Over the last 24 hours, the Dogecoin price has dipped slightly by 0.85% as the overall market has started to see growth, with meme coins averaging a 1.9% increase.
However, it seems like Dogecoin is gearing up for some upside.
This fall continues the 11.42% drop in the Dogecoin has seen since last Tuesday, aligning with the losses observed in leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH).
Over the past month, Dogecoin has fallen 25.32%. Despite this, Dogecoin still retains a modest annual return of 67.01%.
Indeed, with less than optimal price action in recent weeks, trader interest in Dogecoin has seen a small dip. The coin’s 24-hour trading volume has fallen by 4.36% to $822.06M over the past day.
However, traders appear to be more engaged in Dogecoin than Cardano, with DOGE overtaking ADA in coin rankings on aggregators such as CoinCodex.
Dogecoin Price Breaks Stubborn Resistance – Where to Now?
After teetering between a gain and a loss today, it seems Doge may be poised for some upside.
Most significantly, the Dogecoin price seems to have successfully overcome the $0.10844 resistance level (dark green) after battling with it over the past 8 hours. This indicates renewed strength after correcting earlier today.
This is demonstrated in the relative strength index (RSI) (Purple), which has fallen from 80 to 60 over the past 12 hours. This represents a move from oversold territory to a more neutral one, erring on bullishness.
Despite the correction, Dogecoin still stands on strong footing, hinting at potential upside.
While these indicators do look positive, wider trends will provide the best insight into where the Dogecoin price is headed.
Notably, the 30DMA (yellow) has started to trend upward, sitting below the 200DMA (blue) which displays a strong downtrend.
This shows that there may be some upside in the near term, however, it may be short-lived as the wider trend remains in favour of further downside.
Since Dogecoin lacks any real fundamentals of its own, it follows wider market trends. Therefore, such price action is to be expected as the market remains hesitant amidst the anticipation of Germany & Mt. Gox Bitcoin Sell-Offs.
In the meantime, traders are flowing into other emerging opportunities.
Dogecoin Investors Are Eyeing this New Meme Coin
As the Dogecoin price continues to underperform compared to other promising meme coins, its $15.79 billion market cap suggests substantial gains are behind it.
Traders recognize this and seem to be shifting toward PlayDoge ($PLAY), a new low-cap meme coin capturing the attention of meme fans, gamers, and crypto enthusiasts alike.
The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility. In contrast, PlayDoge stands out by focusing on gaming utility.
Introducing #PlayDoge – the only #P2E Doge companion!
Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY.
Don’t neglect your doge, his life’s on the line
Join the #Presale Now https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH
— PlayDoge (@PlayDogeGame) June 3, 2024
It transforms the iconic Doge meme into a play-to-earn Tamagotchi-style virtual pet, tapping into 90s nostalgia. This unique approach may credit $PLAY’s recent success, raising over $5.5M in its presale so far.
PlayDoge will enable players to earn rewards by nurturing their pets and taking them on adventurous journeys. Timely feeding, training, and sleep all contribute to the rewards earned by the conscientious pet owner.
At a temporary fixed presale price of $0.00517, those who act quickly stand to benefit the most. Investors are currently earning a notable 93% APY. This presents a valuable passive income opportunity, even amidst recent market volatility.
Keep in touch with project developments by joining the community on X and Telegram.
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