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The Wrapped Dog price surged by 26% in the last 24 hours to trade at $0.01816 as of 6 a.m. EST on trading volume that skyrocketed 54% to $5.7 million.
Wrapped Dog is a fairly new token on the meme coin scene, only launching a little over a month ago. Since going live, it saw a major post-launch surge, which was followed by an even sharper correction.
While its price has been quite volatile and unstable since the token still attracted quite a few traders. It emerged as the first wrapped meme coin on Solana’s blockchain. Being the first of its kind, it combined fun and viral appeal of meme coins with the advanced capabilities of Solana’s network.
The project also contributed to Solana’s growing meme coin sector, which saw a massive boost in 2024, quickly rising as a major rival to Ethereum.
Following WDOG’s initial volatility, the project’s price stabilized over the last 10 days, only to start a new surge, seeking to once again challenge a resistance at $0.020. For the time being, however, it will first have to breach the one at $0.018.
Wrapped Dog Price Prediction
Right now, the Wrapped Dog price is trying to breach the resistance at $0.018, and while it managed to climb above this price, technical indicators suggest that the resistance has not been officially broken.
Instead, it started rejecting the price, which could drop to the support at $0.015 if the market takes a sharp bearish turn.
The token’s Bollinger bands have seen a sharp narrowing in the last hour or so, and the price went from pushing the upper band up to a neutral position between the two. This is a bearish signal, although it is not as bad as the price pushing the lower band down, so there is still a chance that the price could recover.
However, in addition to the Bollinger bands, the bearish signal comes from another metric — the token’s Relative Strength Index (RSI). According to the RSI value, traders have started selling the token around the time its price reached its peak in the early hours of the day.
The RSI value, which went almost up to 80, was taken as a signal that it is time to sell, which many of the traders took to heart, and decided to take profit. In response, the RSI dropped to the neztral zone at around 50, signaling a shift among trader behavior from bullish to bearish, as the sellers overtook the buyers.
Since then, some have moved in to buy the dip and buy the token at a lower price, which briefly brought the price back to $0.018, while the RSI value went back to 62.47. But, as soon as the price touched the resistance, the buyers sold their tokens again, causing another dip in both RSI and the token’s value.
Moving forward, WDOG could spiral back down to the support at $0.015 before bouncing back up, or even break this support if a strong bearish wave pushes the overall crypto market deeper down.
For the moment, most major cryptos are trading in the green on a weekly and 24-hour basis, but their hourly performance has seen a dip, suggesting that another price drop is starting.
Promising Alternatives to Wrapped Dog
Given that the WDOG price may fall, investors might want to consider an alternative such as the Solana GambleFi presale Mega Dice (DICE), which has raised more than $1.8 million.
DICE is a new cryptocurrency created by the Mega Dice casino. The platform has over 50,000 registered users and over 10,000 monthly active players who wager more than $50 million every month. It has over 4,000 games, and several dozen eSports for users to place wagers on.
DICE will be deeply integrated into the casino’s platform, offering rewards, and allowing players to place wagers using the DICE token.
Mega Dice has supported betting using cryptocurrencies since its launch last year. But the introduction of its native cryptocurrency will bring major new benefits to its massive community.
Furthermore, the DICE token will provide daily rewards to its holders, depending on the casino performance, as well as access to limited-edition NFTs.
And those who buy the token while it is still in presale can even get an early bird bonus. However, they have to make their move soon, as the presale will end in only 10 days.
WARNING: Time's Almost Up to Grab $DICE at the Lowest Price! 🚨
The $DICE presale is about to close its doors, with the last price increase happening this Tuesday! This is your absolute final chance to get in on the best #GameFi token on #Solana before the price skyrockets! ⏳… pic.twitter.com/vzF1t77DsA
— Mega Dice Casino (@megadice) August 30, 2024
The DICE token sells for $0.116056 apiece currently, and you can buy it with SOL, BNB, or ETH. According to crypto YouTube channel 99Bitcoins, which has over 706k subscribers, Mega Dice could be the next 100x crypto presale gem.
In other words, its price could skyrocket post-launch and bring major profits to early investors.
While there is no guarantee that this will happen, it is worth noting that DICE has a major community of users who may not necessarily be investors but will certainly benefit from holding and using the token, so there should be plenty of demand once DICE goes live.
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