Dogecoin Price Prediction: DOGE Plummets 9% As Whale Moves $41M Dogecoin, But This P2E DOGE Derivative Presale Zooms Towards $6M

The Dogecoin price plunged over 9% in the past 24 hours to trade at $0.0998 as of 7:50 a.m. EST as investors dump their holdings in the largest meme coin by market cap.

🚨 🚨 400,000,000 #DOGE (41,081,558 USD) transferred from unknown wallet to #Binancehttps://t.co/N8KfXvgIze

— Whale Alert (@whale_alert) July 5, 2024

This recent drop in the DOGE price comes hard on the heels of a market wide crypto crash and a large whale transfer.

Whale Tracking platform Whale Alert revealed in a July 5 post on X that an investor sent 400,000,000 DOGE tokens, estimated to be worth more than $41 million at the time of the transfer, to Binance earlier today. 

The Dogecoin Price Stuck In A Bearish Channel

4-hour chart for DOGE/USD (Source: GeckoTerminal)

A descending channel has emerged on the 4-hour chart for the Dogecoin price after the meme coin printed a series of lower lows and lower highs. During this sequence, DOGE lost the $0.10328 support as well, and is now testing the next critical mark at $0.08728.

If the Dogecoin price falls below this key price point, it could be at risk of dropping further in the following 24 hours. Conversely, the meme coin maintaining a position above $0.08728 for the next 12 hours could invalidate the bearish thesis.

In this alternative scenario, DOGE might attempt to break above the upper boundary of the bearish price channel. This is also confluent with the recently-lost $0.10328 support. As such, the Dogecoin price escaping the channel could give the meme coin the foundation needed to rise to the subsequent barrier at $0.11928 in the short term.

Bearish Pressure On The Dogecoin Price Starting To Ease

Technical indicators on DOGE’s 4-hour chart suggest the bearish pressure that has been exerted on the meme coin’s price throughout the past day of trading might be cooling down. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing early signs of a potential bullish trend reversal.

The RSI is currently below 30, which is generally seen as a sign that a crypto is oversold. Traders usually identify low RSI values as a good long entry because it indicates that a crypto’s upside potential is greater than its downside potential. This seems to be the case with DOGE on the 4-hour chart, because the RSI has started to slope positively in the last 8 hours.

Meanwhile, the Dogecoin price seems to be in a short-term bearish cycle, as evident by the MACD line’s positioning below the MACD Signal line. However, the gap between the two indicators is starting to shrink. This might be an early sign of DOGE’s negative phase coming to an end.

Before traders and investors go long on DOGE, it might be best to wait for a bullish confirmation. This could either be the Dogecoin price breaching the $0.10328 mark or the RSI rising above 30. 

While the Dogecoin price attempts to escape a bearish channel, the ICO for play-to-earn crypto PlayDoge (PLAY) is fast-approaching $6 million in funds raised.

Blockchain Technology Mixed With A Touch Of 90s Nostalgia

PlayDoge (PLAY) is one of the latest cryptos looking to establish itself in the vibrant meme coin ecosystem.

What sets PLAY apart from other light-hearted tokens is its aim to bring back the once-popular Tamagotchi game. These virtual pets were a hit in the 90s, and sold millions of units worldwide.

Despite this global success, gameplay was limited and the virtual pets would inevitably die. Through the combination of blockchain and crypto technology, PlayDoge will reward players in crypto for simply taking care of their digital companions and ensuring that they get enough love, food and sleep.

Players’ ability to earn rewards paid out in PLAY coupled with the project’s appeal to meme coin investors caught the attention of renowned crypto YouTuber Jacob Bury.

In a recent video, he told his 41.2K subscribers that PlayDoge might be the best play-to-earn token to buy now, and a potential 10X opportunity for investors.

Investors Bet Big On PLAY’s Future

Despite the recent market downturn, investors continue to flock to PLAY’s ICO, investing over $5.3 million in the project so far.

In addition to PlayDoge’s speculative potential, another potential factor that might be pulling investors in is the lucrative staking opportunity available to buyers at this early stage.

Anyone who purchases and locks up PLAY tokens during the meme coin’s ongoing ICO phase gains access to an incredible 107% APY. To get in on this opportunity, investors can acquire the token through the simple buy widget embedded on the project’s site.

Selling for $0.00516, the meme coin can be bought using ETH, USDT, BNB or bank card. Investors will want to hurry, though, because the token’s price is set to increase in less than 3 days.

Purchase and stake PLAY here for up to 107% in annual rewards.

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