Dogecoin Price Prediction: DOGE Drops 6% as Whale Buys $500K of the Cat-Themed Meme Coin Before...
Dogecoin's price has fallen 6% over the past 24 hours, trading at $0.415 at 2 a.m. EST, with trading volume up 1% to $10.31 billion.
The world’s largest meme coin is still up 3% on a weekly chart, but it has seen a sharp price decline since the start of this week. It initially reached a high of $0.4575 on Monday morning, which was followed by a sharp decline to support at $0.40.
After that, the coin recovered a bit and stabilized just below the resistance at $0.43, but now it seems that this resistance is also rejecting it.
Dogecoin Price Prediction
The price of Dogecoin has dropped sharply in the past few hours, and its technical indicators suggest that the price is likely to drop further in the coming hours.
The meme coin's Bollinger Bands, for example, have narrowed over the last 8 hours or so, and while the price has moved from the lower band to the upper band, and then back to the midpoint between the two, the new decline has pushed it back down. At the time of writing, the sharp decline has pushed it beyond the boundaries of the lower band, suggesting that a massive sell-off is taking place.
The currency's Relative Strength Index also shows this, as its value, which previously fluctuated between 40 and 60, is now falling towards the oversold area.
While it is possible that traders will start buying the dip once the RSI hits 30, the new bearish wave appears to be quite strong and could push the RSI deep into the oversold zone before a recovery is needed.
At the moment, most meme coins seem to be quite volatile and unpredictable, so investing in them can be risky. Even so, there are some solid meme coin investments that can serve as good alternatives to Dogecoin.
Promising alternative to Dogecoin
One of the best alternatives to Dogecoin right now is Catslap (SLAP). Not only is it one of the hottest new tokens, but it is also up 75% in the last 24 hours.
Catslap describes itself as the most aggressive feline in crypto and intends to use that aggression to challenge the highest-ranking meme coins and rise to the top of the list.
The company recently introduced a slapping mini-game to its platform, which now comes with a Slap-To-Earn model that allows you to connect your wallet and earn SLAP tokens while slapping.
As for the project’s current price surge, it came after a wallet believed to belong to Jump Trading — a whale investor from a Chicago-based proprietary trading house — purchased around $500,000 worth of SLAP tokens.
The purchase was likely made due to Catslap's upcoming announcement, which the project teased on its website some time ago, even adding a countdown that now shows the announcement will be made in two days.
Even big cryptocurrency experts like YouTuber TodayTrader, who has over 13,000 subscribers, have suggested that Catslap could be the next big thing.
With all the support and encouragement from the community, Catslap has been doing very well lately while its price has skyrocketed to $0.005707 at the time of writing.
As for the project's Slapometer, a counter that measures the number of slaps and therefore signals community engagement levels, it has been adding tens of millions of slaps per day since the Slap-To-Earn feature was implemented, currently at 88.2 million slaps.$DOGE
