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Dogecoin (DOGE) is up more than 5% in the past week, boosted by the rebranding of Twitter to X and the possibility it may have a payments role on the social media platform in future.
Is now the right time to invest or are there better alternatives?
CoinMarketcap shows that DOGE is currently priced at $0.07957 with a 24-hour trading volume of $392 million. The price of DOGE surged above the $0.0820 resistance level on July 26, outperforming major cryptocurrencies like Bitcoin and Ethereum. It even tested the $0.0840 zone, reaching a high of approximately $0.0837 before experiencing a slight downside correction.
During this correction, the price temporarily dipped below the $0.080 level but remained above the 100 simple moving average (4 hours). At the time of writing, however, the token is down 0.69% over the last 24 hours.
Dogecoin Technical Analysis and Price Prediction
Sentiment, a crypto analytics firm, notes that Dogecoin rose some 25% over a recent two-week period while Bitcoin (BTC) has traded in a range of $28,000 to $32,000 for months.
🐕 #Dogecoin's price has now climbed +25% in the past 2 weeks, and the #memecoin has been increasingly grabbing the attention of traders. A big milestone has also taken place on this run, with the average $DOGE trader active in the past year now up money. https://t.co/HhziNUjjSN pic.twitter.com/gRdhp80R1y
— Santiment (@santimentfeed) July 25, 2023
This prolonged period of limited price action for Bitcoin may push some traders to explore more volatile altcoins, including Dogecoin.
Upon examining the technical indicators, we found that Dogecoin is currently displaying a slightly bullish bias. However, it has encountered resistance at the $0.0822 level, forming a double-top pattern. There is a possibility of a minor bullish correction, with a support level potentially forming around $0.0783.
Should the price break below this level, the next support levels are projected at approximately $0.0760. A further decline may lead to additional support levels around $0.0740 or $0.0700.
The 50-day Exponential Moving Average (EMA) on the four-hour timeframe is acting as resistance around $0.0800, and a close below this EMA could indicate further dominance from bearish traders.
The Dogecoin (DOGE) community is hopeful for a big development. The popular meme-inspired cryptocurrency might reach $0.1 based on an “In/Out of the Money” (IOM) indicator to track DOGE’s price.
While investors mull Dogecoin’s future performance, there are other crypto projects that hold the potential to offer even better returns, like Chimpzee.
Chimpzee – An Alternative to Dogecoin?
Chimpzee is a crypto project that seeks to make a positive impact on the environment and protect endangered species while offering opportunities for passive income.
The project consists of several components that support the protection of endangered species and combat deforestation. One of these components is the Chimpzee Shop, where users can earn $CHMPZ tokens by selling merchandise, with a portion of the profits donated to relevant organizations.
The NFT marketplace, known as Trade-2-Earn, shares trading fee profits with all participants, providing a way for users to earn passive income. Additionally, the interactive game called Zero Tolerance rewards players with $CHMPZ tokens when they achieve specific milestones.
The Chimpzee NFT Passport and Custom Chimpzee AI Avatar Generator enhance the user experience. Passport holders gain access to passive income, while the avatar generator enables personalized chimpanzee avatars linked to their Chimpzee NFT Passports.
The native token of the Chimpzee project is $CHMPZ, which is currently available for purchase during the presale. Interested users have the chance to acquire $CHMPZ tokens at a set price before the next round of the presale.
Investors have the opportunity to purchase $CHMPZ tokens at a price of $0.000775 before the next round of the presale, where the price will increase to $0.00085 in less than four days. Once the presale has been concluded, $CHMPZ tokens will list on exchanges for $0.00185.
Investors interested in exploring early access opportunities while supporting environmental conservation can participate in the Chimpzee presale.
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