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The cryptocurrency industry has experienced remarkable fluctuations in prices, and one particular digital currency, Dogecoin (DOGE), has captured the attention of investors and enthusiasts. This meme-inspired cryptocurrency has amassed a substantial following and has garnered support from influential individuals such as Elon Musk.
The surprising rise of Dogecoin, originally conceived as a joke cryptocurrency, has left the crypto community astounded. Its devoted community, viral social media campaigns, and endorsements from influential figures have all contributed to its immense popularity.
DOGE in Green For The Day – Is $1 In Sight For June?
While the DOGE token once was one of the best tokens to invest in, promising exponential gains, it seems to have lost its charm lately. This hasn’t, however, made the community around the project any less enthusiastic.
There has been much speculation and discussion among investors about the possibility of Dogecoin reaching the $1 mark. While achieving this milestone presents challenges, it would be unwise to underestimate Dogecoin’s potential to sustain its upward trajectory on a long enough time scale. However, a technical analysis of the token paints a different picture for the near future.
The analysis of the largest meme coin suggests the possibility of a further correction. TradingView, a cryptocurrency price charting platform, indicates a ‘Neutral’ signal for DOGE on the weekly and monthly time frame, with a negative six-month return of -22%.
Currently, the Dogecoin price sits below its 200-day Simple Moving Average (SMA) at $0.0887 and 200-day Exponential Moving Average (EMA) at $0.0889. Furthermore, 13 out of the 15 key moving average indicators indicate substantial selling pressure on this popular meme coin. If the DOGE price loses its support level at $0.07, it could trigger additional selling.
While Dogecoin once reached an all-time high of $0.739 on Binance, its current price of $0.072 and $10 billion market capitalization illustrate the unlikelihood of achieving the $1 milestone. To put it into perspective, if the DOGE price were to reach $1, its market capitalization would surpass that of Tether (USDT) and USD Coin (USDC) combined and exceed 60% of Ethereum’s market cap. Such a feat is highly improbable for any cryptocurrency.
Given the current circumstances where Dogecoin is not expected to reach $1 in the foreseeable future, it would be worthwhile to explore other cryptocurrencies like Copium (COPIUM) that may hold the potential for such a significant milestone. But before we take a look at Dogecoin alternatives, let’s see where DOGE could head up in the month of June.
Realistic Price Prediction for DOGE – $0.10 More Likely Than $1
Since the beginning of 2023, DOGE has been trading within a range of $0.070 to $0.097. However, it has struggled to surpass the resistance at $0.097 and achieve a breakthrough above the significant psychological barrier of $0.10.
Unfortunately, it seems unlikely that the situation will improve for Dogecoin enthusiasts in the near future. Currently valued at $0.072, DOGE is more likely to drop below its support level than to successfully rise above resistance.
One of the challenges facing Dogecoin is that traders are primarily focusing on other meme coins at the moment. The emergence of competing meme coins, such as PepeCoin, has prompted traders to shift their investments from DOGE to PEPE and subsequently to other emerging meme coins in search of profits.
This shift in attention has resulted in a significant decrease in trading volume for DOGE. According to CoinMarketCap, the daily trading volume for DOGE now stands at around $151 million, a sharp decline from over $1 billion just a few months ago.
Since Dogecoin lacks inherent utility, any decrease in demand can significantly impact its price negatively. With the launch of more meme coins following the success of PepeCoin, it seems that traders may be focused on tokens other than DOGE for the foreseeable future.
Dogecoin holders are also worried about the short-lived rally caused by Elon Musk, the CEO of Tesla and Twitter. Musk has openly supported Doge, which has greatly increased the token’s value in the past. Recently, the price of $DOGE went up significantly when Musk changed the Twitter logo to the Dogecoin symbol. But as soon as Elon changed it back, the price started to drop.
The situation has gotten to the point that there are now reports that Dogecoin has started to blame Elon Musk for insider trading.
In the event that Dogecoin breaks below its support level at $0.070, the next support level to watch for would be at $0.060. And while some analysts predict the token to make an uprise, the most realistic target for June would be $0.1. While this target is much less than the much anticipated $1, it’s still quite substantial given the current nature and state of DOGE.
With that being said, it’s best for investors to do their own analysis before investing in any crypto token, and always be on the lookout for new projects that hold the promise to offer exponential returns.
COPIUM Brings Promising Dogecoin Alternative with Community Support and NFT Rewards
Copium is a relatively new cryptocurrency project that gained popularity through a viral meme circulating on Twitter and Reddit. It experienced a remarkable 700% growth upon its launch, surpassing Pepe Coin and becoming one of the most successful alternative coins available.
Copium aims to restore people’s trust in crypto by offering an altcoin that promotes the original values of camaraderie and humor in the crypto community. As per its creators, $COPIUM enables the conversion of previous losses into current gains.
Investors are attracted to $COPIUM for different reasons, such as the feeling of togetherness and support they experience within the community. It provides a fresh opportunity for those who have faced setbacks due to market changes or making mistakes. Moreover, $COPIUM offers attractive NFT giveaways to its top holders. The token tank enables holders to easily monitor the progress of their investments.
The close-knit community surrounding Copium Coin is one of its greatest assets, as they serve as its most enthusiastic advocates and promoters. The long-term success of the coin remains to be seen, but so far, Copium appears to be one of the top altcoins to consider for investment today.
Plus, if you missed the opportunity to benefit from explosive coins like PEPE or SHIB in the past, this is your chance to maximize your investment through $COPIUM. Investors can swap their tokens for COPIUM on DEXTools, where the token is trading at $0.001247 at the time of writing.
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