Although the majority of the cryptocurrency market is still swimming in the sea of red, most of its assets are starting to consolidate into a sideways trading pattern, including Dogecoin (DOGE), leading the crypto community to hypothesize about its future movements. As it happens, CoinMarketCap members who cast their votes using the platform’s Price Estimate tool anticipate that DOGE would trade at an average price of $0.09862 by December 31, 2022, according to the data retrieved by Finbold on November 16. Should the community’s predictions, which are the results of 840 votes, prove correct, they would represent an increase of $0.0131 or +15.32% to the digital asset’s current price of $0.08552. Investors’ careful optimism about the meme token is also demonstrated in the steady increase of DOGE holders in the past week, with the total number of unique addresses holding it standing at 4,456,345 on November 16, representing a rebound of 1.49% after a significant decline on November 5.
Dogecoin technical analysis
Meanwhile, the DOGE technical analysis (TA) remains neutral, slightly leaning toward the ‘sell’ sentiment at 10, whereas the ‘neutral’ indicator is at 9, compared to 7 for ‘buy.’ Upon further analysis, oscillators are in the ‘neutral’ zone at 8, while moving averages (MA) suggest ‘sell’ at 9 on the 1-day gauges. Unsurprisingly, Dogecoin has been following the patterns of the general crypto market, recording a steady decline since the year’s turn, during which period it has lost 63.92% since January 1. At press time, DOGE was changing hands at the price of $0.08552, which represents a 1.72% loss during the previous 24 hours and 3.56% across the week, as the crisis caused by the FTX liquidity crunch continues to give trouble to most market participants.
Possible use cases for DOGE
Although things could go either way for Dogecoin, the community’s optimism combined with potential use cases could spell a bullish advance for the decentralized finance (DeFi) token in the near future. As Cardano (ADA) founder Charles Hoskinson highlighted, Dogecoin could be deployed as a side-chain and an “advertising and veracity token” to resolve some of the social media issues, such as profile verification, as well as to issue non-fungible tokens (NFTs). Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
