Dogecoin Price Plunges 21% In A Month As Elon Musk Tweet Fails To Stem The Slump, But Investors FOMO Buy This P2E DOGE As Time Runs Out
Release: 2024/08/21 15:14 Reading: 574
Dogecoin Price Slumps Over 21% in a Month
Dogecoin's price has plummeted by more than 21% in the past month, tumbling to $0.1038 at 11:40 p.m. EST after a slight dip in the last 24 hours.
Intraday Volatility
During yesterday's trading, DOGE reached an intraday low of $1.1014 before recovering to its current level. This remains closer to its 24-hour high of $1.1056 than its low for the same period.
Elon Musk's Influence Wanes
The decline in Dogecoin's price occurred despite a post by Elon Musk on X, responding to reports that former President Donald Trump may offer him a cabinet position. Musk's previous DOGE-related posts have historically boosted its value. However, his influence on the meme coin appears to be waning.
Consolidation Channel
DOGE's price remains trapped in a consolidation channel between $0.1074 (resistance) and $0.0949 (support). A potential drop below the support level could lead to a decline to $0.0844.
Bearish Signals
Technical indicators suggest that DOGE's price may decline in the next 14 hours. The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate diminishing buyer strength.
Investors Rush to PLAY
While DOGE continues to trade sideways, investors are flocking to PlayDoge (PLAY) as its ICO enters its final stage. PLAY aims to revive the popular Tamagotchi game, offering rewards in crypto for taking care of virtual pets.
ICO Closing Soon
With only 5 days remaining until PlayDoge's ICO ends, investors have limited time to acquire PLAY at presale prices. The project has raised over $6.1 million, signaling investor confidence in its future.
Lucrative Passive Rewards
Investors can earn a 74% annual yield by purchasing and staking PLAY. PLAY is currently selling for $0.00531 and can be purchased using ETH, USDT, BNB, or a bank card.
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