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The Dogecoin price plunged 7% in the last 24 hours to trade at $0.077 as of 04:35 a.m. EST on trading volume that surged 21% to $805 million.
The Dogecoin Price Forms A Bullish Pennant Pattern
The Dogecoin price has gradually increased from the $0.05 support level towards the $0.106 resistance.
However, bears seem to have taken control of the price at $0.10, exerting pressure and causing the decline to $0.076, which has remained strong, preventing the bears from causing further decline in DOGE price.
Despite the strong support, the price has formed a double-bottom pattern, which signifies a bullish trend reversal for traders.
While the price has dipped below the 50-day Simple Moving Average (SMA), it remains above the 200-day SMA, coinciding with the support zone at $0.076, supported by the golden cross at $0.0678.
The Relative Strength Index (RSI) shows a downtrend from 52 below the 50 midline level zone to 42, indicating significant selling pressure for the Dogecoin price.
The Dogecoin Price: Bulls Prepare For A Bull Rally
The double bottom signals a potential bullish trend reversal as traders look to this pattern to add more buy positions to their trades. If the bulls gather enough force, they could drive the Dogecoin price past $0.106 resistance, initiating a bull rally. Sustained bullish momentum may propel prices beyond the $0.15 threshold in 2024.
However, if the downward trend sustains, it could slip below the 200-day SMA, giving the bears the right to drive the Dogecoin price to the $0.059 support level.
Investors in search of promising alternative cryptocurrencies with the potential for substantial returns may want to explore Sponge V2. This project has recently experienced a remarkable surge, surpassing the $5 million valuation, as it aims to challenge Pepe’s dominance and emerge as the next top meme coin contender.
SPONGE V2 Surpasses $5.3 Million Ahead of Official Launch, Aiming for 100X ROI
SPONGE V2 has attracted new investments, reaching a significant milestone surpassing $5.3 million in anticipation of its official launch. The project aims to replicate the successful 100X return on investment achieved by Sponge V1 last year.
Exciting news, #SPONGERS! 🔥🔥
There are now over 5,627,448,685 $SPONGE tokens staked with a value of $5,445,468.33 🤯🧽🧽
Stake your tokens now to enjoy our current APY of +280%!
GO GO GO 🚀#SpongeV2 #Crypto #100x #Bullish pic.twitter.com/PsD2Sycxjj
— $SPONGE (@spongeoneth) January 22, 2024
Sponge V2 aims to take the crown of Pepe as the next best meme coin in 2024. The token enjoys a support base of 13,000 holders and secured listings on more than ten exchanges, including LBank, Toobit, CoinW, BTCEX, and BitMart.
Get out of the way $PEPE#SpongeV2 is here to takeover 🔥$SPONGE #Web3 #Crypto #Altcoins pic.twitter.com/sEiHH65uTY
— $SPONGE (@spongeoneth) January 22, 2024
SPONGE V2 also provides an opportunity to receive a bonus in V2 tokens. You can get Sponge V2 tokens by buying and staking $SPONGE on the project’s website. You can also stake your Sponge V1 tokens, which will be kept in the smart contract forever. The greater the number of Sponge V1 tokens you commit to staking, the higher the quantity of Sponge V2 tokens you will receive in return.
The platform also allows holders of the initial $SPONGE to stake their tokens and earn $SPONGEV2, with annual percentage rates reaching as high as 284%.
Justin Sun Owns More Than $90K Worth Of $SPONGE
Tron founder Justin Sun has acquired $SPONGE worth more than $90,000 after showing his interest in trading meme coins and promising projects in May 2023.
I've decided to begin actively trading meme coins and promising projects through my public address. Please note, I will personally bear all potential losses from these trades, and any profits made will be donated entirely to charity.
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 11, 2023
This move generated positive momentum among investors and traders, especially when he transferred $14.7 million (6166 ETH) from the Binance exchange, using a portion to purchase $SPONGE.
#PeckShieldAlert The address 0x9FCc…19Fe (Suspicious #JustinSun related) has withdrawn 6,166 $ETH (worth ~$13.8M) from #Binance pic.twitter.com/8jGbcwRvzg
— PeckShieldAlert (@PeckShieldAlert) December 26, 2023
The Sponge team is also planning to launch a play-to-earn (P2E) game called “Sponge Racer,” which is poised to attract new investors and players. The game will be available for all, featuring a free and paid version.
Players will use Sponge V2 tokens to play. They also have the opportunity to explore Bikini Bottom, where you can collect Sponge tokens while undertaking exciting underwater adventures, and unlock rewarding incentives.
ClayBro, a crypto YouTuber and analyst boasting over 116K subscribers, says that $SPONGEV2 has the potential to mirror the success of the original $SPONGE, which saw a 100X surge in 2023.
To buy Sponge V2 tokens, visit the official SpongeV2 website and connect your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.
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