a bullish return to stock markets could be a major catalyst for huge gains in crypto.
