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The Dogecoin price has slumped more than 21% in a month after a slight drop in the past 24 hours to trade at $0.1038 as of 11:40 p.m. EST.
During the past day of trading, the DOGE price fell to an intraday low of $1.1014. It has since recovered to trade at its current level, which is also closer to its 24-hour high of $1.1056 than its low for the same period.
The continued drop in DOGE’s price over the past 24 hours came despite an X post by SpaceX and Tesla founder Elon Musk in response to reports that former President Donald Trump would consider offering him a cabinet post if he is elected in November.
“I am willing to serve,” was the caption for the Aug. 20 post on X, which included a picture of Musk standing behind a podium with the words “Department of Government Efficiency (D.O.G.E).”
In the past, Musk’s DOGE-related posts have boosted the meme coin’s price. However, his influence on DOGE seems to be waning, as the meme coin trades in the red.
The Dogecoin Price Unable To Escape Consolidation
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price was rejected by the resistance level at $0.1074 in the past 24 hours. As a result, the meme coin now remains trapped in a consolidation channel between this point and the immediate support level at $0.0949. DOGE has traded within this range for the last several days.
If sellers decide to sell their holdings in DOGE, the crypto could stand the risk of testing the $0.0949 technical safety net soon. A drop below this mark might then lead to the Dogecoin price falling to as low as $0.0844 in the short term.
On the other hand, the Dogecoin price managing to overcome the $0.1074 barrier within the next 24-48 hours could invalidate the bearish thesis. A 4-hour candle close above $0.1074 might then be seen as a long entry by traders. This potential buy pressure could end up pushing DOGE to the next major resistance level at $0.1210.
The Dogecoin Price Losing Its Technical Strength
Technical indicators on DOGE’s 4-hour chart suggest the meme coin’s price might drop in the next 14 hours. Both the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) show signs of diminishing buyer strength, which could open up an opportunity for sellers to gain control.
Throughout the past trading session, RSI readings have dropped from 62 to 54. Declining RSI readings are generally seen as an indication of bulls applying less pressure on a price. Although the RSI remains above the 50 benchmark to signal that buyers still have the upper hand, it is now much easier for sellers to gain control of DOGE should they choose to do so.
Meanwhile, the MACD line has collapsed in on the MACD Signal line over the past 24 hours to suggest that DOGE’s bullish trend is reaching its end. An intersection between these two lines in the coming couple of days will indicate that the Dogecoin price has entered a new bearish trend.
While DOGE continues to trade in a sideways channel, investors are rushing to buy PlayDoge (PLAY) as the meme coin’s ICO enters its final stage.
90s Gaming Meets Blockchain Technology
PlayDoge (PLAY) aims to establish itself in the crowded meme coin space by reviving the once-popular Tamagotchi game, which was a global hit in the 90s.
With millions of units sold worldwide back in the day, PlayDoge seeks to reignite this popularity by introducing its own version of the game.
Gameplay was fairly limited in the initial version of the game. The digital pets would inevitably die, leaving players with no other choice but to reboot their system and start all over again.
PlayDoge, with its combination of blockchain and crypto technology, will make gameplay far more interesting by rewarding players in crypto for taking care of their virtual companions.
PlayDoge’s version of the game will also come with mobile support, so players can check up on their pets using their smartphones even while on the move.
The project is perfectly positioned to profit from the hype around meme coins and the rapidly-growing blockchain gaming and play-to-earn sector.
This is why PlayDoge has garnered a lot of media attention. An analyst from the well-known crypto education platform 99Bitcoins predicts PlayDoge could print 100X returns for investors after launch.
Investors Rush To Get In On PLAY At Presale Prices
With just 5 days left until PlayDoge’s ICO ends, time is running out for investors to acquire PLAY at presale prices.
More than $6.1 million has been raised so far, signaling strong investor confidence in the meme coin’s future.
6 days until the #presale ends – @ElonMusk backs a new Doge 🏆 pic.twitter.com/NizFaB8ndk
— PlayDoge (@PlayDogeGame) August 20, 2024
This positive momentum is likely to continue, given the 74% annual yield that’s on offer to anyone who buys and stakes PLAY at this early stage.
It’s fairly easy to get in on these lucrative passive rewards. All investors have to do is purchase PLAY using the simple buy widget embedded on the project’s website, and then lock up their tokens through the staking page.
PLAY is currently selling for $0.00531, and can be bought using either ETH, USDT, BNB, or bank card.
Purchase PLAY here before its presale closes.
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