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The Dogecoin price plunged 6% in the last 24 hours to trade at $0.415 as of 2 a.m. EST on trading volume that edged up 1% to $10.31 billion.
The world’s largest meme coin is still up 3% on a weekly chart, but it has suffered a strong price decline since the start of this week. Initially, its price reached the value of $0.4575 early Monday morning, which was followed by a sharp decline to the support at $0.40.
After that, the coin recovered slightly and stabilized just under the resistance at $0.43, but now it appears that this resistance is rejecting it as well.
Dogecoin Price Prediction
Dogecoin’s price has suddenly dipped in the last few hours, and its technical indicators suggest that the price is likely to drop even further in the hours to come.
The meme coin’s Bollinger bands, for example, have tightened in the last 8 hours or so, and while the price has moved from the lower band to the upper one, and then back to the middle point between the two, the new decline has pushed it back down. As of the time of writing, the sharp dip has pushed it beyond the boundaries of the bottom band, suggesting that a massive sell-off is taking place.
The coin’s Relative Strength Index shows this as well, as its value, which previously fluctuated between 40 and 60, is now spiraling down toward the oversold area.
While it is possible that traders will move in to buy the dip once the RSI hits the value of 30, the new bearish wave seems to be quite strong, and it may push the RSI deep into the oversold zone before a recovery is due.
For the moment, most meme coins seem to be quite volatile and unpredictable, so investing in them can be risky. Even so, there are some solid meme coin investments that might serve as good alternatives to Dogecoin.
Promising Alternative To Dogecoin
One of the best alternatives to Dogecoin right now is Catslap (SLAP). Not only is it one of the hottest new tokens, but it also has surged 75% over the last 24 hours.
Catslap describes itself as crypto’s most aggressive feline, and it aims to use this aggression to challenge the highest-ranking meme coins and slap its way to the top of the list.
It recently introduced a slapping mini-game on its platform, which now comes with a Slap-To-Earn model that lets you connect your wallet and earn SLAP tokens as you do your slapping.
As for the project’s current price surge, it came after a wallet believed to belong to Jump Trading — a whale investor from a Chicago-based proprietary trading house — bought around $500,000 worth of SLAP tokens.
The purchase was likely made due to Catslap’s upcoming announcement, which the project hinted at on its website a while ago, even adding a countdown which now shows that the announcement will be made in two days.
Even major crypto experts, such as YouTuber TodayTrader, who has over 13k subscribers, suggested that Catslap could be the next big thing.
With all the support and encouragement from the community, Catslap has been performing rather well lately, while its price skyrocketed to $0.005707 as of the time of writing.
As for the project’s Slapometer, a counter that measures the number of slaps and thus signals community engagement levels, it has been adding tens of millions of slaps per day since the Slap-To-Earn function was implemented, currently sitting at 88.2 million slaps.
The $SLAP that keeps on slapping 🔥
Over 61 million slaps worldwide – Earn $SLAP points and climb the global leaderboard with Slap-2-Earn! https://t.co/yKMt8Y5DM3
😺 9.94k+ Hodlers
😻 +2,497% Increase since launch
😼 $13.62M Market Cap
😸 $146k+ Total bought back$SLAP… pic.twitter.com/hW7qJQombV— CatSlap (@CatSlapToken) December 2, 2024
The project already burned 10 million SLAP tokens when the Slapometer hit 10 million slaps, and it’s now burned a total of more than 38.6 million tokens.
Buy SLAP tokens here before a major announcement in 2 days.
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