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The Dogecoin price dropped over 3% in the last 24 hours to trade at $0.1455 as of 12:30 a.m. EST as investors dump some of their holdings in the meme coin.
The DOGE price drop comes after a meme coin market surge ignited by the reappearance of Roaring Kitty, a personality at the center of the meme stock craze and GameStop short squeeze back in 2021.
— Roaring Kitty (@TheRoaringKitty) May 13, 2024
After an almost 3-year hiatus, he reappeared online and posted a cryptic tweet yesterday. Many believe the post signaled the analyst’s return and led to speculation of a possible GameStop 2.0.
The Dogecoin Price Loses Key Support
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price lost the key support at $0.1470 over the past 24 hours. As such, bulls are trying their best to push the meme coin’s price back above this key point.
Should DOGE close a 4-hour candle above $0.1470 within the next 8 hours, traders might enter into a long position for the crypto. The crypto could subsequently climb to the major $0.1575 resistance level.
Traders and investors will want to keep an eye on how the Dogecoin price behaves should it reach the $0.1575 barrier. In the last couple of days, the meme coin has been rejected by this technical obstacle twice already, and history could repeat itself.
However, a break above $0.1575 could lead to DOGE climbing in the short term, with bulls potentially looking to capitalize on the break above this threshold.
On the other hand, the Dogecoin price failing to close a 4-hour candle above $0.1470 within the next 8 hours might invalidate the bullish thesis. In this alternative scenario, the altcoin could test the immediate $0.1344 support. It might even drop below this technical crutch to $0.1224 if the sell pressure persists.
Technicals Point To A Continued Drop For The Dogecoin Price
Technical indicators on DOGE’s 4-hour chart warn that the Dogecoin price might enter a negative cycle in the next 24 hours. There is also a major bearish technical flag that is on the verge of being triggered by the Moving Average Convergence Divergence (MACD) indicator.
With the MACD line collapsing towards the MACD Signal line, it seems DOGE’s positive momentum during the past 24 hours has hit a peak. Should the MACD cross below the Signal line, it will most likely indicate that the meme coin’s bullish phase has ended and DOGE has started a new bearish cycle.
In addition to this, the Relative Strength Index (RSI) indicator shows that bulls’ strength against sellers has dropped substantially. In the last 24 hours, the RSI line has fallen from 59 to just above 50. Although this signals that DOGE can still go either way, this coupled with the MACD suggests the Dogecoin price might drop in the next 24 hours.
As DOGE’s momentum seems to be fizzling out, investors are shifting focus to Dogeverse, one of the best performing ICOs this year that’s already raised more than $15 million. Now it’s giving investors one last chance to buy before launch.
Modernizing The Meme Coin Sector
There is a big push in the blockchain space to find a way to make networks seamlessly communicate with each other and share information with other blockchains regardless of their differing protocols.
Dogeverse (DOGEVERSE) is the first meme coin to reside on multiple blockchains. This aligns the crypto perfectly with the broader industry’s aim to increase interoperability within the Web3 sector.
By holding Dogeverse, investors can shift value across the most liquid and active networks with ease, allowing them to participate in high yield generating opportunities as soon as they appear.
What’s more, Dogeverse holders won’t even have to swap out their tokens to start earning passive rewards on-chain, because the project is offering ICO investors a lucrative staking program with a 57% APY.
Given Dogeverse’s unprecedented levels of utility, it’s easy to see why an analyst from the CryptoNews YouTube channel recently said the meme coin has 100X potential on launch.
One small step for man, one giant leap for multi-chain. 🌕#Memecoins #Solana #Altcoins #Ethereum #Crypto #MemeCoinSeason2024 #Web3 pic.twitter.com/bbKMU5qtA4
— DogeVerse (@The_DogeVerse) May 14, 2024
To acquire the token before it’s too late, investors can navigate to the project’s website and make use of the simple buy widget embedded on the page.
Due to its multi-chain nature, investors can purchase DOGEVERSE using either ETH, BNB, MATIC, AVAX, SOL, or BASE. USDT and bank cards can also be used.
But anyone that wants to stake their tokens for the 57% APY will need to use ETH to buy the crypto, since the staking contract is on the Ethereum blockchain.
Purchase and stake DOGEVERSE here for up to 57% in annual staking rewards.
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