Dogecoin Price Prediction: DOGE Plummets 10% In A Week As This Play To Earn Meme Coin Races Towards $4 Million

Dogecoin Price Analysis

The Dogecoin price has dropped by 10% in the last week and 3% in the past 24 hours, currently trading at $0.1407 as of midnight EST.

Analyst Crypto Tony anticipates significant volatility for Dogecoin, noting that it remains in a price discovery phase.

According to Santiment data, DOGE has experienced increased whale activity since early June, with a surge in large transactions despite the narrow price range.

Dogecoin Price Prediction

Despite efforts by DOGE bulls to gain control, the price has remained bearish. The breakdown of the Fibonacci indicator's trendline indicates this attempt's failure.

Bearish momentum is currently dominating the market, reflected in the Relative Strength Index (RSI) below 50. The lower highs in this indicator point to growing overhead pressure, potentially leading to a further price decline.

The Moving Average Convergence Divergence (MACD) is also below its signal line, suggesting a potential sell signal or time to exit long positions.

With the current outlook, Dogecoin could test the $0.1300 level. In a bearish scenario, the downtrend could reach the market range bottom at $0.1214.

However, if the bulls regain momentum, Dogecoin could recover and overcome resistance from the descending trendline. This breakout could trigger a surge in buy orders and push the price into the Fibonacci Golden Zone, ranging from $0.1616 to $0.1865.

A successful break and close above $0.1865 would solidify Dogecoin's recovery and pave the way for further upward movement.

Promising Alternative to Dogecoin

The PLAY token, native to the PlayDoge project, has attracted attention as a potential meme coin with significant potential. This play-to-earn (P2E) game allows users to earn $PLAY tokens by caring for a virtual pet resembling DOGE. The token runs on the BNB Smart Chain, with the project exhibiting consistent growth.

For more information, refer to the following articles:

• How to Buy PlayDoge – $PLAY Presale Review
• PlayDoge Price Prediction – PLAY Price Potential in 2024
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