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The Dogecoin price plunged 8% in the last 24 hours to trade at $0.144 as of 04:37 a.m. EST on trading volume that rose 1% to $2.1 billion.
This comes as DOGE remains the best performer over the past month among the top meme coins by market capitalization. The DOGE price climbed 12% during that period, while Shiba Inu (SHIB) and Pepe (PEPE) plunged by 12% and 21%, respectively, and Dogwifhat (WIF) gained 4%.
Dogecoin Price Gearing Up For A Trend Reversal
On the 1-day chart, Dogecoin has been at a consolidation level in 2023, trading within the $0.05 and $0.10 ranges as the bulls struggled with the bears for dominance. However, at the end of February this year, the bulls seem to have won the struggle, driving the price to a yearly high of $0.22.
The $0.22 mark acted as the immediate resistance, as the bulls have been unable to reclaim this mark, fluctuating within the boundaries of the bullish pennant.
DOGE is trading below the 200-day Simple Moving Average (SMA), a confirmation of the bullish potential for the upside in the long term. Suppose the bulls sustain the bullish potential to push the price; DOGE would overcome the 50-day SMA hurdle around $0.17, further confirming the looming bullish rally.
Additionally, from the readings of the Relative Strength Index (RSI), the Dogecoin investors are on a selling spree, with the RSI dropping towards the 30-oversold level, currently at 39. An oversold asset often opens up buying opportunities for other investors, which could eventually trigger a trend reversal.
Dogecoin Price Prediction
The Dogecoin price analysis shows that DOGE is currently on a downtrend but with a looming price reversal, supported by the golden cross at $0.06 and the formation of the bullish pennant pattern.
With the RSI paving the way for more buys, the DOGE bulls hope to propel the price to the next target of $0.25 after breaching the $0.22 resistance.
However, in an inverse scenario, the bears could still sustain the downtrend. In this case, the bulls could find support at the $0.102 level, which coincides with the 200-day SMA.
Meanwhile, other investors are looking to Dogeverse (DOGEVERSE), a newly launched cryptocurrency that has raised over $6.8 million in funding.
Dogeverse Presale Hurtles Past $6.8 Million
The project is unique in being built on a multichain network spanning Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.
🌐 Embracing Inclusive Accessibility! 🚀
$DOGEVERSE opens its doors to a wide audience, from #Ethereum aficionados to those preferring the rapid, cost-effective benefits of #Solana or #Polygon, fostering a diverse and inclusive community. 🐕🌟 pic.twitter.com/sXPOvaoz67
— DogeVerse (@The_DogeVerse) April 12, 2024
The project is being launched at a strategic time to capitalize on the upcoming International Doge Day on April 20, when the hype around DOGE reaches fever pitch.
Dogeverse’s mascot, Cosmo the Doge, can hyperjump between crypto networks. Giving $DOGEVERSE the ability to move across chains, makes the token more accessible, reducing challenges, and increasing its utility in the meme coin world.
It also has a staking system that allows holders to earn rewards by staking their $DOGEVERSE tokens on Ethereum. There is an estimated annual percentage yield (APY) of 159%, which reduces as more tokens are staked.
According to ClayBro, a prominent crypto analyst on YouTube, says he bought the tokens and believes Dogeverse will open the door to new possibilities for other dog-themed meme coins.
You can participate in the presale by buying $DOGEVERSE for $0.000297 per token. Buy soon if you are interested because a price hike is coming in slightly more than one day.
Buy $DOGEVERSE on the official website here using ETH, USDT, or a bank card.
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