The significant surge in Dogecoin’s price in both 2021 and 2023 has been primarily attributed to the influence of Elon Musk. However, if past trends repeat themselves, there may be further room for growth in the future.
In June 2022, the value of Dogecoin (DOGE) plummeted to $0.0491, in line with a widespread drop across the cryptocurrency market. However, since then, the price of DOGE has almost doubled, reaching $0.0942 on April 20, representing a staggering 94% increase from its 2022 low.
Despite this significant recovery, DOGE’s current price is still a long way from its all-time high of $0.76 achieved in May 2021, standing at 88% lower than the peak value.
Dogecoin’s astonishing price increase of over 23,000% in 2021 can be largely ascribed to Elon Musk’s outspoken backing. Ironically, the DOGE/USD pairing peaked when Musk referred to DOGE as a “hustle” during his performance on Saturday Night Live in May 2021.
However, the expectation of the Federal Reserve tightening, which would finally result in genuine interest rate reductions in 2022 and 2023, contributed to the DOGE price entering a second extended and violent bearish cycle.
The ongoing sell-off of DOGE was also influenced by the failure of numerous significant crypto businesses, including Terra (LUNA), Three Arrow Capital, and FTX.
In October 2022, there was a 100% surge in price, despite a downtrend spanning several months. The upturn happened at the same time as Elon Musk’s tumultuous takeover of Twitter, which led to speculation that DOGE could become the preferred payment token for the social media site.
Although, Musk has not yet enabled a DOGE payment method to Twitter as of April 2023. However, earlier in the month, he momentarily swapped the platform’s readily recognizable bluebird emblem with the Shiba Inu meme, which serves as Dogecoin’s mascot. DOGE surged up to 40% in response to the announcement.
Notably, the price of DOGE has attempted to close beyond its 50-week EMA (the red wave) at or near $0.0917 and 200-week EMA (the blue wave) at or near $0.0895. This is comparable to its sideways movement and failed breakout efforts between April and November 2020, which came before a price gain of 30,000%.
Due to contradicting fundamentals, DOGE might not have a comparable 30,000% price increase in 2023.
However, the meme currency might aim for a rise near its previous all-time high of $0.76 in 2023 if the Fed changes its rate of interest policy or adds payments made in Dogecoin to Twitter.
Currently, DOGE’s ascending triangle seems to be favoured by the bears due to its prior decline, with downside targets being eyed at distances equivalent to the pattern’s greatest elevation from the probable breakout point.
Elon Musk’s influence is mostly responsible for Dogecoin’s price increase between 2021 and 2023, although there is still room for future growth. Although DOGE’s market attitude has seen major changes, it is still positive. But it’s crucial to remember that the cryptocurrency market is extremely unpredictable, so prospective buyers should proceed with caution and do their homework before making any purchases.
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