The Dogecoin price has plummeted 10% in the last 24 hours to trade at $0.3779 as of 7 a.m. EST on a 2% jump in trading volume to $11 billion.
Dogecoin Price Consolidates, Signals Potential For Upside Rally
The Dogecoin (DOGE) chart presents a mix of bullish and corrective signals, indicating potential for further price movement. Currently trading at $0.3779, Dogecoin has experienced a slight decline of 3.80%, following a significant rise. This recent pullback could be part of a consolidation phase before the next potential rally.
The price has formed a parabolic curve since March 2023, indicating strong upward momentum. The coin is currently testing a key support zone around $0.1480, where the price has historically bounced. This means a robust demand level, with the yellow support line marking this crucial zone that previously provided stability.
DOGEUSD Analysis Source: Dextools.io
Dogecoin’s 50-day moving average, currently at $0.2254, acts as a short-term support level, while the 200-day moving average, positioned at $0.1480, serves as a longer-term support.
The RSI (Relative Strength Index) is at 62.91, indicating that Dogecoin price is approaching the overbought zone but still has room to grow before reaching levels of market exhaustion.
The MACD (Moving Average Convergence Divergence) indicator also shows positive momentum, with the MACD line at 0.0547 and the signal line at -0.0039, indicating upward pressure and supporting the potential to continue the rally. The histogram bars are already increasing, indicating that the bullish reversal has begun.
If Dogecoin holds support around the $0.1480 level and breaks through the resistance at $0.3779, the price could target the next resistance level, possibly around $0.50. However, for the rally to sustain, the price must maintain momentum above the support zone without falling back into a deeper retracement.
Dogecoin is potentially bullish, but confirmation of support and continued upward volume are key for the price to move higher.
Crypto All-Stars Presale Crashes Past $6 Million – Less Than 24 Days To Launch
Meanwhile, investors seeking to diversify their portfolios with promising alternative projects might want to consider Crypto All-Stars (STARS), a presale that has now surpassed $6.1 million in funding.
ClayBro, a popular crypto YouTuber with over 130K subscribers, predicts STARS could surge 10X after launching.
Crypto All-Stars has a standout features in its innovative MemeVault protocol, which allows users to stake multiple meme coins in one place for the first time.
This is a game-changing development for the meme coin community, offering a simplified and efficient way for investors to grow their holdings.
The platform will support staking for popular meme coins Dogecoin, Shiba Inu, PepeCoin, Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk.
The team behind STARS is also committed to expanding the list of supported meme coins, ensuring that the platform evolves to meet the needs of the growing meme coin market.
The Game-Changer: Meme Vault
The Meme Vault is a staking protocol where you can earn $STARS tokens by staking popular meme coins. 🪙
Never before has there been a way to earn rewards like this in the meme coin world!
— web3telepath (@web3telepath) August 15, 2024
For those looking to earn passive income, the platform offers an enticing opportunity through its native staking mechanism, which provides a huge 325% annual percentage yield (APY) on staked STARS tokens.
The STARS presale is set to close in 24 days and for now its tokens can be bought for $0.0016189 each using BNB, USDT, or a bank card.
Buy STARS tokens here.
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