Dogecoin’s course may take several directions in the coming weeks, although it is difficult to say which scenario is most likely.
The Dogecoin course was able to record good price increases in January. However, these gains were not as strong as other cryptocurrencies, which seems strange for the meme coin. That doesn’t mean, though, that there won’t be a strong rally in the coming weeks.
The Dogecoin price has seen a stronger rise in recent weeks. The DOGE has risen to around $0.090 since the start of the year from $0.069. Within this increase there were well-known strong fluctuations. Still, we have to keep in mind that while the overall rise was significant, it was smaller than many other altcoins.
The price increase followed sharp ups and downs in the last weeks of 2022. Above all, the acquisition of the short message service Twitter by DOGE fan Elon Musk drove the price up enormously. After that, it massively collapsed due to the FTX crash. By contrast, in January 2023 it was pretty “cool” in regards to Bitcoin.
Why Couldn’t the Dogecoin Price Raise that Much in the Last Weeks?
The Dogecoin course could definitely rise strongly in the last four weeks. But compared to other Altcoins like ADA or SOL, the course could not grow that massively. Here there is a phenomenon where a certain currency tends to calm down after unexpectedly large increases or an unexpectedly large fluctuation.
Therefore, DOGE’s rise was already somewhat ahead of the market as a whole in Q4 2022. As a result, the price could not go as high this January. The market as a whole has “caught up”. However, this also means that another Dogecoin rally may be imminent soon, which may affect the Dogecoin forecast.
The Dogecoin’s course may take several directions in the coming weeks. On the one hand, the general market could continue to increase, and in this case, the price of Dogecoin would increase considerably. However, a slight drop or even a major drop in the market is also possible in the coming weeks.
The Dogecoin course could move in 2 different directions in the coming weeks. These rashes can be quite serious.
How High Can the Dogecoin Price Go According to the Forecast?
A rise in the Dogecoin price is possible in the coming weeks if the general market increases. In this case a rise in Dogecoin to $0.11-$0.13 would be possible until the end of February.
In the second scenario, the broader market would see another stronger decline that would take the price of Bitcoin to $20,000 or even below the $20,000 mark. In this case, the Dogecoin forecast would be $0.05 to $0.07 by the end of February.
In summary, Dogecoin (DOGE) remains an extremely speculative investment, as the Dogecoin forecast for February shows. Especially these days, the market is hard to forecast. Therefore, only what is already being lost should be invested.
A long-term investment in the DOGE is also possible. Here too there is a higher risk for the meme coin.
By Audy Castaneda
