Doge’s performance in 2023 is negligible compared to its stellar run during the first half of 2021. The meme-coin remained on the back foot throughout 2022 but is slowly inching upward since the start of January.
If the cryptocurrency markets maintain the ongoing positive price momentum, investors could reap decent returns this year. A handful of investors have taken an entry position in Dogecoin hoping it would replicate its previous rally. Nonetheless, DOGE went on the back foot since May 2021 and is yet to reclaim its previous glory in the indices.
Dogecoin: How High Can it Go in 2023?
Changelly forecasted that Dogecoin could move upward at a snail’s pace in 2023. According to the technical analysis of Changelly, Doge could reach a maximum high of $0.14 this year with a moving average price of $0.12. The forecast estimates that Doge could briefly skirt near the $0.15 mark before retracing in price.
Doge is currently trading at $0.08 and could move up 60% to $0.14 by the end of 2023, estimates Changelly. However, the firm estimates that Dogecoin will not hit the $1 mark anytime soon and it will trade below it for years.
Also Read: Who Owns the Highest Number of Dogecoins?
The prediction estimates that Doge will never reach $1 before 2028 and it could breach the levels sometime in 2029. According to the forecast, Doge could reach $1.20 in 2029 with a maximum price of $1.45. Therefore, the meme-coin could go above $1 about six years down the line from today, according to the prediction.
At press time, Dogecoin was trading at $0.08 and is down 5.3% in the 24 hours day trade. It is also down 88.5%from its all-time high of $0.73, which it reached in May 2021.