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The Dogecoin price dropped by 5% from yesterday’s high at $0.07071, trading at $0.066 as of 7 a.m. ET as analysts warn of a pending pullback.
The leading meme coin struggled to breach a critical resistance level, and its inability to do so raised concerns about its short-term performance.
The coin reached its monthly and weekly peak on October 26, climbing to $0.07485. DOGE then dropped to a support at $0.070, only to bounce back to $0.072.
The resistance rejected it, sending it to a support at $0.068. The coin then spent the next several days, from October 28 until October 31, fluctuating between this support and a resistance at $0.070.
Dogecoin seemingly managed to breach the resistance yesterday, October 31, when it climbed to $0.07071 in a sudden surge. However, the price was immediately rejected, and DOGE dropped, breaking the support at $0.068 and sinking to $0.06715.
While it quickly attempted to return above the support, its price started spiraling down and sinking to $0.06633. Since then, the coin saw a slight recovery to $0.06745, where it sits at the time of writing.
Analysts Warn of a Dogecoin Price Pullback, While Enthusiasts Seek to Buy the Dip
Just before Dogecoin’s price dip, a respected crypto analyst known on X as Rekt Capital shared insights on the platform; he stated that Dogecoin enthusiasts must be careful, as he warned that the coin could soon see a significant pullback.
The analyst noted that the coin’s price action in the previous week indicated that a drop was a severe possibility.
Complicated Weekly Close for #dogecoin
1W Close occurred below the Channel Top resistance
This means that the #doge breakout is postponed
Previous 1W Closes like this -> downside
However if DOGE can hold the highs and reclaim the Channel Top as support – there may… https://t.co/oChRDTWvcc pic.twitter.com/HdrQHXTB1h
— Rekt Capital (@rektcapital) October 30, 2023
The warning came on October 30, only 24 hours before the dip started, confirming the analyst’s prediction. However, given that Rekt Capital expects the DOGE price to sink to around $0.053, the drop might not be over yet.
Alternatively, it is also possible that the analyst’s prediction was too bearish, and DOGE might also find a bottom at the current levels.
Despite the warning, however, some have taken the dip as a buying opportunity. This is evident by DOGE’s daily volume, which increased by 15% to $446.8 million in the last 24 hours.
Meme Kombat Presale Hits its First Major Milestone with $1 Million Raised
The meme coin market has seen some great hits this year, but the market participants have kept searching for the next big project that would act as a Pepe Coin or DOGE killer.
While there is no way to say which, if any, project can achieve such a feat, some projects have shown tremendous potential, such as Meme Kombat (MK).
The project’s presale has recently reached a massive milestone of over $1 million raised and counting.
WE DID IT FIGHTERS!
We reached $1 MILLION in our presale raise🔥⚔️ pic.twitter.com/SvCu1zoj36
— Meme Kombat (@Meme_Kombat) November 1, 2023
This is a significant achievement, given the fact that the market is still plagued by uncertainty and hesitation, especially when it comes to the meme coin sector.
However, Meme Kombat’s offer to allow users to stake, play, and get rewards is attracting not only attention but also capital.
The project offers an innovative new gaming platform for gaming enthusiasts, offering active betting, passive staking, and rewards for all users.
The project is also expecting to see a price increase for its token, $MK, tomorrow.
Right now, its price is $ 0.1667, and anyone wishing to buy it before its value increases has only around 24 hours to do so. The token can be exchanged for ETH, BNB, and USDT.
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