Dogecoin Price Prediction: DOGE Plunges 5%, But This Vote-To-Earn Meme Coin ICO Roars Toward $6 Million

The Dogecoin price plummeted 5% in the last 24 hours to trade at $0.4394 as of 3.40 a.m. EST on a trading volume that dropped 28% to $7 billion.

The crypto industry's first meme coin's price has fluctuated lately, but over the past five days, DOGE has followed a generally bullish trend that took it from $0.40 to $0.48. However, with the beginning of the new week, the coin experienced a price correction that brought it down to $0.43.

Most major cryptos are currently trading in the red, including Dogecoin. However, this is likely a temporary situation as there are signs of a possible recovery soon.

Dogecoin Price Prediction

The Dogecoin price experienced a sharp fall after a steady climb to the resistance level at $0.48. This could indicate that the coin's growth was healthy, but the decline was sudden, leading to undervaluation.

Therefore, Dogecoin may experience a price recovery in its pursuit of stability. The project's Bollinger bands have also widened significantly over the last 10 hours since the decline began. Wide bands are typically a positive sign, but in this case, the price has been stuck to the lower band, pushing it down, indicating a bearish trend.

On the other hand, the project's Relative Strength Index (RSI) fluctuated around the value of 50 yesterday, mostly between 40 and 60. Then, about 10 hours before writing, it spiraled down towards the oversold zone.

Since then, it has returned to fluctuations between 35 and 45 until it dropped to 30 four hours ago. Traders immediately reacted by buying the dip and pushing the RSI value back to 42. However, as bears still dominate the market, many used the opportunity to sell DOGE again.

The RSI dropped back to 30, where it remains. This time, traders seem more hesitant to buy, likely waiting for Bitcoin to make the first move and indicate a recovery before purchasing DOGE.

This presents an opportunity for those looking to acquire DOGE at a lower price, as it is likely to rebound once market conditions improve.