The Dogecoin price has jumped by 2.5% in the past hour, rising to $0.08049 following a poor weekend for the meme coin and the wider crypto market.
Despite this morning’s lift, DOGE recent bad fortunes mean that it’s flat in the past 24 hours, down by 2% in a week and also down by 10% in the last 30 days.
It has also declined by 10% in the past hour, a percentage that underlines the poor 2023 it had, especially in contrast to other major tokens.
However, while DOGE has disappointed, the market has oversold for too long, so today’s move may be the start of a rebound.
Dogecoin Price Prediction as Bearish Sentiment Looms – A Downward Trend in Store?
DOGE’s indicators have been in the red for so long that it wouldn’t be surprising that the meme token has just begun a resurgence.
Most notably, its relative strength index (purple) had languished below 50 (if not 40) since the beginning of the year, although has risen today.
Source: TradingView
Much the same goes for its 30-day moving average (yellow), which has slid gradually since the New Year, with only a brief interruption for when the SEC approved 11 Bitcoin ETFs a couple of weeks ago.
As such, it’s entirely credible to claim that now is as good a time as any for a Dogecoin comeback, especially when its 2023 was so bad.
Its support level (green) has held up well in recent weeks, suggesting that it had reached a bottom and was ready to return to growth.
A great start on a Monday! #dogecoin pic.twitter.com/AM5U8bOSgm
— The Coach 𝕏Đ (@thedogecoach) January 29, 2024
What’s interesting about the past hour’s spike is that it has come amid a pretty low 24-hour trading volume for DOGE, a volume which has declined from over $1.3 billion in mid-January to only $325 million today.
This could be spun as a positive sign, however, in that the Dogecoin price could rise even higher once bigger volume arrives.
Yet so far, there’s no sign that whales are much interested in accumulating the meme coin, with the last big transfer being to a trading platform last week.
103,293,021 #DOGE (7,909,944 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/izkhxRskIC
— Whale Alert (@whale_alert) January 23, 2024
This all said, the wider market’s return to bullishness in the coming months will help push DOGE even further, potentially to $0.20 by the summer.
On top of this, X has stated its aim of introducing peer-to-peer payments on its platform this year, a move which could bring DOGE to the social network.
And if it does, DOGE is likely to surge.
Alternative Meme Coins for Bigger Rallies
While DOGE is likely to see a resurgence sooner or later, there’s every chance that this it could arrive later, leaving traders having to look elsewhere if they want quicker gains.
Fortunately, there’s a healthy supply of newer tokens and meme coins in the market right now, including several presale coins that have been generating plenty of momentum and hype.
One of these is Meme Kombat (MK), an ERC-20 coin that has raised just more than $7.6 million over the past couple of months.
The $7.6 million milestone has been put to bed!
We keep pushing! $25k giveaway at $8million pic.twitter.com/muZYlQPg4J
— Meme Kombat (@Meme_Kombat) January 28, 2024
What’s interesting about Meme Kombat is that it’s a social gambling platform which will enable users to bet on the results of AI-generated battles between meme characters.
Users can place bets in MK against each other or against the platform itself, with Meme Kombat paying out winnings in the form of MK.
Battles results will be entirely fair and transparent, with the use of AI randomizing results, and with the use of blockchain and smart contracts making everything public.
Meme Kombat will also let holders stake the MK token, something which will earn them a regular passive income, in addition to any winnings.
$MK numbers that make us go
8500+ memebers in TG
1400+ memebers in Discord
30 million+ $MK staked
80% $MK staked
6.4 million+ $MK paid in rewards
10k+ $MK stakers
Just under 50 Beta Testers
Countless memes pic.twitter.com/GUNpbFoRPh
— Meme Kombat (@Meme_Kombat) January 26, 2024
Combined with its viral social media presence and marketing, as well as with its growing Telegram and Discord presence, Meme Kombat is likely to be a success once it launches in the next few weeks.
Its sale will end once it raises $10 million, with investors still able to join by going to the official Meme Kombat website.
It has reached its final presale price of $0.279, although this is likely to rise much higher once it lists on exchanges.
The post Dogecoin Price Prediction as Bearish Sentiment Looms – A Downward Trend in Store? appeared first on Cryptonews.