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According to data from TradingView, Dogecoin demonstrated unhealthy market movements with a three-day consecutive bearish trend from August 15 to August 17, 2023.
It witnessed a more significant price loss on August 17, up to 9% within 24 hours, as traders reacted to reports that Space X is selling off its BTC portfolio. However, the market situation is a buying opportunity for some investors. The coin witnessed increased buying activity, with 84% trading volume in the last 24 hours.
Notably, DOGE is not alone in the downward trend. Top crypto assets, including BTC and ETH, have shown noticeable price losses in the past 24 hours. Many investors now wonder if a trend reversal to the upside is possible or if this is an opportunity to diversify.
Dogecoin Price Action
Today the DOGE price is $0.0624 at 06:04 EST, reflecting a 7% price loss in the past day and a price decline of 17% over the last seven days.
Considering the downward movements, traders are now worried since the asset has shown a 16% price loss in the past two weeks dipping toward its lowest price of $0.0538 recorded on June 10.
Will Dogecoin Downward Trajectory Continue, or Is There a Trend Reversal on the Horizon?
Based on the daily chart, the DOGEUSD market has been on a bearish market, evident in the four-red candles. However, the technical indicators show massive potential for a positive trend reversal.
DOGE is trading below the Bollinger indicator, indicating an oversold level. The position below the Bollinger Bands Indicator suggests that the coin is bearish but could likely witness a shift in the market sentiment.
The Moving Average Convergence Divergence (MACD) is below the signal line with a red histogram bar, showing that the bear’s momentum is relatively higher than the bull’s. This setup aligns and supports the analysis from the Bollinger Bands Indicator.
Meanwhile, the Relative Strength Index (RSI) is sitting at 30, indicating that the asset is oversold and could face a trend reversal within a short moment.
Note, as the coin’s current price is below the $0.0628 support, if the bears maintain the selling pressure, Dogecoin could further drop to the $0.0524 price level.
But, if the bulls take control of the market today, the asset may rally and hit the $0.0734 price level in the next few weeks.
A Factor That Influenced Dogecoin Market
Multiple factors affect the crypto market, including crypto regulations, market sentiment, SEC lawsuits, the latest updates within a crypto ecosystem, the Bitcoin market trend, and many more,
Reports reveal that an American-based aerospace company founded by Elon Musk, Space X, is selling its Bitcoin portfolio. This unfavorable news spread yesterday, August 17, and affected the market value of BTC and the entire crypto market.
Verifiably, TradingView shows that Bitcoin’s value witnessed a sharp drop yesterday, with an approximate 8% price loss within 24 hours. Dogecoin’s market price followed suit, dropping from $0.0669 to $0.0613 yesterday.
But while the top coins tank in value, investors should consider tokens in their presale stages to buy in early and reposition for potential profits.
Pikamoon ($PIKA) Displays Potential for a Price Explosion
Pikamoon ($PIKA) is a crypto project designed as a game hub for entertaining enthusiasts as they maximize profit from the industry. The project presale has attracted investors, mostly game lovers owing to its unique features that aim to innovate the GameFi (game finance) niche in the crypto industry.
It is built on two reputable blockchains, Ethereum and MultiversX. This makes Pikamoon a particular play-to-earn crypto project. Pikamoon’s multi-blockchain structure offers robust security protocol, undisturbed streaming in its metaverse, and lightning-fast payment processing speed.
The project’s founders demonstrated transparency and trust by allowing every team member to be verified by CoinSniper to ensure security and credibility.
Moreover, the project is audited by Consult, one of the leading blockchain audit platforms, to ensure the safety of investors’ funds and the reliability of crypto projects.
The team at Pikamoon has shown commitment to increasing the visibility of the token. According to information on its Twitter X handle, the group organized a $50 giveaway to attract investors.
Pikamoon has received support from influencers on YouTube, the known video-sharing platform. This will also boost the adoption of the token as public awareness increases.
The project’s presale has hit milestones owing to increased adoption and support from investors. The last milestone it attained was raising $3 million in its presale.
The creators of Pikamoon made 30% of the total token supply available for the public to purchase. Investors who buy the token will be eligible to buy rare NFTs and benefit from fantastic game platform events.
The presale started in March 2023 and has three presale rounds to complete before being listed on decentralized and centralized crypto exchanges. The online investment community is excited as the presale has reached its last game, and today, it has raised over $3.8 million at the selling price of $0.0006.
Based on the promised listing price of $0.0007, analysts said it could yield 16.6% to 250% returns on investment.
It is also a deflationary project that reduces the quantity of the token to increase its market value with time as demand increases. Investors willing to secure a profit position can join through the presale website, connect a crypto wallet and use ETH to acquire $PIKA.
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