{"id":491150,"date":"2024-03-19T16:13:34","date_gmt":"2024-03-19T16:13:34","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=491150"},"modified":"2024-03-19T16:17:45","modified_gmt":"2024-03-19T16:17:45","slug":"dogecoin-price-prediction-doge-slumps-11-as-this-dogecoin-upgrade-in-ico-blasts-past-3m-in-5-days","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/dogecoin-price-prediction-doge-slumps-11-as-this-dogecoin-upgrade-in-ico-blasts-past-3m-in-5-days","title":{"rendered":"Dogecoin Price Prediction: DOGE Slumps 11% As This Dogecoin Upgrade Blasts Past $3M In 5 Days"},"content":{"rendered":"

The Dogecoin price <\/span>plummeted<\/span><\/a> more than 11% over the past 24 hours to trade at $0.1315 as of 9:05 a.m. EST as investors dump their holdings amid a meme coin market slump.<\/span><\/p>\n

The Dogecoin Price Loses A Key Support<\/span><\/h2>\n

\"BINANCE:DOGEUSDT<\/p>\n

4-hour chart for DOGE\/USDT (Source: <\/span>TradingView<\/span><\/a>)<\/span><\/p>\n

The <\/span>Dogecoin<\/span><\/a> price broke below the key support level at $0.13797 over the last 24 hours, as it continues to trade within a medium-term descending price channel. Should this sell pressure continue, the meme coin could soon retest the next support at $0.11571. In an extremely bearish scenario, DOGE may plummet to as low as $0.10088 in the short term.<\/span><\/p>\n

This bearish thesis could be invalidated if the Dogecoin price manages to close a 4-hour candle back above $0.13797 within the next 24 hours. Not only will this result in the crypto reclaiming a critical support, it will also place DOGE above the aforementioned price channel. As such, the altcoin could have the foundation needed to attempt a challenge at the $0.15477 barrier before potentially soaring to as high as $0.17508.<\/span><\/p>\n

Technicals Suggest The Dogecoin Price Is Not Done Dropping<\/span><\/h2>\n

Technical indicators on DOGE’s 4-hour chart point to a continuation of the meme coin’s descent in the short term. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators show that overwhelming sell pressure is being exerted on the Dogecoin price.<\/span><\/p>\n

The MACD line is positioned below the MACD Signal line, which indicates that DOGE has entered a bearish cycle. Traders may also see the MACD line currently breaking away below the MACD Signal line as a signal that the negative trend shows no signs of cooling down just yet.<\/span><\/p>\n

DOGE<\/span><\/a> is also extremely oversold at the moment, as the RSI is below its Simple Moving Average (SMA) line at just over 29. Values lower than 30 are generally seen as a buy opportunity since the crypto’s upside potential is far greater than its downside potential. However, it is not unusual for a crypto’s RSI to remain below 30 for sustained periods when the crypto is dumping.<\/span><\/p>\n

While the Dogecoin price tries to fend off sellers, a new meme coin by the name of <\/span>Dogecoin20<\/span><\/a> is inundated with buyers who have pushed its presale past $3 million in just 5 days.<\/span><\/p>\n

\n

Once again, #DOGE20<\/a> is exceeding all expectations! 🚀💰<\/p>\n

Raising over $3,000,000! 💵<\/p>\n

Wow! 😲<\/p>\n

Who’s thinking of $4M tomorrow? 📈 pic.twitter.com\/V0fHpsbpbZ<\/a><\/p>\n

— Dogecoin20 (@DOGE_COIN20) March 19, 2024<\/a><\/p><\/blockquote>\n