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At 4:35 EST, the price of Dogecoin is down, trading at $0.06289. But as the price of DOGE drops, there has been a notable surge in its trading volume. The trading volume has surpassed 266.788 million, depicting an increase of over 25% in the past 24 hours.
This trend has left investors wondering if the bears control the market today and where DOGE’s next support level might be.
DOGE has Seen Significant Declines in 7 and 30 days, Signaling a bearish trend. Following the general crypto market downtime on August 17, DOGE’s price dropped to $0.06285.
In the last seven days, the price of DOGE has been down by 15%. The asset lost 10% of its value in the previous 30 days. Despite the general bearish market sentiment, market observers and Dogecoin enthusiasts are optimistic about a positive price trajectory for the asset in the coming weeks.
Notably, DOGE’s price stands a chance to recover, given the increase in trading activity in the last 24 hours. But this speculation might become a reality if more buyers enter the market, surpassing the seller’s actions.
Investors Should Watch Out for A Short-term Bearish Market Trend for Dogecoin
As illustrated on the chart, DOGE’s price trades below both the 50-Day and 200-Day Simple Moving Average SMA indicating a long and short-term bearish price momentum for the asset.
The 200-Day SMA is also acting as a resistance to DOGE. A possible breakout from this level could signify a trend reversal for the asset.
Also, the Moving Average Convergence Divergence MACD is trading below the signal line with red histogram bars, further cementing the ongoing bearish price movement.
The Relative Strength Index of 34.13 shows the asset price is approaching the oversold zone, and a rebound could occur if the price trades into this level.
Combining the following technical indicators indicates a short-term bearish market outlook for DOGE.
As such, this could be the best time for intelligent buyers to increase their Dogecoin holdings amidst the current fear in the market, as a possible market shift from this point could see their holdings run into profits.
But, traders should consider other tools and not rely solely on indicators before making investment decisions.
Dogecoin’s Transition to PoS Mechanism Could Be Catastrophic, Discouraging Investors.
A lead developer of Dogecoin, Mishaboar, has voiced skepticism about adopting a Proof of Stake (PoS) blockchain consensus. He deems the shift impractical, mentioning potential problems arising from such a transition.
On August 20, Mishaboar replied to an X post voicing his worries about how a transition to Proof of Stake (PoS) might affect Dogecoin’s decentralized network.
If this refers to false “staking”, based on lending then no. The risk is too high unless you are an insider (and even then…).
If this refers to a remote possibility of Doge ever switching to PoS, after what I have seen over the past 2 years, i would probably then move to…
— Mishaboar (@mishaboar) August 20, 2023
He pointed out the potential for power imbalances due to exchanges controlling a considerable portion of a cryptocurrency’s supply if a PoS transition occurs. Mishaboar also noted a potential increase in regulatory issues for Dogecoin from such a transition.
Additionally, he conveyed that cryptocurrencies adopting PoS have often been excessively promoted, resulting in disappointments such as substantial failures or excessive centralization that undermines the core decentralized nature of cryptocurrencies.
Mishaboar concludes that a shift to PoS contradicts Dogecoin’s future aims. He suggested that the rapid transaction benefits of PoS can be attained using alternatives, like integrating numerous payment channels within the Dogecoin network.
The larger cryptocurrency community is divided over the advantages of PoS versus PoW consensus mechanisms. Mishaboar’s dismissal of a potential Dogecoin transition has ignited discussions among crypto enthusiasts about the cryptocurrency’s future direction.
Confident cryptocurrency investors contend that a PoS consensus could improve energy efficiency and scalability.
I'm all for a PoS transition because it puts the power back in the hands of the people and away from the giant mining operations. More eco friendly too.
I would love to see more modern tooling and smart contracts!
— Paul Grey (@supremebeme) August 20, 2023
However, some align with Mishaboar, vehemently opposing the notion due to concerns of centralization and associated security vulnerabilities accompanying a shift to PoS.
The ongoing debate around Dogecoin’s potential transition to a PoS consensus could significantly affect its price. If the community perceives a PoS transition as positive for the coin’s energy efficiency and scalability, it might attract more investor interest, potentially driving up the price.
Conversely, Mishaboar’s concerns about centralization and security risks could lead to uncertainty and negatively impact investor confidence, causing downward pressure on the price.
Market sentiment, adoption, and the perceived benefits or drawbacks of a PoS transition will play a pivotal role in shaping Dogecoin’s price trajectory.
Amidst Dogecoin’s bearish market movement and sentiment regarding its consensus mechanism, this new Meme has been gaining traction with its explosive presale activities.
Wall Street Meme Raises Over $25m in Presale
Having gathered over $25 million, the upcoming meme coin Wall Street Memes ($WSM) presale is in its last phase before its official exchange debut. The Presale, advancing through 30 stages, incrementally raises the $WSM price with each fundraising milestone achievement.
Wall Street Memes draws inspiration from the Reddit-based retail trading phenomenon r/WallStreetBets, renowned for the GameStop short squeeze incident in 2021.
In the past, the Wall Street Memes founders displayed their crypto proficiency through the successful launch of the Wall Street Bulls NFT collection, consisting of 10,000 pieces. This collection sold out within 32 minutes, amassing an impressive $2.5 million in earnings for them.
The connection to this community has amplified the appeal of Wall Street Memes, leading to optimism about the future performance of $WSM once it becomes available on the open market.
Leveraging the meme stocks phenomenon, Wall Street Memes seeks to inject the spirit of the ‘small individual confronting Wall Street’ into the cryptocurrency realm.
Approaching the conclusion of its Presale, the coin’s value is gradually increasing, marking a significant rise from $0.033 to $0.0337 during its final phase. Wall Street Memes coin has introduced a fresh staking feature and disclosed its upcoming debut on high-profile exchanges, set for September 27.
The staking service of Wall Street Memes is gaining rapid attention, with 7% of the presale allocation already utilized. The current staking dashboard displays an annual percentage yield of 283%.
The recently launched feature of $WSM plays a vital role in its offerings by providing passive income and fortifying the coin’s ability to withstand market fluctuations.
Interested users can seize the opportunity to enter the token sale’s last stage by visiting this website for more information.
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