Dogecoin price has fallen by 2% in the past 24 hours, and the meme coin’s drop to $0.1416 also marks a significant 10% drop in a week.
Dogecoin’s slide today comes amid a 2.5% decline across the cryptocurrency market, after Bitcoin fell to just over $67,000 overnight.
Although Dogecoin has also fallen by 14% in the past two weeks, the coin has maintained a healthy rise over the past year, rising by 125%.
This long-term momentum should help it recover soon, and its discounted price will likely attract new buyers soon.
Dogecoin drops 10% – a buying opportunity?
Dogecoin’s chart is looking pretty bad right now, but the implication of its current state is that the meme coin’s price should rebound strongly soon.
This is exemplified by its Relative Strength Index (purple), which fell below 30 just a few hours ago and looks like it may just be starting to recover.
Additionally, Dogecoin’s 30-day moving average (orange) is also at a bottom, having fallen sharply over the past few days and is well below the 200-day moving average (blue).
Typically, the 30-day EMA does not fall lower than the 200-day EMA without a rebound happening soon, so Dogecoin is likely to rebound soon.
Indeed, recent transfer data shows that some large whales have begun to step in to purchase Dogecoin, building on its lower price.
This suggests that whales expect Dogecoin to rebound strongly sooner or later, likely in line with broader market trends.
As for when the market will see a sustained recovery, it may be when the Federal Reserve starts to cut interest rates.
We recently saw the European Central Bank cut interest rates by 0.25%, and the Bank of England may soon follow, so it may only be a few months after the Fed starts implementing rate cuts.
Cryptocurrency prices are likely to rise soon after the rate cut, and Dogecoin prices will follow suit.
It could reach $0.18 by the end of the summer, and any major developments in Company X's plans to introduce digital payments could see it rise even more.
Emerging Meme coins bring greater benefits
The problem with DOGE is that, as an already very mature meme coin, it may not experience the huge gains it did in its early days (unless we can actually use DOGE for payments on the X platform).
Therefore, traders looking to outperform the market may want to focus on some of the more promising new meme coins currently available.
One of the best is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised over $3.7 million in a recently launched presale.
PlayDoge, which attracted investors on the back of its strong fundamentals, launched a "play and earn" game in which users can breed, trade and complete tasks for virtual pet dogs.
The game draws on the popular Tamagotchi series of electronic pets from the late nineties, so it has nostalgic 8-bit graphics and a charming retro style.
This has clearly been effective in attracting investors and supporters, as despite being online for only a month, the token’s official X account already has more than 3,500 followers.
It is worth noting that PLAY’s token economics are very bright. The total supply of the token is 9.4 billion, which has the potential to become a deflationary currency over time.
Users can also stake the token, which could cause a large amount (or even a majority) of its supply to be taken out of circulation.
In other words, the price of PLAY is likely to increase significantly over time, and investors can participate in its sales by visiting the official PlayDoge website.
1 PLAY is currently selling for $0.00506 and the price will increase by $0.00001 every few days until the sale ends.
Once the sale ends, it will be listed on an exchange in what could be one of the biggest listings of the year.
Visit PlayDoge now: https://cn.cryptonews.com/ext/playdoge-cn/
Original article: https://cn.cryptonews.com/news/dogecoin-price-prediction-11-june-doge-falls-10-dip-buying-opportunity.htm
