DOGE has fallen by 1% in the past 24 hours, with the Dogecoin price dropping to $0.1605 on a day when the crypto market as a whole has gained by 1%.
Today’s dip means that Dogecoin is down by 2.5% in a week and by 22% in the past fortnight, although the coin has fared better than many others in recent weeks, having overtaken Toncoin (TON) in terms of market cap.
And with DOGE still sitting on a 100% gain in a year, it remains in a good position for additional rallies in the coming months.
Such rallies could come sooner rather than later, with the post-Bitcoin halving lull likely to give way to more positivity as the market receives improved macroeconomic news.
Dogecoin Price Prediction as DOGE Overtakes Toncoin in Coin Rankings – Can DOGE Spike Up to $1?
DOGE’s indicators find themselves at what looks like a crossroads, with the meme coin equally capable of further gains or further losses.
Most notably, DOGE’s 30-day average (orange) dipped below its 200-day average (blue) yesterday, but it has now recovered slightly and could be about to climb over the longer term average.
Source: TradingView
This could be a sign of an incoming breakout, with the coin’s relative strength index (purple) also point up again after falling close to 50 earlier this morning.
Such positions are pretty ambiguous, but it’s interesting to note that DOGE’s resistance (red) and support (green) levels are converging on each other.
This may signal an eventual big move, and given that DOGE (and the rest of the market) has been somewhat subdued in recent weeks, it’s entirely arguable that we should go up soon.
Indeed, DOGE’s 24-hour trading volume has declined consistently in the past week or so, again implying that a bounce should arrive soon.
It’s also worth pointing out that the most recent data suggests that some whales had been accumulating DOGE during its recent downturn, preparing themselves for the next rally.
150,000,000 #DOGE (23,552,001 USD) transferred from #Robinhood to unknown wallethttps://t.co/Z7kyHDma8i
— Whale Alert (@whale_alert) April 16, 2024
Of course, it’s hard to say when the next significant rally will arrive, with the wider market being in something of a semi-funk following the Bitcoin halving last week.
Yet given that the Federal Reserve is likely to introduce some rate cuts this year, we may see things become more bullish in the next few months.
And the Dogecoin price itself may benefit from more championing by Elon Musk, and perhaps from the rollout of digital payments on X.
It could reach $0.25 by summer, and potentially end the year at $0.4.
Newer Meme Tokens For Market-Beating Gains
DOGE is likely to see further notable rallies this year, yet its progress may be piecemeal and relatively modest, at least compared to previous cycles.
For this reason, traders seeking bigger, above-average gains may prefer to take a chance on newer meme coins, especially tokens which are holding presales and getting ready to list.
One of the best examples of this is Slothana (SLOTH), a Solana-based coin that has raised over $10 million in its hugely popular presale.
Prepare for a moonshot as we ready the engines of the Slothship! With the launch just around the corner, our slothful crew is gearing up for an epic journey through the crypto cosmos. Buckle up and hold onto your branches, because there’s just 6 days to go … pic.twitter.com/yHBrE3NP5x
— Slothana (@SlothanaCoin) April 22, 2024
Its sale will end in just under a week, so newcomers are advised to move quickly if they want to buy SLOTH at a discounted price.
It’s clear that many investors have already taken the opportunity to get in on the coin at the ground floor, with its launch arriving at a time when demand for Solana-based meme coins is still high.
One encouraging feature of Slothana is that it has already managed to build a sizeable community.
Its official X account now reaches 23,000 followers, who will prove pivotal in supporting the coin and sustaining it once it lists in the next week.
New investors can join them by going to the Slothana website, where they can buy SLOTH at a rate of 1 SOL for 10,000 SLOTH.
Once they purchase their SLOTH, they can then wait for next week’s airdrop, at which point they will also be able to sell the coin and potentially make some big profits.
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