Dogecoin Goes Bearish, Here’s What Might Make Investors Rich
Dogecoin, the meme token that started as a joke, gained massive popularity in recent past years and has also been featured in the Futurama newly relaunched movie on Hulu in July 2023.
However, the asset has witnessed price fluctuations in the bearish trend, recording a price loss of nearly3% over the past year.Investors panic because of the downward movement, questioning the possibility of a bullish trend in the later weeks ahead.
Dogecoin's Price PerformanceThe token has demonstrated an unhealthy investment state since August 13, 2023; the selling pressure has remained prevalent, with an evident4% price loss from its value in the past 2 weeks.
Today, August 15, Dogecoin's price was down 1%, with a selling price of$0.0740at 06:53 EST in the last 24 hours.
Dogecoin's Technical Overview
The chart above shows that the coin is trading toward the lower band of the Bollinger indicator, indicating a bearish trend, and the red candlesticks show selling activities happening in the market.
Furthermore, the Moving Average Convergence Divergence (MACD) indicator is below the signal line but with red histogram bars.
This suggests that Dogecoin is bearish and validates the signal from the Bollinger bands. Also, Dogecoin's Relative Strength Index (RSI), at 49.24 in the neutral zone, approaching the oversold zone (30), indicates a loss in the market value and consolidates the signals from the two indicators above.
Investors willing to invest should wait for the price to fall further to the $0.0723 price level, which might be at the RSI 30 zone or below it. Perhaps, a trend reversal might occur in this zone, thereby giving them a chance to mark profit in the future.
Dogecoin's Support and Resistance Price Levels
The technical chart above reveals that the asset is under the influence of the bears. So, if these investors maintain the bearish trend, Dogecoin's price might drop to the $0.0700 support.
Also, more selling pressure could force the price below the support above. When it happens, investors might be gripped by fear.
This might stimulate a negative market sentiment and drag the asset's market price to the $0.0635 support as traders will sell off the asset to prevent further losses. Nonetheless, if the bulls take control of the market, the coin's value might increase to the $0.0828 resistance.
Note, Dogecoin is highly volatile and could witness a change in market behavior in the future. So, ensure you have done an in-depth technical analysis and risk management before investing.
Experts Predict Dogecoin's Future Market PriceSome technical analysts atBenzinga forecasted that in 2025 the coin might witness a possible yearly low at $0.27 and a yearly high at $0.33 but trade around an average price of $0.28.
By 2030, they also shared that the asset's value could record a price gain at $$2.21, trade within an average of $1.90, and a minimum price of $1.85.
A team of crypto experts atCryptoNewsZ predicted that by 2024, Dogecoin's value could be around $0.15 and $0.28 for the lowest and highest prices, respectively.For 2026, the team also stated that the asset's market price might have a possible yearly high of $0.45 and witness a minimum market price of $0.30.
A group of analysts atCoinPedia forecasted that in 2027, the coin's market price might be around $1.053, $1.3105, and $1.568 for the lowest, average, and highest prices, respectively.
By 2028, the group predicted that Dogecoin might have a minimum price of $1.349, an average price of $1.658, and a maximum price of $1.967.
What Might Influence a DOGE Rally?Dogecoin, which started as a joke, has been featured in the popular Futurama series now on Hulu. Futurama is known for portraying possible events in the future in a humorous manner.
In July 2023, the producers at Futurama relaunched the animated series on Hulu, including new episodes, and added Doge City in one of the scenes.
This move drew the attention of the Dogecoin founder, who expressed joy for what he saw as silly stuff making its way into the Futurama episode after a decade. Such exposure in the movie industry could affect the market behavior of the asset as it gains more exposure, interest, and possible demand.
Could Shibie Coin ($SHIBIE), Make Enormous ROI?Shibie has raised more than $263,000 in the presale. This means that the project is gaining investors' interest despite being new in the crypto meme sector. The project creator drew inspiration from the popular Barbie movie in terms of themes and colors obvious on the project's website.
Moreover, the project's founders aim to replicate Shiba Inu's success in 2021. They portrayed it as an offspring of Barbie and Shiba Inu dogs (Shiba Inu-Barbie crossbreed).
Remarkably, the team at the Shibie project has assigned 20% of the total token supply to the liquidity pool to ensure the token's price stability and foster healthy trading activities.
Furthermore, 5% of the total Shibie tokens is set aside for marketing, a smart move that could increase the visibility of the project and increase its adoption, which in turn may have a positive impact on its market value.
The project creators allocated 60% of the total token supply of 5 billion to the presale without buying restrictions.
Today, information obtained from the official presalewebsiteshows that the presale has ended after reaching its hard cap of $500 thousand, meaning that about 3 billion $SHIBIE tokens were sold out.
During the presale, a unit of $SHIBIE was sold for $0.000167, which was affordable and attracted the online investment community to the project. Some crypto analysts stated that early investors who purchased the digital asset could make 10X their return on investment.
To remain updated on the project's future events, go to theofficial website, and follow their social media handles.
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