In the past week, Dogecoin (DOGE) has demonstrated a marginal gain of 0.7%. However, within the last 24 hours, the meme coin experienced a slight dip of 0.1%. This trend can be attributed to low trading volumes, which have limited significant price movements. Over the last 24 hours, DOGE's trading volumes decreased by approximately 18%, amounting to $138 million. The decline in trading volumes signifies a prevailing bearish sentiment.
Dogecoin's Price Movements and Support Levels
Dogecoin has consistently rebounded from the $0.0621 support level, often serving as an entry point for buyers. A minor increase to $0.0625 is anticipated if more buyers accumulate at these levels. However, a drop below $0.0616 is likely to exert selling pressure, potentially causing DOGE to plummet to the September 11 level of $0.0597. The low trading volumes indicate hesitancy among buyers and sellers, awaiting critical price levels.
The price trend for Dogecoin has formed a death cross, with the 50-day simple moving average (SMA) crossing below the 100-day SMA. Although this pattern may seem ominous, historically, it's followed by a near-term rebound. The Moving Average Convergence Divergence (MACD) line suggests bearish momentum, yet the green histogram bars hint at a potential upcoming rebound. The Relative Strength Index (RSI) at 39 points to selling activity, with the RSI line showing stagnation, suggesting a cautious approach by market participants.
Community Engagement Impact on Dogecoin's Stagnation
Elon Musk, the self-proclaimed "DOGE father," has notably remained quiet about Dogecoin recently. Traditionally, DOGE experiences rallies following mentions by the Tesla CEO, but the current lack of engagement contributes to DOGE's stagnant state. Furthermore, Dogecoin's creator, Billy Markus, characterized the DOGE community as "dead" in a recent Twitter exchange, emphasizing a lack of active engagement. Meme coins heavily rely on community engagement to drive momentum, and this absence has been apparent for over a year according to Markus.
BitcoinBSC's Remarkable Presale Success
BitcoinBSC is currently capturing significant attention in the crypto space, with its presale raising an impressive $2.5 million in just two weeks since its launch. The presale has a soft cap of $3.96 million, a target anticipated to be achieved rapidly given the enthusiastic response from early investors. Drawing inspiration from Bitcoin, BTCBSC is priced at $0.99, resembling Bitcoin's price in 2011. However, BitcoinBSC stands out by being built on the more sustainable BNB Chain and implementing a stake-to-earn model. The staking platform offers an attractive APY of 260%.
BitcoinBSC's tokenomics mirror those of Bitcoin, featuring a capped supply of 21 million coins. During the presale, 29% of the supply is available, while 69% will be allocated to staking rewards and 2% to exchange liquidity.
