Dogecoin Price Analysis: Can DOGE Be a Multibagger Coin in 2023?

  • DOGE coin was created as a joke to make fun of popular crypto assets, such as Bitcoin.
  • The DOGE coin was initially released on 6th Dec 2013 by Billy Markus and Jackson Palmer. 
  • The DOGE coin is considered the first meme coin and also the first dog-themed crypto asset. It is one of the most famous altcoins in 2023.

The DOGE coin is up by 11,275% in the overall time frame. The coin is performing well. In 2022, the coin showed downward movement. 

It made its all-time high in 2021, which was $0.175. The coin formed a strong bearish harami pattern in the yearly time frame. 

The coin in 2021 started its upward movement, which is similar to a straight line. It was in a continuous boom in that particular year.

For seven years, it was a meme coin but in 2021 meme and crypto lovers started to pump and dump the stock which is also known as GameStop Surging.

Technical Analysis of The DOGE Coin (Yearly)

Technical Analysis of The DOGE Coin (Yearly)

Source: BINANCE: DOGEUSD by TradingView

The coin was continuously forming a pattern similar to a straight line but fell off in 2021. 

Elon Musk, one of the richest people in the world mentioned in his Tweet that their company will accept dogecoin for their merchandise.

The coin skyrocketed by 23% in a single day after that Tweet from Elon Musk. He also said that Dogecoin is his favorite digital coin.

The wave of amateur investors helped the coin to drive the prices higher in that particular year.

Technical Analysis of The DOGE Coin Yearly

Source: BINANCE: DOGEUSD by TradingView

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The coin was up by 5.04% last year in comparison with the current year. The pattern represents bearish harami. 

It appears when the coin is about to reverse or the coin’s uptrend is about to come to an end.

It came into the market as a meme coin and got boosted by Elon Musk and meme lovers. Now, it is coming down again to its correct price.

Technical Analysis of the DOGE Token (Monthly)

Technical Analysis of the DOGE Token (Monthly)

Source: BINANCE: DOGEUSD by TradingView

We can see that the coin was not performing well before 2021. It was similar to a horizontal line.

No up movement and no down movement was given by the coin in seven years before 2021.

It went straight up and started to come down in May 2021. It is in a downtrend after the surge. 

The coin may make another resistance point on the trend line. It may continue its movement in a downward position.

Technical Analysis of the DOGE Coin (Weekly)

Technical Analysis of the DOGE Coin (Weekly)

Source: BINANCE: DOGEUSD by Trading View

The coin in the weekly time frame can be seen in the down movement. In June 2022 it came into a sideways position.

It is in the range between the support level and the resistance level. The coin takes support from the support level. 

It sustains at the resistance level and starts to move down again. It is unable to break its resistance zone.

Technical Analysis of DOGEUSD (Daily)

Technical Analysis of DOGEUSD (Daily)

Source: BINANCE: DOGEUSD by Trading View

The coin is in a sideways position in the daily time frame. The coin can be used for short returns.

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it can be bought at the support level and can be sold at the resistance level, but it is an assumption and not a suggestion.


Through the technical analysis, we can conclude that the coin is not performing well.

In the past, it went up to $0.170 and now it is around $0.063 which is not a good sign. The investors have also lost their money as it drastically felt in 2022.

Many great investors suggested not to invest in cryptocurrencies. The coin might reach a maximum value of $0.39 and a minimum price of $0.25.


  • Resistance Level- $0.082
  • Support Level- $0.061


The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors. 

The coins are unpredictable so investors should have proper knowledge. 

Stocks are preferred more than the cryptocurrencies. Cryptocurrencies are highly volatile and risky. Investment should be made with proper technical analysis.

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