DOGE Fell Sharply Yesterday; Is the Downward Trend Back While This New Meme Coin Gets More Eye Balls
The forerunner meme coin, Dogecoin (DOGE), saw a huge red candle yesterday, January 3, 2024, which triggered massive bearish market sentiment.Notably, as of 7:30 a.m. EST, DOGE is trading at $0.082 with a 1% price decline in the past 24 hours.
According to CoinMarketCap, Dogecoin has recorded a seven-day price decline of 10% and down by over 5% in the last 30 days, suggesting the bears are still very much in control.
Investors are now wondering whether the coin has changed direction to the downside or if it's just a minor correction.
However, the following price analysis might provide a valuable clue as to which direction DOGE is headed in the coming days.
Dogecoin Price ActionFrom the daily chart, DOGE's price has been following a descending channel since December 11, 2023. Usually, these channels have corrective movements. Yesterday, the price dropped below the channel's support trend line.
However, DOGE's bulls tried to prevent further downslide by exerting strong buy pressure. As a result, Dogecoin found a support of around $0.075, and after that, DOGE returned to the channel.
Dogecoin Price Analysis
DOGE's descending channel signals a deeper decline as support levels fail. The meme coin is below the Bollinger Band indicator, reflecting the weakened momentum and further decline.
Moreover, the moving average divergence/convergence remains below the signal line, indicating that the bearish sentiment still outweighs the bullish pressure.
For Dogecoin to reverse course, buyers must reenter in full force and reclaim lost support levels. If enough bullish volume returns, Dogecoin could regain its channel, and the price may reach 10 cents.
However, surging over 30% from the current level near $0.082 would require a lot of buying pressure.
The indicators show that DOGE has lost long-term channel support. Unless buyers quickly negate selling pressure, lower lows will likely persist.
Big DOGE Movements: Whales Make Major Transfers as Dogecoin Faces Price FluctuationsBig DOGE holders made large moves recently, causing a lot of speculations and uncertainties among investors who question their intentions. According to Whale Alert, these big holders moved 635 million tokens (worth $52 million) through Binance and Robinhood.
On Binance, 300 million DOGE (worth $24.62 million) was moved from an unknown wallet. Another 151.68 million DOGE (worth $12.49 million) went from Robinhood to an undisclosed wallet earlier.
Two more transfers of 102.27 million DOGE ($8.40 million) and 82.08 million DOGE ($6.74 million) headed to Robinhood.
Whales are selling their DOGE during the recent price drop, mostly to crypto exchanges. However, one move, shifting DOGE from Robinhood to an unknown wallet, suggests some are betting on DOGE's future rise.
Dogecoin Alternative: Meme KombatMeme Kombat, a new Play 2 Earn meme project on Web3, presents an attractive alternative for investors looking for low-cap projects with high returns.
Unlike most meme coins, Meme Kombat has a utility that could ensure its relevance and maintain a stable future price. Therefore, some experts think it would likely outperform gems like PEPE & BONK.
Meme Kombat: Fun, Profitable Play-to-Earn Web3 Project Surpasses $5.9M in Presale
Meme Kombat has raised over $5.9 million in its presale. Its ability to combine AI and blockchain for a unique gaming experience has attracted massive investor interest.
Players can stake coins, play games, and more. It features popular meme characters and promises more excitement as it continues to unveil new ones and reward opportunities.
Betting on battle outcomes will give users an extra $MK tokens, while staking $MK allows them to earn more with a fantastic Annual Percentage Yield (APY) of 157%. Over 25 million MK tokens have already been staked.
Some experts predict Meme Kombat to be one of the best meme coins in 2024, with a 10x surge potential after listing on exchanges.
Now is the best time to key in for higher future gains. You can buy the token at the presale page using either ETH or USDT.
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