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The Dogecoin price pumped 4% in the past 24 hours to trade at $0.1089 as of 4.50 a.m. EST on trading volume that jumped 14% to $846 million.
The recovery in the DOGE price comes after a similar surge over the weekend, which followed a sharp drop last week.
DOGE also posted on its X account for the first time since May, highlighting a recent article that shows its practical uses as a means of exchange for everyday people.
According to the project, its purpose is to be a simple means of exchange rather than one revolving around chasing gains.
While many crypto projects chase gains, Dogecoin's purpose is to be a simple means of exchange for everyday people. Shibes around the world are putting Doge to real use. https://t.co/xUgGDVbnFY
— Dogecoin (@dogecoin) July 8, 2024
Dogecoin Price Prediction
After the price drop seen last week, dogecoin price saw a strong recovery on Friday, which took it up to $0.114 by late Saturday. However, the price corrected to $0.10 in the following 24 hours, only to start another surge in the early hours of Monday, July 8.
Right now, the meme coin’s technical indicators are showing extremely positive performance, all but urging traders to join the bull run and buy. However, like all sharp surges, this one is also likely to lose its momentum, probably in the very near future.
The project’s Bollinger bands have seen massive widening, with the price continuously pushing the upper band further and further up.
Meanwhile, the DOGE Relative Strength Index (RSI) value has skyrocketed to 79.77 as of the time of writing, showing that traders are massively buying right now, which is what is pushing the price back up.
With that said, those who make their trading decisions based on this indicator might decide very soon that it is time to cash out, which could disrupt the surge and lead to a new correction. In other words, a similar scenario to what was seen this Sunday could happen again, especially with DOGE once again approaching the resistance at $0.12 which rejected its price about 24 hours ago.
Of course, it is possible that the surge could continue if the new rally ends up being strong enough and widespread enough to remove such concerns from the traders or overwhelm those who decide to take profit with new buyers who will continue the pump.
Right now, it is difficult to say more with a higher degree of certainty, and DOGE’s encounter with the resistance at $0.12 will show what will happen next.
Promising Alternatives to Dogecoin
With the potential to lead to another correction soon, the DOGE price pump has made buying the coin now a relatively risky move. However, there are alternatives for those who wish to play it safe, such as the meme coin sector’s newest high-potential ICO, Shiba Shootout (SHIBASHOOT).
This is a brand-new project that only launched its presale last week, meaning that its ICO is still in its very early stages. Even so, it has already managed to raise over $570k.
As the name suggests, Shiba Shootout is a dog-based meme coin developed for Ethereum and Binance Smart Chain. It combines the Doge meme with a Wild West atmosphere in order to explore the new frontier, which is the current meme coin sector.
It introduces characters including Marshal Shiba and Shiba Sharpshooters, as well as a location — the town of Shiba Gulch, a bustling digital settlement where Shiba enthusiasts gather to participate in challenges, share memes, and immerse themselves in the excitement of the Shootout.
The token has plenty of utility ideas, including staking, and it aims to stand as a testament to innovation, creativity, and the spirit of the Wild West.
Shiba Shootout has already attracted the attention of a major crypto YouTuber, ClayBro, who has over 130k subscribers. The expert believes that the project could offer as much as 20x in returns after launch.
SHIBASHOOT tokens sell for $0.0195 apiece, and this will remain the case for almost six days, after which the price will increase. In other words, you have until the end of the week to secure SHIBASHOOT at the best price using ETH, BNB, USDT, or credit/debit cards.
Visit the official SHIBSHOOT website.
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