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The Dogecoin price dropped 9% in the last 24 hours to trade at $0.2051 as of 5:05 a.m. EST on trading volume that surged 17% to $2.63 billion.
Dogecoin’s price started dropping earlier this week, but while it initially stabilized after finding a strong support, the drop continued over the last 24 hours. The price decline has been triggered by a new bearish wave led by Bitcoin.
As Bitcoin started to decline, the rest of the crypto market followed, especially in the meme coin market. Dogecoin is down 9%, alongside PEPE, PENGU, BONK, and many others. Some, like SPX6900 and Mog Coin, saw an even sharper drop of 17%, while most others went down by up to 10%.
Dogecoin Price Prediction
Dogecoin’s price reached its weekly peak on July 28, when it soared to $0.25, only to then drop over the next three days to a support level of $0.22. For a time, it appeared that DOGE had found its bottom, and it even managed to recover slightly to $0.23.
However, as the new bearish wave hit, the largest meme coin broke its support and spiraled down to $0.020, where it currently sits. For now, it remains to be seen whether this support will stop the coin’s decline, as it is still too early to tell.
DOGE/USDT chart analysis (Source: TradingView)
The coin’s Bollinger Bands still remain wide, but its Relative Strength Index (RSI) indicates that DOGE might see a price recovery in the hours to come. The RSI dipped from the edge of the overbought zone to the value of 20, deep in the oversold area.
Some traders seized the opportunity to buy the dip, briefly pushing the RSI up to 56, only for it to drop to 25 once again. Since then, DOGE’s RSI has been fluctuating between 50 and 30, indicating that day traders have been using small changes in its value to make small profits. At the time of writing, the RSI is once again climbing toward 50, and from there, it could keep going up, or see another decline if traders start selling again.
Promising Alternative To Dogecoin
With DOGE’s short-term future uncertain, investors are turning to Maxi Doge Token (MAXI) — a brand new DOGE-inspired meme coin that just launched its presale a few days ago, on July 29.
Maxi Doge is a meme-fueled token that personifies ultimate strength and the grind of the bull market. It presents itself as a body-building DOGE, pumping 1,000x leverage trades while promoting a “lifestyle rooted in green candles, gym reps, and relentless hustle.”
It believes that retail traders’ problem is that everyone craves outsized returns but lacks the brute conviction and capital of whales to do what is necessary.
The project leverages King Culture, with MAXI representing 1,000x energy, where holders get to share strategies to amplify returns. The token has set a hard cap of $15.7 million, and its ICO started with a token value of $0.00025. Currently, the price remains unchanged, as the ICO is still in its first phase, but it will increase as the presale progresses.
Experts like Jacob Crypto Bury, a crypto YouTuber with over 57.6k subscribers, have already spotted the token, and are calling it the next 10x crypto.
In 3 days since going live, the MAXI ICO has raised over $179k, meaning that the demand is already growing. Use this opportunity to buy early, especially before the next ICO price hike in less than 4 days.
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