Crypto investors are wondering what 2023 will bring, despite the challenging conditions of recent months. Let’s take a quick look at what analysts have in store for DOGE, SHIB, ADA, and Ripple to answer.
Is Dogecoin (DOGE) a good investment in 2023?
In particular, Dogecoin was the best performing altcoin among the top 10 in 2022. It was just behind Binance Coin (BNB), down “only” 54% this year, according to the “State of the Network” report released on Dec. 20 by blockchain analytics platform CoinMetrics.
Also, while the bear market continues, more than half of DOGE investors are still making profits. About 54% of DOGE investors are currently in profits based on its price on December 27. According to IntoTheBlock data, 43% of investors made losses, while 3% went head-to-head.
On the technical side, sentiment on weekly indicators is mostly on the bearish side. The summary of the indicators shows a ‘sell’ at 13. Oscillators stay in ‘neutral’ territory at 3 and moving averages point to ‘strong sell’.
In recent weeks, Dogecoin has mostly traded in the red zone. Despite this, he recorded independent rallies with tweets from Tesla CEO Elon Musk. This rally was fueled by news that fueled speculation that Musk could be integrated into Twitter as a payment method.
What levels is DOGE price pointing to in 2023
Generally, investors will look for forward-looking news about development activity and adoption rates. For example, DOGE saw a spike in price when it was revealed that Elon Musk and Ethereum co-founder Vitalik Buterin might be working together to strengthen the network.
DOGE investors will hope that by the end of 2022, the price has bottomed out and will start a new surge. The machine learning algorithm at PricePredictions predicts that DOGE will trade at $0.079 on January 1, 2023. DOGE is currently trading in a region quite close to this region.
SEC lawsuit keeps Ripple (XRP) investors’ expectations alive
While awaiting the outcome of the Ripple-SEC lawsuit, investors are keeping a close eye on the XRP price going to 2023. For example, if the case goes in favor of Ripple, it is expected to be seen as a bullish sentiment for those looking to buy XRP. As a reminder, the US regulator has sued the blockchain company for allegedly selling over $1.3 billion in XRP tokens. According to the SEC, the tokens were securities during the sale between 2013 and December 2020.
Both parties have now submitted their closing discussions. This increases the probability of reaching a solution in the near future. James Filan, a defense attorney, explained that prior to the ruling, the SEC filed a second petition attempting to keep some documents confidential. cryptocoin.comWe have included the details in this article.
As for price predictions, crypto analyst Ali Martinez warned that XRP may show a ‘sell signal’ on its chart based on the TD (Tom Demark) Ranking. In his technical analysis, he stated that investors should also wait for a bearish divergence, which is an indication of a possible correction for XRP.
Elsewhere, using data science and self-learning technology, Coin Price Forecast forecasts the XRP price to rise to $0.52 in the first half of 2023. In the second half, he predicts the price will close at $0.01 and 2023 at $0.51.
What does Cardano promise?
Cardano continues to be among the exciting cryptocurrency projects with a number of network development initiatives. Investors hope that the activities will positively affect its price in the future. In terms of price, ADA has lost important support levels throughout 2022. It peaked above $3 in the 2021 bull. Currently, it is trading around $0.2450.
Meanwhile, PricePredictions machine learning algorithm prediction shows that Cardano will most likely enter 2023 in a consolidation phase. Specifically, the forecast shows that ADA could trade at $0.24 on January 1, 2023.
Overall, network developments remain possible bullish triggers for ADA. The development featured Cardano as a potential “Ethereum killer” while eclipsing other cryptocurrency platforms. Some analyzes even indicated that strong network activity could see the ADA price trade at $8 by 2025. Therefore, 2023 is crucial to help lay the foundation for ADA to reach these levels.
Should I trust the DOGE rival Shiba Inu (SHIB)?
To answer this question, let’s recall that Binance recently announced that the most sought-after cryptocurrency on its exchange is the Shiba Inu (SHIB). Additionally, in 2022, SHIB saw a huge increase in the number of investors, burn rate, whale transactions and overall transaction volume. Also, in October, it gained more than 100,000 investors in 2022, despite the price drop. This prompts investors to hope for more for the same in 2023.
In terms of price projections, Shiba’s historic dollar target seems impossible even in 2023. Even in the most optimistic scenario, its price should increase by about 90 times. However, SHIB has successfully carved out a niche in the NFT market and gaming industry. The SHIBOSHIS project is a group of Shiba Inu NFTs that allow token holders to participate in NFT printing, trading and digital land purchase in addition to VR gaming.
Let’s not forget that estimates are not precise. All analysts from Willy Woo to PlanB are expecting $100,000 in Bitcoin in 2021, while current levels are below 20,000.