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The Dogecoin price jumped over 3% in the last 24 hours to trade at $0.1046 as of 11:45 p.m. EST as investors start to accumulate the largest meme coin by market cap.
Despite this latest gain, the DOGE price remains in the red on both the weekly and monthly timeframes.
The Dogecoin Price Attempting To Exit Consolidation
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price has been in a consolidation channel between $0.0941 and $0.1068 over the past couple of days. Now, the leading meme coin seems to be attempting to overcome the $0.1068 barrier to bring an end to this period of sideways trading.
Should DOGE close a 4-hour candle above $0.1068 within the next 24 hours, the altcoin might have the technical foundation needed to continue climbing in the following 24-48 hours. Traders could see the Dogecoin price exiting the sideways channel as a long entry, which might end up pushing the meme coin’s price to the next major mark at $0.1223.
On the other hand, the Dogecoin price getting rejected by the $0.1068 resistance could invalidate the bullish thesis. In this alternative scenario, DOGE could end up testing the $0.0941 support. If sellers keep exerting pressure on the crypto’s price should it fall to this technical safety net, then the meme coin might be at risk of falling to as low as $0.0842 in the short term.
The Dogecoin Price Showing A Lot Of Technical Strength
Technical indicators on DOGE’s 4-hour chart suggest the Dogecoin price could keep climbing through the course of the next 24 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) show that bulls currently have the upper hand against bears.
In the last couple of hours, the MACD line crossed above the MACD Signal line on the 4-hour chart. Traders generally see this technical event as a sign that a crypto has entered a short-term positive trend.
The gap between the MACD and MACD Signal line is also growing, which might be an indication of DOGE’s bullish momentum growing stronger.
Meanwhile, RSI readings have risen from below the crucial 50 benchmark to 60. This suggests that buyers have taken control of the Dogecoin price away from sellers, and could look to push the meme coin’s price higher in the coming 24 hours.
If these technical signs are validated, the Dogecoin price could end up breaking above the $0.1068 resistance level and create the space needed for it to potentially rise to $0.1223.
As investors move tentatively into DOGE once again, they’re piling into a new Dogecoin derivative called PlayDoge (PLAY), which is offering investors a last chance to buy after raising more than $6.1 million.
Adding Gamification To The Dogecoin Brand
PlayDoge (PLAY) is a new meme coin that places the Dogecoin mascot in a play-to-earn game.
The project aims to establish itself in the burgeoning meme coin space by introducing a modern version of the classic Tamagotchi game.
Back in the 90s, this game was a global hit, with tens of millions of people interacting with the virtual Tamagotchi pets.
In PlayDoge’s version of the game, players stand to earn crypto rewards paid out in PLAY for simply taking care of their digital companions.
By ensuring their pets get enough love, food, and sleep, players can earn more rewards. What’s more, PlayDoge’s version of the game will also include much more advanced gameplay, which the original Tamagotchi units did not offer.
Players will be able to check in on their virtual pets using their smartphones as well, given PlayDoge’s choice to include support for mobile technology.
All of this has excited analysts and experts, including popular crypto YouTuber ClayBro. In a recent video, he predicted that PLAY has the potential to generate 10X returns for investors.
One Last Chance For Investors To Buy PLAY At ICO Prices
The project’s team recently announced that the ICO has entered its final stage. With just 6 days left, time is running out for investors to purchase PLAY at presale prices.
Investors might also miss out on the 75% APY being offered to anyone who buys and stakes the meme coin at this early stage.
🚨 Important Announcement 🚨
PlayDoge’s highly anticipated #Presale ends on Monday, August 26th at 10am UTC! ⏳
Buy $PLAY in final stages now! 💰
👉 https://t.co/JT0VEofqf2 pic.twitter.com/aWQCHxox0H— PlayDoge (@PlayDogeGame) August 16, 2024
Potential buyers can acquire the token via the easy-to-use widget embedded on the project’s website. Selling for $0.00531, PLAY can be bought using either ETH, USDT, BNB, or a bank card.
Once purchased, the tokens can be locked up through the staking page on the website to gain access to the high staking rewards.
Purchase and stake PLAY for the 75% APY here before its presale ends.
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