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The Dogecoin price slipped over 2% in the past 24 hours but is still up more than 15% on the weekly timeframe to trade at $0.1566 as of 8:30 a.m. EST as some investors realize their profits.
DOGE whales have also been very active over the past 24 hours, with Whale Alert revealing that 400 million DOGE tokens worth almost $63 million were transferred from an unknown wallet to Robinhood.
That came as the Robinhood exchange revealed that it received a Wells Notice from the Securities and Exchange Commission (SEC).
🚨 🚨 🚨 400,000,000 #DOGE (62,825,933 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/Ghy0dGLZky
— Whale Alert (@whale_alert) May 7, 2024
The Dogecoin Price Gets Rejected By Resistance
4-hour chart for DOGE/USDT (Source: TradingView)
The Dogecoin price managed to briefly break above the $0.16394 resistance level in the last 24 hours, but sellers prevented a 4-hour candle close above this mark. As a result, the meme coin corrected slightly.
Bulls recently re-entered Dogecoin’s charts, which could lead to DOGE attempting another challenge at the $0.16394 obstacle. Should the crypto close a 4-hour candle above this price point within the next 12 hours, the Dogecoin price could have a good foundation to rise from.
Traders might then identify the potential break above this technical barrier as a long entry. With this possible influx of buy pressure, DOGE could climb to as high as $0.17440 before flipping this resistance into support if the bullish pressure persists.
On the other hand, the Dogecoin price falling below $0.15150 in the next 24 hours might invalidate the bullish thesis. In this alternative scenario, the altcoin could be at risk of dropping further in the short term.
Bears could then force DOGE to the subsequent safety net at $0.14463. If sellers keep exerting pressure on the Dogecoin price, it might even fall to as low as $0.13512.
The Dogecoin Price Is Attempting To Exit Its Short-Term Bearish Trend
Technical indicators on DOGE’s 4-hour chart show that Dogecoin is in a bearish trend, which seems to be approaching its end. The Moving Average Convergence Divergence (MACD) indicates that the meme coin is currently in a negative phase, with the MACD positioned below the MACD Signal line.
However, the gap between the MACD and MACD Signal line is narrowing. This could be an early sign of the bearish trend coming to an end.
Meanwhile, the Relative Strength Index (RSI) on the 4-hour chart suggests buyers are slowly starting to reclaim their strength against dominant sellers. Although the RSI is positioned under the Simple Moving Average (SMA) to signal that bears are stronger than bulls, the RSI is closing in on the SMA.
Traders could look to enter a long position for Dogecoin if the RSI crosses above the SMA line. This technical occurrence might take place after DOGE breaks above the $0.16394 resistance level.
With DOGE showing early signs of a possible uptrend, Dogecoin derivative ICO Dogeverse stands to benefit.
Unprecedented Levels Of Utility Across Multiple Chains
Dogeverse (DOGEVERSE) is the first meme coin that resides on more than one blockchain network. With its multi-chain presence, the token introduces an unprecedented level of utility into the meme coin market.
Beyond being able to seamlessly transfer value across several networks, DOGEVERSE investors can also participate in a variety of DeFi protocols on some of the most liquid and active blockchain networks.
Why limit to one when you can have it all? $DOGEVERSE begins on the secure #Ethereum network, ensuring robust security and reliability. 🛡️💻
🔥 Bridging gaps between #Cryptocurrency ecosystems, we enhance liquidity, utility, and fun across the entire #Cryptoverse! 🎉#AltSeason pic.twitter.com/zOg8albhry
— DogeVerse (@The_DogeVerse) May 3, 2024
This means that they can gain easy access to passive rewards and yield opportunities offered by decentralized applications hosted on Avalanche, Solana, Ethereum, BNB Chain, Base and Polygon.
What’s more, the project is also giving investors an attractive staking opportunity. This means they won’t even have to leave the DOGEVERSE ecosystem to start earning rewards. It will also be difficult to find a more lucrative opportunity, with up to 73% in annual rewards being offered to investors at this early stage.
One Last Chance To Buy Before DEX Listing
Dogeverse is offering investors one last chance to buy the meme coin before its official launch and its subsequent DEX listing. The crypto community has flocked to DOGEVERSE’s presale, with over $13 million raised so far and the developer now offering one last chance to buy.
This strong momentum is likely to continue as investors keep rushing to buy the meme coin during this early stage. Even influencers and analysts have turned their attention to DOGEVERSE, with an analyst from the 99Bitcoins YouTube channel naming the crypto as one of the top 5 meme coins to buy in May.
Anyone looking to acquire the token can do so on the project’s official website through the easy-to-use buy widget embedded on the site. Investors simply need to connect their wallet to the platform, specify how many tokens they would like to buy, and then complete the purchase.
Given DOGEVERSE’s multi-chain presence, the meme coin can be bought using SOL, AVAX, BASE, BNB, ETH and MATIC. USDT and bank cards can also be used.
Purchase DOGEVERSE before its launch here.
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