Dogecoin Price Outlook: DOGE Plunges 22% In A Month As Investors Pivot To This P2E Dogecoin Derivative For Parabolic Potential
Release: 2024/07/02 16:27 Reading: 490
Dogecoin Price Analysis
The Dogecoin price has fallen 2% in the past 24 hours, trading at $0.1238 as of 00:58 a.m. EST, with trading volume also declining 2% to $416 million. This decline follows a 22% drop in the last month, coinciding with Bitcoin's 7% fall during the same period.
Technical Analysis
Dogecoin's price has been trending down since June, forming a falling channel pattern with resistance at $0.17. After reaching $0.1185, it entered a consolidation phase, with bullish momentum breaking above the channel's upper boundary at $0.1251.
This surge pushed DOGE above the 50-day Simple Moving Average (SMA), indicating bullish sentiment. If momentum holds, the price could surpass the 200-SMA at $0.1403.
The Relative Strength Index (RSI) trades near the 50-midline, currently at 48, suggesting equilibrium as bulls prepare for a breakout from consolidation.
Price Prediction
The 4-hour chart analysis suggests bulls are preparing for a trend reversal. DOGE's price has breached the falling channel's upper boundary and is currently in equilibrium.
If the bulls push the token up, it could reach the $0.17 resistance zone. However, if bears take control, DOGE could breach the $0.12 support zone, potentially falling further to $0.15.
Dogecoin Alternative: PlayDoge
As Dogecoin bulls plan a reversal, investors are also exploring the DOGE derivative ICO, PlayDoge (PLAY), which aims to replicate DOGE's success. PLAY has raised $5.3 million in funding.
PlayDoge is a mobile P2E game where users earn $PLAY tokens by interacting with a Tamagotchi-style virtual pet named Doge.
Token holders can also stake $PLAY for an annual percentage yield (APY) of 113%. PLAY runs on the BNB Smart Chain, increasing its potential for a Binance listing, which would boost its prospects and liquidity.
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