Dogecoin Price Prediction: As DOGE approaches XRP’s position in the currency rankings, can DOGE reach $10?
Dogecoin price has dropped 2.5% in the past 24 hours to $0.1579, while the overall crypto market remains stable.
DOGE is now down 3.5% for the week and 2% for the month, but the meme coin is still up 115% over the past year.
This development brings Dogecoin close to Ripple’s XRP in the market capitalization rankings, with the meme coin now just $6 billion away from surpassing XRP, which has stalled this year as Ripple awaits a final settlement with the SEC.
With the overall market becoming more bullish and interest in meme coins growing, Dogecoin price is sure to see new gains in the near future.
DOGE is approaching XRP’s position in the coin rankings – can DOGE reach $10?
Today’s decline in DOGE means the coin has entered more oversold territory, which is an opportunity to buy low before rebounding.
Its Relative Strength Index (purple) dropped from nearly 70 yesterday to 40 today, while it has room to fall further before correcting.
Dogecoin price chart.
Source: TradingView
Looking at DOGE’s 30-day EMA (orange), it appears that the coin has experienced a long enough downturn and should be ready for a surge soon, as the 30-day EMA has been lower for much of the past week. at the 200-day moving average (blue).
Encouragingly, this altcoin’s resistance (red) and support (green) levels are gradually trending closer to each other, approaching a tipping point that often results in large moves.
Combined with the current low trading volume, a massive buy from whales could send the Dogecoin price skyrocketing.
It appears that a significant number of traders still believe that DOGE has strong potential, at least based on previous history and overall market movements.
Yesterday prominent GameStop trader Keith Gill (AKA Roaring Bunny) revealed that he accumulated a position worth $180 million in the retailer's stock.
Not only does this increase bullish sentiment towards GameStop, it may also extend to overall demand for meme coins such as Dogecoin.
Furthermore, the coming months are likely to bring overall positive sentiment, given that inflation appears to be easing in several regions, including the UK and EU.
This is expected to lead to lower interest rates, which in turn will increase investor demand.
As a result, Dogecoin price could benefit and is expected to reach $0.2 by the end of summer and $0.4 by the end of 2024.
Other high potential meme coins
Dogecoin is also waiting for the possibility of introducing DOGE payments on the X platform, although this may still take a long time and may never happen.
Therefore, traders looking for big gains may be more inclined to invest in new meme coins with greater short-term potential, and there are currently several pre-sale coins that look very promising.
For example, PlayDoge (PLAY) is an Ethereum-based cryptocurrency that has raised over $1.5 million in its sale.
This number is very impressive as PlayDoge launched its product only last week, quickly attracting investors due to its token economics and fundamentals.
On the fundamentals side, PlayDoge will launch a dog-themed and Tamagotchi-style earn-as-you-play game that will reward players for breeding, trading, and completing tasks with their own virtual dog.
Given the past success of big games like Tamagotchi and more recently CryptoKitties, PlayDoge has the potential to become very popular.
Also bullish is the fact that PLAY will be a deflationary meme coin with a maximum supply of 9.4 billion.
Given that holders can stake the coin, a tight supply could soon arise, pushing its price higher.
Investors can visit PlayDoge’s official website to participate in its sale, with 1 PLAY token selling for $0.00502.
Since the coin’s pre-sale has been a huge success, we may see its price skyrocket after its launch in the next month or so.
Visit PlayDoge now: https://cn.cryptonews.com/ext/playdoge-cn/
Original text: https://cn.cryptonews.com/news/dogecoin-price-prediction-as-doge-approaches-ripples-xrp-in-coin-rankings-can-doge-reach-10.htm
