Dogecoin Price Prediction: DOGE Plunges 8% As The Blowout Dogeverse ICO Soars Towards $7M

By Inside Bitcoins
about 1 month ago

The Dogecoin price plunged 8% in the last 24 hours to trade at $0.144 as of 04:37 a.m. EST on trading volume that rose 1% to $2.1 billion.

This comes as DOGE remains the best performer over the past month among the top meme coins by market capitalization. The DOGE price climbed 12% during that period, while Shiba Inu (SHIB) and Pepe (PEPE) plunged by 12% and 21%, respectively, and Dogwifhat (WIF) gained 4%.

Dogecoin Price Gearing Up For A Trend Reversal

Dogecoin Price Chart Analysis Source:
DOGEUSD Chart Analysis Source:

On the 1-day chart, Dogecoin has been at a consolidation level in 2023, trading within the $0.05 and $0.10 ranges as the bulls struggled with the bears for dominance. However, at the end of February this year, the bulls seem to have won the struggle, driving the price to a yearly high of $0.22.

The $0.22 mark acted as the immediate resistance, as the bulls have been unable to reclaim this mark, fluctuating within the boundaries of the bullish pennant.

DOGE is trading below the 200-day Simple Moving Average (SMA), a confirmation of the bullish potential for the upside in the long term. Suppose the bulls sustain the bullish potential to push the price; DOGE would overcome the 50-day SMA hurdle around $0.17, further confirming the looming bullish rally.

Additionally, from the readings of the Relative Strength Index (RSI), the Dogecoin investors are on a selling spree, with the RSI dropping towards the 30-oversold level, currently at 39. An oversold asset often opens up buying opportunities for other investors, which could eventually trigger a trend reversal.

Dogecoin Price Prediction

The Dogecoin price analysis shows that DOGE is currently on a downtrend but with a looming price reversal, supported by the golden cross at $0.06 and the formation of the bullish pennant pattern.

With the RSI paving the way for more buys, the DOGE bulls hope to propel the price to the next target of $0.25 after breaching the $0.22 resistance.

However, in an inverse scenario, the bears could still sustain the downtrend. In this case, the bulls could find support at the $0.102 level, which coincides with the 200-day SMA.

Meanwhile, other investors are looking to Dogeverse (DOGEVERSE), a newly launched cryptocurrency that has raised over $6.8 million in funding.

Dogeverse Presale Hurtles Past $6.8 Million

The project is unique in being built on a multichain network spanning Ethereum, BNB Chain, Polygon, Solana, Avalanche, and Base.

The project is being launched at a strategic time to capitalize on the upcoming International Doge Day on April 20, when the hype around DOGE reaches fever pitch.

Dogeverseโ€™s mascot, Cosmo the Doge, can hyperjump between crypto networks. Giving $DOGEVERSE the ability to move across chains, makes the token more accessible, reducing challenges, and increasing its utility in the meme coin world.

It also has a staking system that allows holders to earn rewards by staking their $DOGEVERSE tokens on Ethereum. There is an estimated annual percentage yield (APY) of 159%, which reduces as more tokens are staked.

According to ClayBro, a prominent crypto analyst on YouTube, says he bought the tokens and believes Dogeverse will open the door to new possibilities for other dog-themed meme coins.

You can participate in the presale by buying $DOGEVERSE for $0.000297 per token. Buy soon if you are interested because a price hike is coming in slightly more than one day. 

Buy $DOGEVERSE on the official website here using ETH, USDT, or a bank card.

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