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Dogecoin (DOGE) price has investors at the edge of their seats after retracing from its impressive rally beginning July 23.
On that day, the largest meme coin by market capitalization broke out and spent the next three days extrapolating gains.
The total gains between July 23 and July 25 were 20%.
This was a remarkable surge considering how sluggish DOGE has been since Shiba Inu (SHIB) entered the meme scene.
Nevertheless, the Dogecoin price has been on a load-shedding exercise for the past three days to the current market value of $0.076.
This constitutes a 10% drop from the intra-day high of $0.083 on July 25.
The unexpected plunge has burst the bubble for optimistic investors looking to capitalize on the Elon Musk-inspired rally.
Drivers for Recent Dogecoin Price Rally
Elon Musk, Twitter and Space X CEO, ranks as the primary driving force for the recent surge in Dogecoin price.
After the tech billionaire rebranded his giant social media platform from Twitter to X, speculation of a DOGE integration fueled 10% gains.
Big news!
Elon Musk has put the $DOGE logo on his X profile location.#X is a payment system, and Ð stands for #DogecoinWhen #Bitcoin ( $BTC ) was dropping in value, Dogecoin experienced a sudden increase of 10% in its price.#Crypto #TwitterX #Altcoins #BTCUSDT #RIPTwitter… pic.twitter.com/hW0YCghORz
— Crypto Patel (@CryptoPatel) July 24, 2023
The gains happened within 24 hours and were hugely attributed to UpBit, a South Korean exchange.
Why? Because this platform is famous for attracting speculative trades, with users betting against the Korean won trading pair.
According to analysts, the rebranding of Twitter to everything app X could precede DOGE integration.
https://twitter.com/tyson37820618/status/1683708238347530240
Citing Kryptomon Chief Marketing Officer Tomer Nuni in a Telegram message to CoinDesk:
We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.
Besides Musk, whales also take credit for the recent gains after their activity spiked over the same timeframe.
Data from IntoTheBlock proves this. On the same day, whales whose addresses hold more than 0.1% of the entire DOGE circulating supply recorded net flows of 1.02 billion DOGE tokens.
Based on current rates, this is worth approximately $83 million.
Why Dogecoin Price Is Plunging
The recent slump in Dogecoin price can be attributed to dissipating hype around Elon Musk’s X rebranding.
Normally, the crypto market tends to react in the heat of the moment, recording a buying frenzy.
The ensuing buying pressure entices retail traders to look for exit points to book profits.
Similarly, traders have short positions when every rally begins, which acts as a sell wall where they cash in.
It is also worth noting that DOGE price surges have been hype-based, mostly driven by Elon Musk. It has hardly ever been fundamental-based.
🌟 Celebrity Endorsements: Explore how famous figures and influencers have joined the Dogecoin hype, bringing the meme to new heights
#DogecoinCelebs #CryptoInfluence— RudolphDad45515 (@RudolphDad45515) July 28, 2023
As is expected for anything hype-related, it tends to wear out.
Traders see this coming from the beginning, knowing that any breakout could be unsustainable.
Therefore, they are quick to book early profits. This explains why the Dogecoin price has always struggled to sustain a rally.
Dogecoin Price Analysis As DOGE Looks For Support
At the time of writing, Dogecoin price is $0.077, a daily drop of 3.14% with indications of a continued slump.
This is unless DOGE finds support. It is worth mentioning that despite the sudden slump, the giant meme coin remains bullish for as long as it treads above the ascending trendline.
The confluence support between the 200-day Exponential Moving Average (EMA) and the horizontal line at $0.075 is underway. If bulls leverage this entry point, they could break the Dogecoin price’s fall.
The ensuing buying pressure could sustain DOGE above the uptrend line, ultimately leading it to conquer the immediate hurdle at $0.084.
In a highly bullish case, the Dogecoin price could flip this supplier congestion zone into support and use it to target the $0.096 resistance level. Such a move would constitute a 22% climb above the current level.
The Relative Strength Index (RSI) is showing effort by the bulls, as the momentum indicator is changing direction to repel the downturn.
Similarly, the Awesome Oscillator’s (AO) histogram flash green with huge volumes in the positive territory. This shows that bulls are in control.
Additionally, the position of the 50-, 100-, and 200-day EMA below the Dogecoin price shows that the path with the least resistance was up. With such robust support, the Dogecoin price could extend north.
A decisive break below the support offered by the confluence between the 50-day EMA and the uptrend line at $0.070 would invalidate the bullish outlook.
While Dogecoin price instability continues, consider CHMPZ, a more promising alternative. This visionary project has executed Part 1 of its burn plan, successfully eliminating 50 billion tokens.
DOGE Alternative
CHMPZ is the ticker for the Chimpzee ecosystem. It is an exceptional platform empowering users to earn income while actively contributing to environmental preservation and animal welfare.
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— Official Chimpzee Project (@RealChimpzee) July 27, 2023
Chimpzee stands out by offering three distinct methods to earn rewards. Even before its official launch, the project has already made a tangible impact by planting 20,000 trees, helping to restore a rainforest.
The Chimpzee NFT passports hold the key to enhanced earnings, substantial rewards, and exclusive benefits within the Chimpzee Ecosystem. Available in four tiers – Diamond, Gold, Silver, and Bronze – these passports ensure users maximize their potential impact.
Tokenomics are well thought out, with charitable, community rewards, and development allocations. Additionally, Chimpzee enforces a no-selling tax, no-buying tax, and no fees policy, creating a user-friendly environment.
🌍Join #Chimpzee to protect wildlife and forests in our Zero Tolerance #P2E game!🎮
👥Utilise your #Chimpzee Avatar or #NFT passport for exclusive rewards!🎁
Seize the chance for an incredible 125% bonus and join the #Presale now!🎉https://t.co/Geog3EVuMC#EcoCrypto pic.twitter.com/VtqSKfOnbt
— Official Chimpzee Project (@RealChimpzee) July 28, 2023
The project has raised $1,008,098 in its Stage 8 presale. This Chimpzee Gold Presale Stage of 7 to 9 offers compelling value, with 1 USDT equating to 1290 CHMPZ at $0.000775 for 1 CHMPZ. Holders of the Gold NFT can access 750,000 CHMPZ and enjoy a generous NFT staking APY of 18%.
🚀 BIG NEWS!!! 🎉
🙌We did it, we have reached our 1 Million goal raise!🌳
🎊A Massive thank you to the phenomenal #ChimpzeeArmy!💪
🌿Goal to burn 50 billion $CHMPZ tokens has been achieved!🔥
💰Earn Income, Save Forests & Animals with #Chimpzee starting today!💚
Don't wait,… pic.twitter.com/BjJ9CWAfPh
— Official Chimpzee Project (@RealChimpzee) July 28, 2023
Chimpzee’s innovation and commitment to positive change make it a powerful platform where users can earn, support the environment, and save animals, all in one revolutionary endeavor.
Also Read:
- Dogecoin Price Prediction as DOGE Investor Volume Halves. Does Presale Token Launchpad Offer Greater Returns?
- Binance and Changpeng Zhao Want CFTC Lawsuit Dismissed
- Chimpzee’s GreenCharity-Focused Web3 Project Presale Nears $1 Million with 125% Token Bonus Tempting Investors.
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