Dogecoin Price Whipsaws Again. Time To Buy Kai Cat Coin?

Dogecoin price spiked upward about a penny on Monday, May 27th, to test resistance at the $0.16 level after whipsawing for another 7d period. The world class cryptocurrency, secured by proof of work and heralded by the Internet classic Shiba Inu meme, has been trading in a sidewise channel across the $0.15 level since mid-April. 

DOGE was up 7% on the 1D window for the 23-hour period ending around dinner time in Miami, down 6.5% on the 7D span, and up 2% for the month. So it looks like the blue chip meme coin is about to chart a trend reversal to the upside. But it has looked that way many other times over the past two months without breaking out in either direction.

Doge Price Doldrums

Is this good boy about to break out of the doldrums and shift to a new bearish or bullish trend? Or will DOGE tokens on exchange stay put at $0.15 for another month before markets decide what to do about meme coins next?

While markets are showing some uncertainty with DOGE, there’s usually only one direction for a new meme coin to go from its pre-launch phase if it has plenty of economically smart supporters backing it and some meme power behind it. That could be why Kai Cat Coin (KAI) has raised a quarter of a million dollars already this May while the tail wagged the Doge on crypto markets.

Dogecoin Whale Woes This Weekend (Bearish)

Recent whale movements on the Dogecoin blockchain are one clue, while technical and fundamental indicators are two more that point to widespread market uncertainty amid a fierce market war between Dogecoin bulls and bears. As a result, it’s practically impossible to say what Dogecoin price will do next over the short term.

In the 24-hour period ending Monday May 20, Large Holder Inflows crashed 86% according to data from IntoTheBlock. The measure tracks the movement of new funds into addresses held by Dogecoin “whales,” large investors. Dogecoin Large Holder Inflows fell from 428 million over the weekend to 62 million on Monday. That’s possibly bearish for Dogecoin

A Dogecoin whale even offloaded $120 million DOGE onto the Robinhood exchange on Saturday, according to a report by blockchain watcher Whale Alert.

DOGE Technicals and Hashrate Monday (Ambiguous)

The technical indicators for DOGE are hardly illuminating about the next direction for Dogecoin price. A Crypto News report on Monday noted:

“Should Dogecoin maintain its position above the $0.15100 pivot point, it could drive prices higher toward the resistance levels at $0.15950… However, a break below this pivot point could trigger a sharp selling trend, pushing the price towards the support levels at $0.1427…”

Dogecoin hashrate– one key fundamental metric related to the coin’s level of security and profitability for miners and traders alike– has also been ambiguous as a leading indicator since early April. It has become increasingly more volatile since the start of May, but without any decisive trend change, according to CoinWars data.

This ambiguity in top meme coins could be why the rush into presales like KAI, which have the potential for exceedingly large gains if it follows the path of its predecessors.

Check Out KAI Presale

Stay Connected With KAI On Socials: X | Telegram