Dogecoin Price Prediction: Unexpected Plunge, Consider Chimpzee Coin for Greater Stability

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Dogecoin (DOGE) price has investors at the edge of their seats after retracing from its impressive rally beginning July 23.

On that day, the largest meme coin by market capitalization broke out and spent the next three days extrapolating gains.

The total gains between July 23 and July 25 were 20%.

This was a remarkable surge considering how sluggish DOGE has been since Shiba Inu (SHIB) entered the meme scene.

Nevertheless, the Dogecoin price has been on a load-shedding exercise for the past three days to the current market value of $0.076.

This constitutes a 10% drop from the intra-day high of $0.083 on July 25.

The unexpected plunge has burst the bubble for optimistic investors looking to capitalize on the Elon Musk-inspired rally.

Drivers for Recent Dogecoin Price Rally

Elon Musk, Twitter and Space X CEO, ranks as the primary driving force for the recent surge in Dogecoin price.

After the tech billionaire rebranded his giant social media platform from Twitter to X, speculation of a DOGE integration fueled 10% gains.

Big news!
Elon Musk has put the $DOGE logo on his X profile location.#X is a payment system, and Ð stands for #Dogecoin

When #Bitcoin ( $BTC ) was dropping in value, Dogecoin experienced a sudden increase of 10% in its price.#Crypto #TwitterX #Altcoins #BTCUSDT #RIPTwitter… pic.twitter.com/hW0YCghORz

— Crypto Patel (@CryptoPatel) July 24, 2023

The gains happened within 24 hours and were hugely attributed to UpBit, a South Korean exchange.

Why? Because this platform is famous for attracting speculative trades, with users betting against the Korean won trading pair.

According to analysts, the rebranding of Twitter to everything app X could precede DOGE integration.

https://twitter.com/tyson37820618/status/1683708238347530240

Citing Kryptomon Chief Marketing Officer Tomer Nuni in a Telegram message to CoinDesk:

We have seen the same happening when Tesla revealed the ability to pay for its goods with DOGE. So the speculation could be around Musk’s businesses and stakeholdings starting to accept crypto, as Tesla does.

Besides Musk, whales also take credit for the recent gains after their activity spiked over the same timeframe.

Data from IntoTheBlock proves this. On the same day, whales whose addresses hold more than 0.1% of the entire DOGE circulating supply recorded net flows of 1.02 billion DOGE tokens.

Based on current rates, this is worth approximately $83 million.

DOGE IntoTheBlock — Source: IntoTheBlock

Why Dogecoin Price Is Plunging

The recent slump in Dogecoin price can be attributed to dissipating hype around Elon Musk’s X rebranding.

Normally, the crypto market tends to react in the heat of the moment, recording a buying frenzy.

The ensuing buying pressure entices retail traders to look for exit points to book profits.

Similarly, traders have short positions when every rally begins, which acts as a sell wall where they cash in.

It is also worth noting that DOGE price surges have been hype-based, mostly driven by Elon Musk. It has hardly ever been fundamental-based.

🌟 Celebrity Endorsements: Explore how famous figures and influencers have joined the Dogecoin hype, bringing the meme to new heights
#DogecoinCelebs #CryptoInfluence

— RudolphDad45515 (@RudolphDad45515) July 28, 2023

As is expected for anything hype-related, it tends to wear out.

Traders see this coming from the beginning, knowing that any breakout could be unsustainable.

Therefore, they are quick to book early profits. This explains why the Dogecoin price has always struggled to sustain a rally.

Dogecoin Price Analysis As DOGE Looks For Support

At the time of writing, Dogecoin price is $0.077, a daily drop of 3.14% with indications of a continued slump.

This is unless DOGE finds support. It is worth mentioning that despite the sudden slump, the giant meme coin remains bullish for as long as it treads above the ascending trendline.

The confluence support between the 200-day Exponential Moving Average (EMA) and the horizontal line at $0.075 is underway. If bulls leverage this entry point, they could break the Dogecoin price’s fall.

The ensuing buying pressure could sustain DOGE above the uptrend line, ultimately leading it to conquer the immediate hurdle at $0.084.

In a highly bullish case, the Dogecoin price could flip this supplier congestion zone into support and use it to target the $0.096 resistance level. Such a move would constitute a 22% climb above the current level.

The Relative Strength Index (RSI) is showing effort by the bulls, as the momentum indicator is changing direction to repel the downturn.

Similarly, the Awesome Oscillator’s (AO) histogram flash green with huge volumes in the positive territory. This shows that bulls are in control.

Additionally, the position of the 50-, 100-, and 200-day EMA below the Dogecoin price shows that the path with the least resistance was up. With such robust support, the Dogecoin price could extend north.

DOGE price — TradingView: DOGE/USDT 1-Day Chart

A decisive break below the support offered by the confluence between the 50-day EMA and the uptrend line at $0.070 would invalidate the bullish outlook.

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DOGE Alternative

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