Dogecoin Price Soars 2%, But Experts Say This 2.0 DOGE Might Be The Next Crypto To Explode
Release: 2024/08/11 14:49 Reading: 292
Dogecoin Price Surge
Despite a drop in trading volume, Dogecoin (DOGE) has seen a 2% increase over the past 24 hours, reaching $0.106 as of 09:02 p.m. EST.
Meme Coin Recovery
The broader meme coin market has rebounded with a 1% growth in the last 24 hours, pushing its market capitalization to $40 billion. Notably, the top three cryptos in this category, DOGE, SHIB, and PEPE, have all experienced gains.
Bullish Market Sentiment
According to IntoTheBlock's Dogecoin metrics, the market has shifted bullish, with 73% of DOGE holders currently in profit.
Dogecoin Price Prediction: Continued Surge
Following a decline from $0.13 on July 29th to reach the $0.081 support zone on August 5th, DOGE price has reversed its downtrend. Bulls have taken control, propelling the token through a rising channel pattern.
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Bullish Momentum
DOGEUSDT price bulls aim to maintain their position within the bullish channel. The token's price has surpassed the 50-day Simple Moving Average (SMA). Continued momentum could result in DOGE overcoming the immediate resistance at $0.117, which coincides with the 200-day SMA.
The Relative Strength Index (RSI) has rebounded from below the 30-oversold level and currently stands at 57. This indicates growing optimism among investors.
Target Levels and Support
If bullish pressure persists, DOGE could breach the $0.117 resistance, with the next target being $0.13. Conversely, a bearish reversal could lead to a correction towards the $0.095 support level.
PlayDoge: A Play-to-Earn Alternative
Amidst Dogecoin's bullish trend, PlayDoge (PLAY) is set to capitalize on this momentum through its play-to-earn (P2E) gameplay. This utility provides investors with more than just a speculative investment, as is common with many other meme coins.
According to 99Bitcoins, a reputable crypto channel on YouTube, PLAY has the potential to surge by 50X to 100X after its launch.
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