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The Dogecoin price plunged 14% in the last 24 hours to trade at $0.3141 as of 01:55 a.m. EST on trading volume that climbed 50% to $10 billion.
Dogecoin Price On A Bearish Trend
The DOGE price initially surged strongly in early November, with consistently higher highs and higher lows supported by both the 50-day and 200-day Simple Moving Averages (SMAs).
Following the rally, the price of Dogecoin entered a prolonged consolidation phase, bounded between $0.39 and $0.45 (highlighted in the purple box), according to data from GeckoTerminal. This period suggested indecision among market participants as bullish momentum waned.
However, a clear breakdown below the consolidation zone occurred recently, with the Dogecoin price falling to $0.3141. This drop marks a bearish reversal, with the price now trading below both the 50-day and 200-day SMA, signaling further weakness in the near term.
The Relative Strength Index (RSI) currently sits at an extremely low value of 22.53, indicating oversold conditions. Such a low RSI level suggests that the selling pressure may be overextended, and a potential short-term rebound or consolidation could occur.
The Dogecoin price is in a bearish trend after breaking down from its consolidation zone. The immediate support is near $0.30, a psychological level that could offer temporary relief. A breach of $0.30 could see DOGE price test lower levels around $0.25, corresponding to pre-rally price points.
On the upside, $0.39 (50-day SMA) and $0.40 (200-day SMA) will act as critical resistance levels. Reclaiming these levels would indicate a potential recovery and neutralize the bearish bias.
Meanwhile, both traders and degens are rushing to buy into the Crypto All-Stars ($STARS) presale as it enters its final 6 hours before launch.
Cryptonews, a popular crypto channel with over 14K subscribers, believes $STARS could be the next meme coin with 25X potential.
Crypto All-Stars Presale Ends In Less Than 6 Hours – Last Chance To Buy
With less than 6 hours remaining, the Crypto All-Stars ($STARS) presale has raised an impressive $25 million. In the last 48 hours alone, it has raised more than $2 million, driven by a frenzy of degens scrambling to grab their stake in what could be the next big thing in crypto.
At the center of this excitement is its innovative MemeVault, a new staking platform designed specifically for meme coin enthusiasts. It brings together 11 popular tokens, including Dogecoin ($DOGE), Shiba Inu ($SHIB), Pepe Coin ($PEPE), and Floki Inu ($FLOKI), allowing holders to stake their tokens in one place while earning passive income in STARS.
A brand-new player in the meme coin space, Crypto All-Stars just launched within the past 24 hours, and it’s already making waves! 🌊
Here’s why you should pay attention. 🧵👇
— web3telepath (@web3telepath) August 15, 2024
The team also plans to to expand the list of meme coins available for staking in the future.
Meanwhile, traders can stake $STARS tokens and enjoy a huge annual percentage yield (APY) of 156%.
With expectations of tier-1 exchange listings, investors are rushing to secure their stake before the presale ends. STARS is expected to list early next week.
Buy STARS from its official website here using BNB, USDT, or a bank card.
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