The Dogecoin price dropped 2% in the last 24 hours to trade at $0.1238 as of 00:58 a.m. EST on trading volume that also slid 2% to $416 million.
This comes as the token dropped 22% in the last month, a plunge that coincided with Bitcoin’s 7% fall over the same period.
Dogecoin Price Set to Breakout Above The $0.13 Range
DOGEUSD Chart Analysis Source: GeckoTerminal.com
The Dogecoin price has been on a downtrend since the beginning of June, falling within a falling channel from the $0.17 resistance zone, according to data from GeckoTerminal.
After reaching the $0.1185 level, Dogecoin entered a consolidation phase, with bullish momentum breaking above the upper boundary of the channel at $0.1251.
This surge from the lower boundary pushed DOGE above the 50-day Simple Moving Average (SMA), reinforcing bullish market sentiment. If this momentum holds, there’s potential for Dogecoin’s price to surpass the 200-SMA at $0.1403.
Moreover, the Relative Strength Index (RSI) trades within the 50-midline level, currently at 48, showing that Dogecoin is currently in equilibrium, as the bulls aim for a breakout from the consolidation phase.
Dogecoin Price Prediction
The Dogecoin price analysis on the 4-hour chart indicates that the bulls are gearing up towards a bullish trend reversal. The DOGE price breached the upper boundary of the falling channel pattern and is currently in equilibrium.
If the bulls capitalize on the channel to push the token up, the price of Dogecoin could soar back to the $0.17 resistance zone.
However, if the bears take control of the price, DOGE could breach the $0.12 support zone, which could push the token further to the $0.15 support zone.
As the Dogecoin price bulls prepare for a bullish trend reversal, many DOGE meme enthusiasts are also buying the DOGE derivative ICO PlayDoge (PLAY) as it strives to replicate DOGE’s success. The token has already amassed $5.3 million in funding.
According to Jacob Bury, a prominent crypto analyst on YouTube, PLAY has the potential to soar 10X after its launch.
PlayDoge Meme Coin Raises Over $5.3 Million In ICO Explosion – Best Alternative To Dogecoin?
PlayDoge is a mobile-based play-to-earn (P2E) game that is set to transform the DOGE meme into a Tamagotchi-style virtual pet that will allow users to seamlessly earn $PLAY tokens.
The project is based on the PlayDoge mascot, a virtual dog acting as a P2E companion where players timely feed, train, and play with their 2D Doge, earning $PLAY tokens in the process.
Don’t ghost your #Doge or it’ll die 👻
Feed your Doge, earn rewards, and level up. No mazes, just fun!#Presale has launched! 🙌#PlayDoge #P2E #Memecoin pic.twitter.com/Fp2sFwycpj
— PlayDoge (@PlayDogeGame) May 31, 2024
Token holders can also earn passively by staking $PLAY for an annual percentage yield (APY) of 113%.
$PLAY runs on the BNB Smart Chain, which means that the token is on the radar of the Binance listing team. With Binance being the largest centralized exchange in crypto, a listing there would be a massive boost to PLAY’s prospects and increase its accessibility and liquidity.
You can buy $PLAY tokens for $0.00514 each. With a price hike coming in about 4 hours, buy soon to lock in the best deal.
To join the presale, buy $PLAY from the official website here using BNB, USDT, or a bank card.
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