The Dogecoin price has increased by 2.5% in the past 24 hours, reaching $0.061828 amid a similar gain today for the cryptocurrency market as a whole.
DOGE is now down by 9% in the past week and by 15% in the last 30 days, with the original meme token having fallen by 12% since the beginning of the year (while other major coins have actually recovered since January).
However, its rise today also sees its 24-hour trading volume nearing $300 million, after spending the past week close to or below $200 million.
This indicates a steady increase of market interest in DOGE, and with the coin arguably remaining very undervalued, it could be in line for bigger gains in the not-too distant future.
Dogecoin Price Prediction as $300 Million Trading Volume Comes In – Can DOGE 10x From Here?
DOGE’s chart shows promising signs of a recovery, with its indicators seeming as though they’re at the beginnings of upswings.
DOGE’s relative strength index (purple) has risen from close to 30 earlier in the week to 50 today, signalling a recovery of momentum that may push its price up higher in the next few days.
Similarly, the coin’s 30-day moving average (yellow) has stopped declining and is levelling out, potentially before a climb towards its 200-day average (blue) that could indicate a bigger rally to come.
This positivity aside, the market remains unstable at the moment (given recent SEC actions), so today’s jump for DOGE may potentially be short-lived.
Data suggests that whales are leaning more towards selling DOGE at the moment, with a number of big transfers to exchanges hinting that the coin may lose a little more before recovering again.
DOGE fans would argue that the coin remains very undervalued, especially when it’s down by more than 91% compared to its all-time high of $0.731578 (set in May 2021).
The thing is, it’s hard to see what, on a fundamental level, could lift DOGE in the short- or medium-term, with the meme token having little to look forward to in terms of updates or adoption.
Of course, the Dogecoin community still holds some hope that, one day, Twitter will introduce DOGE payments, although very little has been heard on this front recently.
This currently seems like a very distant possibility at the moment, particularly when the SEC has been suing exchanges such as Coinbase for selling allegedly unregistered securities.
But there’s no doubt that Twitter is planning to use digital (fiat) payments in some form, so eventually the social network could see cryptocurrency — and DOGE — integration at the some point.
If so, DOGE will undoubtedly rally big, although it would be hard to predict just how high it would rise, especially if other cryptocurrencies are integrated alongside it.
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New Altcoins with Fundamentals
It can’t be emphasized enough that DOGE holders may be waiting a long time for Twitter payments to come around, meaning that DOGE probably isn’t the best token right now for big rallies.
Fortunately, there are a number of new altcoins in the market that could be set for sizeable gains in the near future, with certain presale tokens looking very promising.
One of the most exciting of these is yPredict, a Polygon-based platform that uses AI to provide users with trading intelligence.
Having launched the presale for its native YPRED token a few weeks ago, yPredict has already raised just over $2.3 million.
Encouragingly, this week also saw yPredict launch its first AI-powered predictive trading model, an important milestone for a project still holding its presale.
In the coming months it will expand on this launch by introducing a range of other AI-based prediction tools and resources, helping traders to stay on top of the market and make more informed investment decisions.
On top of this, yPredict’s platform will include its own marketplace, in which developers of forecasting and analytical models can sell their services and products to traders.
Within this ecosystem, YPRED will be used to pay for predictive model subscriptions, as well as for staking and for gaining access to the platform’s various analytic features.
Given this utility, YPRED is set up nicely for being a good short- and long-term prospect, with investors able to participate in its sale by visiting the official yPredict website and connecting their wallets.
1 YPRED token currently costs $0.09, although this will rise to $0.10 with the sale’s next stage, and to $0.12 when it lists on exchanges.
Of course, exchange listings could see YPRED selling for much higher prices, potentially making it one of the best-performing new altcoins of 2023.
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