The Dogecoin price tumbled over 3% in the last 24 hours to trade at $0.1292 as of 7:35 a.m. EST as some investors dump their holdings in the meme coin.
This recent correction in the DOGE price comes after the owner of Kabosu announced the adoption of a new Shiba Inu dog by the name of Neiro.
Kabosu is the canine who birthed the Dogecoin meme coin that also led to the creation of the meme coin sector. After Kabosu’s passing in May, her owner welcomed a “new family member,” leading to an influx of tokens based on Neiro.
this is insanity lmao pic.twitter.com/BSejJbtVWq
— joji (@metaversejoji) July 28, 2024
Following the announcement, a shill fest kicked off, leading to hundreds of Neiro-themed coins being created on the Solana token generator Pump.fun.
One of the tokens quickly soared to a market cap of tens of millions of dollars. Following this meteoric rise, traders soon discovered that another token was actually launched prior to the popular token, leading to a sell off.
The surge in activity around these Neiro tokens also propelled the Solana network to the top in terms of total blockchain activity yesterday. Solana’s on-chain volumes even managed to surpass those of the usual leader, Ethereum.
Data from DefiLlama shows that Solana recorded $1.8 billion in trading volumes on both Sunday and Monday, while Ethereum did under $1 billion.
The Dogecoin Price Trapped In A Sideways Channel
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price has been in a consolidation phase between $0.1271 and $0.1365 over the past couple of days, and is currently testing the lower boundary of this range. Should the meme coin lose the $0.1271 support, the crypto could fall to the subsequent mark at $0.1177 in the following 24 hours.
However, DOGE maintaining a position above the $0.1271 support for the next 12 hours could invalidate the bearish thesis. In this more bullish scenario, traders might identify the meme coin’s current price as a buy opportunity. This potential buy volume could then lead to the Dogecoin price attempting to flip the $0.1365 resistance level into support.
A 4-hour candle close might give the meme coin the technical foundation needed to continue rising in the following 24 hours. This could subsequently lead to the Dogecoin price rising to as high as $0.1459 in the short term.
Technicals Hint At A Potential Bullish Trend Reversal For The Dogecoin Price
Technical indicators on DOGE’s 4-hour chart suggest the meme coin’s bearish momentum might be cooling off. Both the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) indicators show signs of diminishing sell pressure.
Over the past 12 hours, the slope of the MACD Histogram has started to level off. With the gap between the MACD and MACD Signal lines now narrowing as well, DOGE’s negative trend could soon undergo a bullish reversal. An intersection between the MACD and MACD Signal lines might be the confirmation of this positive shift in momentum.
Meanwhile, the RSI has leveled off in the low 40s throughout the past trading day as well. Although the current reading below 50 signals that sellers still have the upper hand against buyers, the neutral slope of the RSI line might be a precursor to bulls stealing back the advantage from bears soon.
As the Dogecoin price attempts to escape its bearish trend, investors are flocking to Shiba Shootout (SHIBASHOOT), a project that influential YouTuber Austin Hilton told his 271,000 subscribers “might become big.”
Investors Set To Battle It Out In The Wild West Of Crypto
Shiba Shootout (SHIBASHOOT) aims to capitalize on the momentum of the blockchain gaming market by introducing its own play-to-earn game. Investors will be able to take part in an immersive experience and stand the chance to earn tokens through exciting gun battles in the digital wild west.
Listed on Google Play and the Apple App Store, anyone looking to get in on the rewards can already play the game. It’s simple but engaging gameplay and interesting characters have received excellent feedback from players.
Fast-Approaching The $1 Million Milestone
More than $850K has been sent to SHIBASHOOT’s ongoing ICO so far. This bullish presale momentum is likely to continue given the 1,121 APY available to anyone who purchases and locks up Shiba Shootout tokens at this early stage.
There’s still time for investors to buy in at ICO prices. Selling for $0.0197, SHIBASHOOT can be purchased using either ETH, USDT, BNB or bank card. A price hike is coming in less than 4 days so buy before then to lock in the best price.
Purchase and stake SHIBASHOOT here for up to 1,121% in annual rewards.
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