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Dogecoin Price Could Crash 23% as DOGE CEO Challenges SHIB Community

Published

3 months ago

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Dogecoin (DOGE) price reflex recovery from Monday’s drastic crash seems to be struggling to maintain momentum despite signals that the network could soon launch a Web3 gaming community.

Gaming is Coming on Dogecoin

According to a post by Jordan Jefferson, the founder and CEO of the Dogecoin wallet MyDoge, gaming will soon launch on the largest meme coin network. In a surprise move, Shiba Inu’s lead developer, Shytoshi Kusama, took a swipe at the upcoming Web3 game, drawing attention to the SHIB ecosystem’s “Shiba Eternity” game. However, Jefferson argued that “both communities can battle in this game across both chains.”

Dogecoin’s move to tap into web3 gaming could increase the token’s utility despite Kusama ‘laughing’ at the idea. Like Shiba Eternity, the new game on the network will increase demand for DOGE price, which has been struggling to stay above the recently reclaimed $0.1 support.

Dogecoin Price Risks a 23% Drawdown

Dogecoin price holds slightly above short-term support at $0.1. This follows an upswing from $0.08 support and a rejection at $0.108. Bulls intend to push DOGE to reach the next crucial target of $0.2, however, the presence of a death cross pattern in the daily timeframe, suggests downside risks are still apparent and cannot be ignored.

Note that a death cross pattern occurs when a short-term moving average, like the 50-day EMA in Dogecoin’s case, crosses below a long-term one, such as the 200-day EMA, pointing to potential bearishness.

Based on this Dogecoin price forecast, traders may read this as a sell signal or tighten stop-loss orders as long as they can validate the bearish thesis using other indicators.

The Moving Average Convergence Divergence (MACD) has not recovered from the current sell signal, which could be weighing on the Dogecoin price and holding it back.

DOGEcoin price chart | TradingviewDOGEcoin price chart | Tradingview
DOGE price chart | Tradingview

As traders prepare to brace for the impact of the death cross, they should be aware of the falling wedge in the daily time range. This bullish reversal pattern formed when the Dogecoin price corrected from its $0.2288 peak in March, touching three higher lows and three lower lows.

Linking these price points using trend lines forms a falling wedge, which could blast DOGE 58% higher to close the gap to $0.2. The target is determined by measuring the distance between the first swing high and the first swing low, which is then added above the breakout point. The stop loss would be placed slightly below the breakout point for risk management.

Frequently Asked Questions (FAQs)

Shytoshi Kusama laughed at the idea, drawing attention to the “Shiba Eternity” game.

Gaming will drastically expand DOGE’s utility, increasing demand and accelerating growth.

Despite the recovery above $0.1, Dogecoin faces a looming death cross, a bearish signal that could trigger a sell-off to $0.08.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Why Dogecoin May Benefit Most From A Donald Trump Victory

Published

5 days ago

on

November 5, 2024

By


The Dogecoin price is the biggest gainer among the top cryptos by market cap on the eve of the US election. This says a lot about how the foremost meme coin could benefit most from a potential Donald Trump victory, especially with Elon Musk’s involvement.

Why Dogecoin Could Benefit The Most If Donald Trump Wins

Crypto analysts have provided a bullish outlook for Dogecoin and suggested that the meme coin is in the best position to benefit from Donald Trump’s potential win in the US presidential elections. In an X post, crypto analyst and trader Satoshi Flipper predicted that the top meme coin could rise to $1 if Trump wins.

ImageImage

He made this prediction while remarking that Elon Musk and the US government (under the Trump administration) will post above about the Department of Government Efficiency (D.O.G.E) non-stop for the next four years. Musk’s proposed D.O.G.E has pumped the DOGE price several times, especially whenever the world’s richest man referred to it, including at a Pennsylvania town hall last month.

D.O.G.E, a term Musk coined, could be his way of indirectly shilling the meme coin in this bull run. The world’s richest man has never hidden his fondness for the meme coin because he likes memes and dogs.

Interestingly, Musk recently posted a meme in which he joked about mainstream media having to cover D.O.G.E. At the same time, he remains silent and doesn’t even have to shill the meme coin since the media will be doing the job for him. Dogecoin co-founder Billy Markus replied to the post, saying that was why he is most excited about a potential Trump victory.

