Dogecoin Price Prediction: As DOGE Plummets 11%, Enter New ICO Dogecoin20 With $250K Raise In A Day

The Dogecoin price plunged over 11% in the last 24 hours to trade at $0.1611 as of 8:25 a.m. EST as investors offload their holdings in the meme coin as the sector plummets.

The Dogecoin Price Falls Below A Positive Trend Line

4-hour chart for DOGE/USDT (Source: TradingView)

The Dogecoin price dropped below a positive trend line that had formed on its 4-hour chart throughout the last couple of weeks. In so doing, it also lost the support of the $0.16750 mark, and continues to trade below this key price point. If the meme coin fails to close a 4-hour candle back above $0.16750 in the coming 8 hours, then it may be at risk of testing the immediate support level at $0.14713 towards the end of today’s trading session. Continued sell pressure at this point may then lead to the leading meme coin’s value falling to as low as $0.12408 in the next 48 hours.

On the other hand, reclaiming a position back above $0.16750 could prove that the latest dip was nothing more than a liquidity building move. As such, the Dogecoin price could attempt a challenge at the next major resistance level at $0.17875, before potentially rising to as high as $0.19586 in the short term if bulls continue to boost DOGE’s price.

Technical indicators on DOGE’s 4-hour chart show that the crypto has entered a short-term negative cycle. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish.

Technical Flags Warn The Dogecoin Price May Keep Dropping

This is after the MACD triggered a significant bearish technical flag by crossing below the MACD Signal line in the last 24 hours. The prior breaking away below the latter also suggests that the bearish trend shows no current signs of slowing down.

Meanwhile, the RSI is trading below its Simple Moving Average (SMA) line. The indicator also shows that DOGE is closer to oversold territory than overbought territory, which is generally seen as a buy signal. It seems traders have already started to identify the meme coin’s current level as a good buy, as the RSI line is sloped positively. However, risk-averse traders may want to wait for the RSI to break above the SMA again on the 4-hour chart before buying into DOGE.

While the Dogecoin price attempts to reclaim key support, Dogecoin20’s presale has raised over $250k in just its first day. 

The Long-Awaited Dogecoin Update

Dogecoin was originally launched in 2013 as a joke by Billy Markus and Jackson Palmer. Since its launch, the crypto has managed to build a large and loyal following, thus leading to it become the biggest meme coin in the market with a capitalization exceeding $23 billion.

Now, Dogecoin20 is looking to continue the legacy of the meme coin market leader and climb up the crypto rankings. 

Dogecoin20 is the first serious upgrade of the Dogecoin brand and offering. One of the major differences is that Dogecoin20 comes with a fixed token supply, as opposed to DOGE’s infinite supply.

This already gives the new meme coin an edge over its predecessor in terms of future worth. Since it was launched on the Ethereum blockchain, Dogecoin20 is also more environmentally-friendly than DOGE, which runs on the computationally expensive Proof of Work consensus mechanism. Considering its numerous upsides, analysts believe Dogecoin20 price will begin to shoot up once it goes live on exchanges.

Investors Are Rushing To Buy Dogecoin20

Dogecoin20’s ICO has hit the ground running, and has already surpassed $312K as it moves into its second day. Investors are scrambling to get a hold of the meme coin before its price increases in less than six days. Another potential reason investors are rushing to buy Dogecoin20 could be the whopping 1,872% annual rewards on offer from staking the token.

https://twitter.com/DOGE_COIN20/status/1768242237266104505

Anyone looking to get in on this huge opportunity early will have to visit Dogecoin20’s official website, connect their wallet, and purchase the native DOGE20 tokens. Once purchased, these tokens can be staked on the website to start accumulating rewards. 

Selling for $0.00014, DOGE20 can be bought using either Ethereum (ETH), Tether (USDT), Binance Coin (BNB) or bank card. 

DOGE20 can be purchased here.

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