Dogecoin’s price experienced a slight decline today amidst a broader market crash where major memecoins fell between 2.5-10%. However, an increase in trading volume suggests the potential for recovery.
The price of Dogecoin has dropped by 2.07% in the past 24 hours, resting at $0.133329. Despite this, Dogecoin has seen a weekly loss of 7.88%, in line with other major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) which have also retraced.
Even though Dogecoin has experienced a 14.25% decrease this month, it has still managed to achieve a return of 114.47%, similar to other leading cryptocurrencies in the market. With a notable surge in trading volume of 15.13% to $467.72M in the last 24 hours, there may be potential for an uptick in the near future.
As Dogecoin retests key support levels, it may be a good time to consider buying. The coin has been consolidating within a tight range, with strong resistance at $0.13702 and solid support at $0.13298. The current retest of support could lead to a continuation of the consolidation phase.
The Relative Strength Index (RSI) for Dogecoin has risen from 20 to 45 in the past hour, indicating a potential reduction in selling pressure and a shift towards positive momentum. Additionally, the 30-day moving average is stabilizing below the 200-day moving average, suggesting a possible reversal and a buying opportunity.
While the long-term bearish sentiment is still present due to the overall negative market sentiment following the US Federal Reserve’s stance on inflation, traders are looking towards low-cap coins for significant gains. With Dogecoin’s substantial market cap of $19.30 billion, exploring newer low-cap meme coins like PlayDoge ($PLAY) could lead to faster and more substantial returns.
PlayDoge is a meme coin centered around gaming utility, offering a play-to-earn Tamagotchi-style virtual pet experience that appeals to meme fans, gamers, and crypto enthusiasts. With a successful presale raising over $4.5M, PlayDoge leverages the global appeal of the Doge meme and the gaming industry to potentially see substantial growth.
As always, investing in crypto is high-risk, and this information is provided for informational purposes only. Consider all risks before making any investment decisions.