Dogecoin DOGE Price Slumps, Will it Recover and Hit $0.10?
After a short upward movement, the DOGE price is now falling. This slight price drop might be due to some investors taking out a profit when it gained. With the current sentiment, many wonder whether the coin will rise again and break the $0.1 level.
Dogecoin's price is at $0.080 with a volume of over $600 million. According to data, both its volume and price are down today by 29.9% and 4%, respectively. With a market cap of $11.97 billion, Dogecoin is now below the top 10 crypto assets.
This shows how strong the bearish sentiment is at the moment. However, even though Dogecoin is down today, February 21, 2024, its high volume suggests that interest in the coin is still high.
Also, Dogecoin's price is stable above the $0.080 support level, which prevents further drop. This means that there's still hope for the coin to bounce back.
Dogecoin's Daily Chart Stays Bullish - Price Analysis
Though the price is lower today, DOGE is still in a bullish period in the long term. Looking at the price chart, the bulls are keeping the price above $0.080. This is an important support level that is holding the price from dropping.
If the price can close today above the minor resistance at $0.085, it could turn sentiment positive again. The next price targets to watch are around $0.090 and $0.100. But the price will likely pull back some before hitting those levels to bring in more buyers.
The MACD indicator shows the market is still bullish overall, even though bears have short-term control. The MACD line is above the signal line, making green histogram bars.
Other indicators like the SMA and RSI also signal bullish conditions. Dogecoin's price is staying above the SMA lines, while the RSI is in the middle at 51.
Overall, the charts suggest DOGE is still in an upward trend despite some recent weakness. The bullish indicators point to more potential gains for Dogecoin ahead.
Based on this analysis, Dogecoin could close this year at $0.12. In addition, a certified Elliot Wave analyst, Hov, predicted that Dogecoin is preparing to start going up significantly. But always do your own research before investing.
Big Investors Grab More DOGE, Will it Push Price Again?More and more big Dogecoin transactions are happening lately. According to IntoTheBlock, these transfers are over $100,000 in value. Just two days ago, there were over 1,100 Dogecoin transactions of this kind.
Dogecoin has processed more than 1M transactions every day since the 30th of January! pic.twitter.com/dpj83QLQr2
- IntoTheBlock (@intotheblock) February 19, 2024
Over the past week, the number of these large transactions hit a peak of 1,380. Even at the lowest point in this same period, there were still 959 big transactions. The total dollar value of these large Dogecoin transfers is also going up.
On February 20 alone, the value of big transactions was around $1.09 billion worth of Dogecoin.
At its peak this week, the value of large transactions hit $1.4 billion in one day.These numbers matter because they show big investors are moving lots of Dogecoin around. When crypto whales make such big transfers, it often means they believe in the coin's future.
More confidence from major holders could raise demand for Dogecoin. Also, as more whales buy up Dogecoin, the increased scarcity can push the price higher. If this surge in large transactions continues, more regular investors may buy Dogecoin too and help drive the price up even to hit $0.1.
However, while Dogecoin is preparing to rally, investors might consider Sponge V2 already making a name in the crypto space.This project has the potential of giving early buyers 10x ROI based on its upcoming features.
Dogecoin Alternative: Sponge V2
The new Sponge V2is building on the success of the original Sponge token. Moreover, with the play-to-earn gaming feature, lots of gamers will likely join the platform, increasing the demand for the token. Notably, when the demand is high, the price tends to follow.
Sponge V2 recently shifted to the Polygon network. The buzz gave early investors a profit of more than 50%.Right now, Stakers who use Polygon can earn up to 929% yields just by staking their Sponge V2 coins.This percentage was around 1391% just a few days ago.
This means that as more people join in, the reward gets smaller. So, hurry up before it goes down to 100% or even 50%. So far, over $8.5 million worth of Sponge has already been staked on Polygon by eager users. The project is gaining momentum fast.
While some doubt meme coins, the original SpongeBob token proved skeptics wrong. It reached a $100 million market cap and made early holders tons of money. Now, you can join the upcoming gainers by purchasing the token. So, head straight to the official site and connect your wallet to the platform.
You can buy it using either ETH or USDT. With play-to-earn gaming, staking rewards, and a proven meme coin model, Sponge V2 offers multiple ways to make money.Thankfully, its presale lets you get in early before the hype builds. Don't miss out on big potential gains.
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