DOGE is The Most “Strategically Positioned” Crypto

In an X post, Crypto analyst Master Kenobi said that he believes Dogecoin is the most strategically positioned crypto asset. He mentioned Elon Musk’s D.O.G.E proposal and alluded to its impact on the meme coin. He remarked that the department could indirectly impact the meme coin, which the analyst claimed would be “super interesting and super funny.”

Master Kenobi further asserted that he is confident that Elon Musk will make other bold moves regarding how he shills Dogecoin in this bull market. The analyst envisages a scenario where Musk puts a DOGE sticker on SpaceX and sends the meme coin literally to the moon.

Meanwhile, crypto analyst Kevin Capital revealed a bullish pattern forming on DOGE’s chart ahead of the US election. The analyst noted that the daily and weekly golden cross is pending for the meme coin right before a potential Trump victory and implementation of the D.O.G.E. department.

In the meantime, these bullish patterns forming for DOGE and the price rally ahead of the US elections show that traders are betting massively on the meme coin being one of, if not the biggest, gainers from a Donald Trump victory.

The latest Polymarket data shows that Trump’s odds of winning have surged just before tomorrow’s elections. The former US president has a 57.7% chance of becoming the next president. Meanwhile, Kamala Harris’ odds are at 42.3%.

ImageImage

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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4 XRP Competitors to Buy to Turn $1 to $1000 in 2024

Published

2 weeks ago

on

October 24, 2024

By


The cryptocurrency market is showing signs of recovery, with several XRP competitors emerging as strong contenders. These coins have demonstrated remarkable growth, making them potential investments to transform $1 into $1000 by 2024.

4 XRP Competitors to Buy to Turn $1 to $1000 

The XRP price remains steady at $0.52, while Bitcoin holds at $67K and Ethereum stays above $2,500. Here are four XRP competitors to consider for 2024 investments.

Solana (SOL) 

Solana (SOL), an open-source blockchain, is gaining momentum in decentralized finance (DeFi). Supporting decentralized applications (DApps), the latest SOL price has surged by 4% to $173 in the past 24 hours. 

Over the last year, the layer one market value soared by over 452%, showcasing strong market growth. Solana is emerging as a major XRP competitor, attracting investors seeking high returns in 2024.

According to Coinglass data, Solana’s derivatives market has seen significant activity. The total volume increased notably, with open interest rising, reflecting growing market participation. Options trading volume has expanded, with a corresponding rise in open interest. These metrics highlight Solana’s increasing traction in derivatives, signaling strong investor interest.

4 XRP Competitors to Buy to Turn $1 to $1000 in 20244 XRP Competitors to Buy to Turn $1 to $1000 in 2024
Source- Coinglass

Dogecoin (DOGE)

Dogecoin (DOGE), a major meme coin featuring a Shiba Inu from the “doge” meme, has recently experienced a significant price increase. Rising by 13% in the past week, the price of DOGE has climbed to $0.138. Over the last year, its value surged by 106%, indicating growing interest in the cryptocurrency. This positions Dogecoin as a competitor to XRP in the crypto market.

The whale transaction count for Dogecoin has surged significantly, indicating increased activity from large holders. As of late October, transactions above $100,000 saw a noticeable rise, coinciding with a price. This trend highlights heightened whale interest and potential market movement for Dogecoin.

4 XRP Competitors to Buy to Turn $1 to $1000 in 20244 XRP Competitors to Buy to Turn $1 to $1000 in 2024
Source- Santiment

Toncoin (TON)

Toncoin (TON) is gaining attention for its cutting-edge layer-1 blockchain technology, offering fast transactions and low fees. Currently priced at $5.19, it has experienced a 1% dip in the past 24 hours. Despite this, Toncoin has skyrocketed by 1127% over the past year. This strong performance positions it as a potential XRP competitor in 2024.

TON currently has a total value locked (TVL) of $390.12 million. This reflects the growing interest and confidence among investors in the platform. The increasing TVL indicates that more assets are being held within TON, highlighting its potential for future growth in decentralized finance (DeFi).

4 XRP Competitors to Buy to Turn $1 to $1000 in 20244 XRP Competitors to Buy to Turn $1 to $1000 in 2024
Source- DeFiLIama

Cardano (ADA)

Cardano (ADA), a leading third-generation blockchain, has gained attention for its energy-efficient proof-of-stake (PoS) protocol, which contrasts with traditional proof-of-work (PoW) systems. 

