A look at Dogecoin's price outlook, technicals, and investment potential.

Dogecoin remains a highly speculative yet resilient cryptocurrency, driven more by memes and community engagement than by technical fundamentals.

Dogecoin (CRYPTO: DOGE) is a cryptocurrency that has been the subject of much attention, particularly in 2023. The token, which began as an experiment based on the Shiba Inu “Doge” meme, is now one of the top 10 most valuable digital assets, known for its lighthearted community and enthusiastic supporters.

While some view it as a joke coin, Dogecoin has proven remarkably resilient, surviving several bear markets and remaining a popular trading vehicle.

Here’s a look at Dogecoin’s price outlook, technicals, and investment potential.

What Happened: Created in 2013 by software engineers Billy Markus and Jackson Palmer, Dogecoin was based on the Litecoin (CRYPTO: LTC) codebase and set out to introduce a fun, approachable cryptocurrency to the world.

The token was named after the Shiba Inu meme that was popular on platforms like Reddit at the time.

Dogecoin is often credited with pioneering the tipping culture on the internet. Users on Reddit and Twitter (now X) began using DOGE to reward content creators and contributors, creating an ecosystem of microtransactions and community-driven support.

This use case helped Dogecoin become one of the first digital currencies to see organic utility beyond speculative trading.

Dogecoin Logo. Image Sourced by Benzinga

Over the years, Dogecoin has remained in the headlines with support from several sources.

Elon Musk has been a vocal supporter of the token and frequently posts memes and comments related to DOGE on X, formerly Twitter.

The cryptocurrency has also been mentioned by the likes of Mark Cuban and Charlie Lee, among others.

Dogecoin is often a favorite among social media personalities on platforms like Twitch and YouTube, who use the token to interact with their viewers.

Current Dogecoin (DOGE) Price and Market Cap: DOGE was trading at $0.186 on Friday morning, showing modest intraday movement. The token had a 24-hour high of $0.187 and a 24-hour low of $0.180.

DOGE is down about 1% in the past 24 hours and up roughly 1% in the past seven days.

Dogecoin has a market cap of around $27 to $28 billion, placing it consistently among the top 10 cryptocurrencies by market cap, usually at position #8 on platforms like CoinMarketCap and CoinGecko.

The token’s 24-hour trading volume is in the range of $750 million to $1.96 billion.

Dogecoin is the leading token in the meme coin category and outperforms many of its imitators.

Dogecoin is unchained and continues to be a crowd favorite.

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Dogecoin Price Technicals: Technical indicators play a central role in evaluating Dogecoin’s short- and medium-term price trends.

Among the most commonly used tools are moving averages, Relative Strength Index (RSI), and momentum indicators, all of which help traders assess market sentiment and potential reversal points.

Currently, Dogecoin’s 50-day and 200-day moving averages are offering mixed signals. While the 50-day MA remains above the 200-day in some timeframes, suggesting a lingering bullish trend, the narrowing gap between them may indicate a potential shift in momentum. A confirmed golden cross or death cross in the coming weeks could set the tone for broader market movement.

The Relative Strength Index (RSI) for DOGE has been oscillating between 45 and 55, placing it in a neutral zone. This indicates that Dogecoin is neither overbought nor oversold, leaving room for further price action in either direction. A break above 70 would indicate growing upward pressure, while a drop below 30 could signal a potential sell-off.

Momentum indicators like Moving Average Convergence Divergence (MACD) are presently reflecting a modest bullish divergence, with histogram bars trending higher despite flat price action. This can often precede a breakout, especially if accompanied by increasing trading volume.

Together, these technical tools suggest that Dogecoin is in a consolidation phase. While not yet signaling a strong breakout, the indicators highlight a market poised for the next catalyst. Traders and analysts will be closely watching for volume spikes and RSI shifts as confirmation of the next directional move.

Short-Term DOGE Price Prediction: According to Price Prediction Net, technical analysis indicates that the price of Dogecoin could rise to reach the levels of 0.190 in the short term.

Mid-Term Dogecoin Price Prediction: DigitalCoinPrice forecasts that the average price of Dogecoin in 2024 will be $0.20, opening at $0.18 in January and gradually increasing to $0.22 by December.

Long-Term Price Prediction (2025-2030 and Beyond): In the long term, if Dogecoin continues to maintain its popularity