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Dogecoin Price Prediction: DOGE Plummets 10% In A Week As This Play To Earn Meme Coin Races Towards $4 Million

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Dogecoin price
Dogecoin price

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The Dogecoin price is down 10% in the last 7 days and 3% in the past 24 hours to trade for $0.1407 as of 00:01 a.m. EST.

Popular trader Crypto Tony anticipates massive volatility for the Dogecoin price, with his chart indicating that DOGE is still in price discovery phase.

Elsewhere, and based on Santiment data, DOGE has seen a significant increase in whale activity since the beginning of June. Specifically, the number of large transactions has grown rapidly with the Dogecoin price still in a narrow range.

Dogecoin whales

Dogecoin Price Prediction

The Dogecoin price is trading with a bearish bias despite efforts by DOGE bulls to take control. Evidence of this effort is shown by the short-lived break above the trendline of the Fibonacci indicator (diagonal).

Currently, the bears dominate the DOGE market, seen with the position of the Relative Strength Index (RSI) below the mean level of 50. The lower highs of this momentum indicator show growing overhead pressure that could see the Dogecoin price extend the fall.

Likewise, the Moving Average Convergence Divergence (MACD) is below the orange band of the signal line. This typically indicates a potential bearish signal, showing that the momentum of the asset’s price may be shifting downward. Simply put, when the MACD line crosses below the signal line, it may suggest a possible sell signal or a time to exit a long position.

With the current outlook, the Dogecoin price could extend the fall to test the $0.1300 psychological level. In a dire case, the downtrend could extend to the bottom of the market range at $0.1214.

Dogecoin price

GeckoTerminal: DOGE/USDT 1-day chart

On the other hand, if the bulls resurface, the Dogecoin price could recover, potentially overcoming resistance due to the descending trendline. Such a breakout would entice more buy orders, with the ensuing demand pressure possibly enough to see the Dogecoin price foray into the Fibonacci Golden Zone. This extends from $0.1616 to $0.1865, earmarked by the 61.8% and 38.2% Fibonacci retracement levels respectively.

A successful break and close above the $0.1865 level would have vindicated the Dogecoin price from the foothold of the Fibonacci indicator, paving the way for an extended move north.

Meanwhile, PLAY, a new DOGE derivative ICO, is turning heads as the play-to-earn meme coin races towards $4 million in funds raised. YouTuber Jacob Bury says it is a new 10X potential meme coin.

Promising Alternative To Dogecoin

The PLAY token is the native cryptocurrency for the PlayDoge project. This is a mobile-based play-to-earn (P2E) game that transforms the DOGE meme into a Tamagotchi-style virtual pet. This allows users to seamlessly earn $PLAY tokens.

The project is based on the mascot PlayDoge, a virtual dog acting as a P2E companion where players timely feed, train, and play with their 2D Doge, earning $PLAY tokens in the process.

In this way, PlayDoge monetizes gameplay using the $PLAY token while introducing a globally resonant meme at the same time.

Token holders can also earn passively through the project’s staking option by staking PLAY tokens for an annual percentage yield (APY) of 302%.

$PLAY runs on the BNB Smart Chain, which means that the token is on the radar of the Binance listing team. With Binance being the largest centralized exchange in crypto, a listing on the exchange would increase its accessibility and liquidity.

You can buy $PLAY tokens for $0.00506 each. With a price hike coming in just over a day, buy soon if you are interested to lock in the best deal. Fast-moving investors have already sent $3.78 million to the project.

Buy PlayDoge on the official website here.

Also Read:

PlayDoge (PLAY) - Newest Launch On BNB Chain

Rating

PlayDoge
  • 2D Virtual Doge Pet
  • Play To Earn Meme Coin Fusion
  • Staking & In-Game Token Rewards
  • SolidProof Audited - playdoge.io
PlayDoge

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