Over the past year, the ADA price has increased by 21% despite a recent 4% dip, trading at $0.3414. As XRP competitors rise, investors are eyeing potential gains, hoping to turn $1 into $1,000 by 2024.

If the ADA price breaks through the $0.4 resistance level, it could see a bullish reversal. This movement may push ADA toward the next significant resistance point at $0.5 in an upcoming rally.

4 XRP Competitors to Buy to Turn $1 to $1000 in 20244 XRP Competitors to Buy to Turn $1 to $1000 in 2024
Source: TradingView

As the market remains volatile, XRP competitors present opportunities for investors. With notable growth trends, these cryptocurrencies may turn modest investments into substantial profits by 2024. Investors should closely monitor these promising coins for potential high returns in the upcoming year.

Frequently Asked Questions (FAQs)

XRP competitors are alternative cryptocurrencies showing potential for significant growth. They offer opportunities to multiply investments by 2024.

Toncoin’s $390 million TVL reflects increased investor trust, making it a promising option for future growth in decentralized finance (DeFi).

Yes, as these cryptocurrencies show impressive growth trends, they present opportunities for turning small investments into significant profits by 2024.

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Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Analyst

Analyst Says Dogecoin Price Looks ‘Ready’, Predicts 5,202% Surge

Published

2 weeks ago

on

October 23, 2024

By



Este artículo también está disponible en español.

Despite the demand for meme coins waning, a crypto analyst has claimed that the Dogecoin price could be on the verge of a parabolic 5,202% price surge. Lately, the price of Dogecoin has been on a major decline, failing to break key resistance levels. However, with this new prediction by the crypto analyst, Dogecoin could see its value potentially increasing to new highs. 

Dogecoin Price To See Massive 5,202% Pump

A crypto analyst identified as ‘Zero’ on X (formerly Twitter) has expressed excitement about an incoming price pump for Dogecoin. The analyst suggested via his post that the Dogecoin price looks ready for a major rally, likely due to favorable market conditions and key technical indicators. 

Sharing a historical chart illustrating the DOGE price movements from as far back as 2014, Zero pinpointed periods when the Dogecoin price experienced massive rallies, specifically during the bull run that followed each Bitcoin halving event. 

Dogecoin price
Source: X

From 2017 to 2018, the analyst disclosed that the price of Dogecoin had skyrocketed by 9,226.49%. After experiencing a bear market and a prolonged period of price fluctuations, the meme coin witnessed another massive surge between 2020 and 2021. At the time, Dogecoin had recorded a whopping 30,693.75% price increase, leading to its current all-time high of $0.74.

Based on these bullish trends, Zero has predicted that the Dogecoin price could see its next rally between 2024 and 2025. He forecasted that the popular meme coin could experience a whopping 5,202.19% price increase towards the $5 mark. This massive surge in value would effectively push Dogecoin above its previous all-time high in 2021. Moreso, assuming the cryptocurrency can hit $5, this would represent a 50X increase from its current price of $0.139. 

Moving forward, Zero has declared that this projected price increase has been a long-awaited moment for DOGE holders, suggesting that there has been a build-up of anticipation for a bull run over the past three years. In addition to a Dogecoin price increase, the analyst also expects Bitcoin (BTC) to surge to new highs. 

A DOGE ATH Could Be Closer Than Investors Think

Many analysts in the crypto market appear to be highly optimistic about Dogecoin’s price outlook. Notably, a crypto analyst on X, identified as ‘CEO’ has told his 471,600 followers that the Dogecoin price could be getting ready for another all-time high soon.

The analyst revealed that the meme coin’s price action is repeating a 2020 reversal box pattern, indicating a potential for a price breakout. Moreover, Dogecoin is forming three higher lows and already breaking resistance, signalling that a big pump might be underway. Sharing a price chart highlighting Dogecoin’s bullish technical indicators, the analyst has projected that the cryptocurrency could see a continuous surge above $0.4 soon. 

Dogecoin price chart from Tradingview.com
DOGE price continues descent | Source: DOGEUSDT on Tradingview.com

Featured image created with Dall.E, chart from Tradingview.com



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