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The Dogecoin price dropped over 3% in the last 24 hours to trade at $0.1633 as of 8:00 a.m. EST as investors sell off their holdings in the meme coin.
The slump in the DOGE price follows the news that Kabosu, the Shiba Inu dog featured in the crypto’s logo, passed away peacefully today at the age of about 18. Many in the crypto space have paid tribute to Kabosu for the influential role she played in the formation of the meme coin sector.
Today Kabosu, our community's shared friend and inspiration, peacefully passed in the arms of her person. The impact this one dog has made across the world is immeasurable.
She was a being who knew only happiness and limitless love.
Please keep her spirit and her family in…
— Dogecoin (@dogecoin) May 24, 2024
The Dogecoin Price Enters A Consolidation Phase
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price has dropped into a short-term consolidation channel between $0.1542 and $0.1639. This sideways trading could be an accumulation period before a strong move to the upside. A break above the $0.1639 barrier might be an early indication of this potential surge.
DOGE closing a 4-hour candle higher than $0.1639 within the next 12 hours could give the meme coin the foundation needed to keep rising in the following 24 hours. The Dogecoin price might then attempt to flip the $0.1723 barrier into support before potentially climbing higher.
On the other hand, DOGE dropping below $0.1542 in the next 12 hours could invalidate the bullish thesis. Traders might enter into short positions if the Dogecoin price loses this key support. DOGE could subsequently drop to the next technical safety net at $0.1458 in the short term.
Technicals Suggest That The Dogecoin Price Could Go Either Way
Technical indicators on DOGE’s 4-hour chart show no clear indication of which direction the Dogecoin price will move in the next few hours. However, they are skewed slightly towards bearish, which could indicate the Dogecoin price stands the risk of correcting in the next 24 hours.
The Relative Strength Index (RSI) on DOGE’s 4-hour chart currently stands at 49.77. Traders usually see an RSi value of 50 as a sign that a crypto’s price could go either way. Although the meme coin’s upside and downside potential are almost equal, the RSI value below 50 suggests a slight bearish undertone.
Meanwhile, the Moving Average Convergence Divergence on DOGE’s 4-hour chart shows that the altcoin currently finds itself in a bearish trend. This is evident by the MACD line’s positioning below the MACD Signal line.
Both of these technical indicators suggest that bears have a minor advantage over bulls. This could change, however, if buyers identify DOGE’s current level as a long opportunity.
While the crypto community pays tribute to a meme legend, investors are rushing to buy Dogeverse (DOGVERSE) as the presale meme coin gets ready to launch. Is it reincarnation or just a coincidence?
A Meme Coin With Unmatched Utility
Dogeverse is a meme coin like no other, because it is the first light-hearted crypto to reside on multiple blockchain networks. This gives the dog-themed meme coin a major edge over its competitors, allowing its investors to seamlessly transfer value across blockchains.
In addition to being able to easily move value between numerous networks, Dogeverse investors are also able to participate in high-yield generating DeFi opportunities on highly-liquid and active chains including Avalanche, Polygon, BNB Chain, Ethereum, Solana and even Base.
DOGEVERSE’s powerful cross-chain capabilities have caught the attention of crypto YouTuber Jacob Bury. In a recent video, he told his 39.1K subscribers that the meme coin could be the next 100X opportunity.
Presale Coming To An End Soon
Over $15 million has been sent to Dogeverse’s presale, and now investors have less than nine days left to buy before it closes.
Anyone looking to buy the meme coin at this early stage will have until Jun. 3, 10 a.m. UTC. Claims will then go live two days later. To purchase the altcoin, buyers can make use of the simple widget on the project’s website.
Get ready to blast off with Cosmo! 🚀🌀
⏳ #Presale ends on June 3rd at 10 AM UTC!
🌐 Claim launches on June 5th at 10 AM UTC!
This is your LAST CHANCE to join Cosmo on his #Blockchain adventures before the official launch! 🌌
Don’t miss out! The clock is ticking! 📣… pic.twitter.com/QwpzWcm947
— DogeVerse (@The_DogeVerse) May 23, 2024
Selling for $0.00031, SOL, AVAX, ETH, BNB, MATIC and BASE can be used to acquire the token. Alternatively, investors can buy the meme coin using USDT or a bank card.
Investors might want to use ETH for purchases because this will allow them to stake their newly-bought tokens for the 51% APY staking opportunity available on the Ethereum blockchain.
Purchase and stake DOGEVERSE here for up to 51% in annual rewards.
Related Articles:
- Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!
- Iconic Dogecoin Mascot And Meme Legend Kabosu, A Shiba Inu Dog, Passes Away In Japan
- Ethereum Price Prediction: ETH Slides Almost 2% As SEC Approves Ethereum ETFs And This Learn-To-Earn Crypto Goes Ballistic
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