Dogecoin Price Prediction as DOGE Still Consolidates

Dogecoin, the largest and the top meme coin of the era are still struggling with the bull market. According to Dogecoin price prediction, the prices still need a boost whether from a celebrity or by investors or a big firm. 

The current price of Dogecoin is $0.075563, with a 24-hour trading volume of USD 329,112,241. Dogecoin has increased by 0.85% in the previous 24 hours. DOGE's current market capitalization is $10,484,094,038. There are 138,747,096,384 DOGE coins in circulation. 

DOGEcoin is attempting to hold its 20-EMA to attain the 50, 100, and 200-day Daily Moving Averages. Although analysts believe DOGE will rise following its escape, dogecoin price prediction suggests DOGE cryptocurrency's sideways motion. Dogecoin's price must remain above the present barrier level to sustain its upward momentum on the charts to favour the Dogecoin price prediction.

Dogecoin Price Prediction as Burger King Demands DOGE

Burger King is the latest fast-food giant to jump on the cryptocurrency bandwagon, sparking speculation that it may soon start accepting Dogecoin as payment for its meals. The company's tweet "we need doge" has sent the Dogecoin community into a frenzy, with users expressing their excitement and sharing funny memes. While it remains unclear if Burger King will make good on its tweet, the restaurant chain is no stranger to the crypto world.

Burger King Paris has already started accepting Bitcoin, while Burger King Brazil previously announced accepting Dogecoin as payment for its dog snack. Moreover, last year, Robinhood and Burger King teamed up to reward customers with various cryptocurrencies, including 2 million DOGE. As the adoption of cryptocurrencies continues to grow, Burger King's move could mark a major shift in the fast-food industry.

DOGE has recently been consolidating, which means that its prices have been generally constant, moving within a small range. This consolidation has lasted even after the majority of the top ten cryptocurrencies have seen a bull run and created optimism in experts' Dogecoin price prediction.

DOGE is now forming an ascending triangle pattern, which is considered bullish. This pattern indicates that prices are more likely to take a bullish attitude, indicating that a substantial upward price movement is possible in the near future.

The MACD has turned green, signalling that the DOGE has entered a bull market. This is a good indication for DOGE investors since it indicates that the momentum is going upward.

The RSI was reaching oversold territory at 47, suggesting that the price of DOGE is declining. Yet, the rising triangle formation and the MACD indicator reflect a bullish position according to Dogecoin predictions, thus this does not necessarily imply that DOGE is bearish.

Source: TradingView

The failure to overcome the confluence barrier given by the 50-day EMA and the descending trendline might dampen bullish expectations, with DOGE's technical picture becoming negative.

All eyes will be on the buyer congestion at $0.07 to absorb the selling pressure in that case. Since March 15, this region has been critical in keeping DOGE in place and averting additional decreases. As per Dogecoin's recent movement, the dogecoin price forecast 2023 could see an uptrend while the short-term goal is not so clear. 

Conclusion

The consolidation of DOGE may be due to market saturation, and its prospective bullish attitude is backed by the ascending triangle formation and the MACD indicator. While the RSI suggests that DOGE is declining, it is important to remember that this is only one indicator and should not be relied on completely. Overall, DOGE has the potential for considerable price volatility in the near future, making it an appealing investment possibility for both traders and investors.

Disclaimer: The above information is the sole opinion of the author and shouldn't be considered an investment idea. DYOR before investing in any digital asset.