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The Dogecoin price plunged 7% in the last 24 hours to trade at $0.1922 as of 2.20 a.m. EST on trading volume that plummeted 23% to $7.56 billion.
After surging over the past two days during the US election, the Dogecoin price climbed to $0.21, only for it to then correct back under the resistance at $0.20.
The project only reached this height twice in the past year — once in March, and once again in April. However, with the election now officially over, the hype has died down, and prices have corrected.
But Dogecoin might prove to be a special case given Trump’s plans to create a new crypto-related department and put Elon Musk — a major DOGE supporter — in charge of it.
Recent mentions of the so-called Department of Government Efficiency, or DOGE, have fired Dogecoin higher, and so many are likely to keep DOGE in expectation of much greater gains in months and years to come.
Dogecoin Price Prediction
The Dogecoin price correction in the last 24 hours was fairly mild compared to many other cryptocurrencies, but numerous technical indicators show that even DOGE has fallen under the bearish influence.
The original meme coin’s Bollinger bands have seen a sharp narrowing in the past 24 hours, with the price mostly fluctuating between the upper band and the middle point for the first half of this period. The last six hours in particular have caused it to drop to the lower band and continue its mild fluctuations between this level and the middle point.
At the time of writing, the price is back to the middle between the two lines, but the bands are showing signs of further narrowing, which is a bearish sign.
The project’s Relative Strength Index (RSI) value has also dropped to the lower part of the neutral zone, closer to being oversold than overbought yesterday afternoon, only for it to start fluctuating around the value of 50 at the end of the day.
Since the start of Thursday, the RSI has dropped toward the oversold zone again, dropping to the value of 32.66 before it started going up again, currently at 45.80.
This is not particularly unusual given the sharp surge that the entire crypto market has seen yesterday. There is a new wave of optimism that is still fresh in the minds of investors and traders both in the US and around the world, as the crypto community genuinely believes that Trump’s victory is good news for the digital currency industry.
In the meantime, the price is trying to stabilize itself, while the new positive outlook is holding it from sinking too deeply. It is an unusual new situation that DOGE is slowly getting used to, while others also expect the next big bull run to kick off at any time. In other words, the expectations are high, the prices are volatile, and it will take some time for the situation to settle. What’s important is that the overall market remains bullish, even if a small correction is taking place on this Thursday morning.
Promising Alternative To Dogecoin
If you hold DOGE and other major meme coins and you intend to HODL until the next big bull run, the best thing to do with them is find a way to make passive earnings, which is something that Crypto All-Stars (STARS) is now offering for the first time.
This is a new meme coin project, currently still in presale, that captivated the market thanks to its invention of a new staking smart contract. Known as MemeVault, the new staking platform is the first in existence that supports multiple cryptos, rather than only its own native coin.
And, with meme coins being the biggest trend of 2024, and a meme coin supercycle arguably already in its infancy, the project has opted to add support for almost a dozen major ones right off the bat.
You can now buy some of its STARS tokens and stake not only them, but also DOGE, SHIB, PEPE, BRETT, MOG, TURBO, LADYS, COQ, FLOKI, TOSHI, and BONK, with others to follow in due time.
This will make staking much simpler since you can stake an expanded meme coin portfolio all in one place. And you can also stake STARS itself for a huge 501% Annual Percentage Yield.
Crypto YouTube channel 99Bitcoins, with more than 706k subscribers, says STARS has the potential to 100x after launch.
STARS tokens are selling for only $0.0015494. If you plan to join investors who have pumped $3.1 million into the project, you can buy it with DOGE, ETH, USDT, BNB, SHIB, PEPE, FLOKI, or credit/debit cards.
Buy before a price hike in less than 2 days to get the best deal.
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