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Dogecoin is bearish today as the meme coin shows signs of cooling off after a major rally last week. In the last 24 hours, DOGE has dropped by around 6%, trading at $0.11 at the time of writing.
Dogecoin plunges to $0.11
Dogecoin’s bull run is weakening today as the broader cryptocurrency market retraces. Over the past day, the broader crypto market cap has dropped by around 2%, but it is still above $1 trillion.
In the last 24 hours, DOGE has traded between $0.11 and $0.12, indicating low volatility. The outlook differs from last week, where volatile price swings led to DOGE rallying to $0.15 before retracing.
The broader market is bearish today, which dampens the likelihood of DOGE rallying in the short term. However, last week, DOGE decoupled from the broader market, and this could happen again if Elon Musk reaffirms his support for the meme coin as one of the supported currencies by Twitter.
If DOGE resumes the rally, $0.15 will be the immediate target. On the other hand, the market uncertainty could persist, and DOGE will risk losing the recently made gains and possibly dropping below $0.10.
The Moving Average Convergence Divergence (MACD) line is below the signal line indicating that DOGE’s trend is bearish. However, the bearish sentiment is not strong, which increases Dogecoin’s chances of a reversal.
DOGE made a major rally last week amid expectations that Elon Musk will roll out DOGE payments for payments on Twitter. Musk has already introduced several changes to the social media platform, but it is yet to announce whether Dogecoin will be accepted as a payment option.
3 altcoin alternatives to buy today
The bullish rally made by meme coins over the past week has faded, and these tokens are now mirroring the bearish sentiment across the broader market. Therefore, traders might diversify their portfolio by investing in some of the best presales of 2022.
One of the presales to consider investing in is for Dash 2 Trade. D2T could be the next token to explode because of the utility offered by the Dash 2 Trade platform. Once this platform launches, novice and experienced traders can make profitable trades through trading signals and social trading tools. The D2T presale has raised more than $5.48 million.
The other presale token to consider buying today is IMPT. IMPT is the native token for IMPT.io. IMPT.io is a platform that brings together individuals and companies who want to reduce their carbon footprint. The platform allows users to buy, sell and retire carbon credits. The IMPT presale has raised over $12.42 million.
The third presale to consider investing in is for Calvaria. Calvaria is a play-to-earn battle card game. The game could be the next big thing in blockchain gaming, as it targets both blockchain and traditional gamers. The RIA presale has raised over $1.5 million.
Related
- How to Buy Dogecoin in 2022
- How to Buy Dogecoin UK – Beginner’s Guide
- A complete analysis of the Dogecoin price. How high can it go?
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