DODO Price Analysis: Will DODO Coin Price Reach $0.20 in 2023?

• The DODO coin price can reach the mark of $0.20 in 2023.
• It is currently trading at $0.107 with a surge of 0.4% in the last 24 hours.
• It is down from its all-time high by 98.72%.

DODO is a decentralized exchange that is built on a Binance smart chain and Ethereum network that focuses on making DeFi liquidity more convenient. Many DEXs use computerized algorithms but the DODO uses its energetic market maker algorithm.

The DODO token marked its all-time high on 20 Feb 2021, when it was priced at $8.51.

This crypto asset is currently trading with a volume fall of 44% in the daily time frame.

• This token has a market cap of $48 Million.
• The daily trading volume of the token is $11 Million.
• The current circulating supply of the token is 455,104,665 DODO, which is 45.5% of its total supply.

DODO Sentiment Analysis

The social mentions have declined by 60.35%. This token’s bullish sentiments have decreased by 90% and the total market volume has decreased by 74.69% in the last 24 hours. The daily sentiment analysis shows that the coin price is under a bearish scenario.

Yet, If we look at the weekly sentiment analysis, the price has increased by 7.52% and the total social mentions have increased by 91.49%. The total bullish sentiment has surged by 106%. This cryptocurrency’s total market volume has also increased by 66.3% in the last 1 week time frame. The weekly sentiment analysis is showing a bullish side of the price.

Weekly Technical Analysis

As we can see in the chart, the coin price took support from $0.09 and then started to move bullish on a trendline. The price touched the mark of $0.35 but came down and took a resistance from the $0.27 range and continued to move on the trendline.

After that, the price moved on the trendline between the levels of $0.15 to $0.2. The $0.20 level acted as a resistance after some time and the bearish investors took the dominance. The trendline got a breakdown below and then the price fell to the $0.09 range again.

The price has been moving sideways mostly between $0.09 to $0.11 for a long time after the fall from the $0.2 resistance. The price tested the support and now it is trying to move upwards. We can expect a rejection from the $0.15 range, but if the token price breaks that resistance, it can easily reach the $0.2 range. 

The token price can see a further sideways movement between $0.09 to $0.11 if it doesn’t get enough amount of volume to break the $0.15 resistance.

The RSI got a bounce from the SMA 14 line after the increase in the volume, as shown in the MACD histogram.

Now, the RSI is at 46.09 points, and SMA 14 is at 42.06 points. After crossing the neutral level of 50 and an increase in the inflow of volume, we can say that the bulls have entered the market. The price seems in a bullish scenario.

In MACD, the fast blue line has also crossed above the red slow line and the histogram is also showing an increased inflow of volume. The MACD is also showing positive sides of the price.

Conclusion

The overall analysis of the token says that we should wait for the confirmation of the last weekly candle to confirm the bullish trend in the market. 

The daily price is showing a bearish signal as the price got rejected from the $0.11 level. It will remain bearish until the token value retests the $0.09 support and breaks the $0.11 resistance.

Technical Levels

• SUPPORT: $0.09

• RESISTANCE: $0.11, 0.20 AND $0.27

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.