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

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1 month 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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Is Dogecoin Dead In 2024? A Look Into Its Future

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1 week ago

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September 12, 2024

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The leading meme coin Dogecoin has been on the investors’ radar lately, as evidenced by the soaring hype over the crypto. However, despite the hype, the crypto has witnessed gloomy trading lately, dropping more than 54% from its yearly high of $0.2266 noted in March end. Having said that, discussions have sparked if DOGE is dead in 2024.

Is Dogecoin Dead In 2024?

The losing momentum of this one of the top meme coins has fueled concerns among some investors, sparking concerns over the potential future of the crypto. However, the recent developments highlight that crypto could witness a strong rebound. In other words, it is less likely that Dogecoin will be dead in 2024.

The recent backing from Elon Musk has fueled market optimism, aiding in a recovery of the meme coin. In addition, Musk revealed his willingness to accept DOGE as a payment option for Tesla merchandise. In addition, Notably, this comes after Elon Musk and Tesla secured victory in the dismissal of the Dogecoin lawsuit, which accused them of manipulating the crypto for personal gains.

Considering these backings and the anticipation of a broader financial market rebound, the meme coin is still likely to be appealing to many. In addition, the recent surge in whale activity also indicates a bullish momentum for the crypto.

What’s Next For DOGE?

As of writing, DOGE price traded near the flatline at $0.1022 over the last 24 hours, with its trading volume dropping nearly 20% to $426.75 million. Besides, CoinGlass data showed that DOGE Futures Open Interest (OI) fell over 2% to $456.5 million, while the Options OI rocketed 106% to $680.66K. However, the meme coin has added nearly 5% over the last seven days.

Meanwhile, recent Dogecoin price prediction indicates that the crypto could end the year at $0.111, signaling further gains. Besides, a flurry of market watchers anticipates the latest Musk backing and other market factors could send the prices to at much higher level. For context, another DOGE price analysis suggests that the crypto target is $0.21 in a bull market.

The possible US Fed rate cut in 2024 is likely to boost the broader financial market sentiment, which in turn could boost the crypto’s price. Simultaneously, the upcoming US Presidential election is also expected to be bullish for the digital assets market, which could aid in a broader market recovery. Having said that, it appears that the top meme coin is poised for a rally in the coming days.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.

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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Elon Musk Endorses DOGE Amid Legal Win, Price To Hit $0.1?

Published

2 weeks ago

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September 7, 2024

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The tech mogul Elon Musk has secured a win in the Dogecoin lawsuit, attracting the investors’ attention. The court dismissed claims that Musk and Tesla’s DOGE promotions misled investors. Following the win, Musk’s active endorsements of the meme coin reignited market excitement, prompting speculation on whether the meme coin could reach $0.1.

Elon Musk Secures Big Win In Dogecoin Lawsuit

The US District Court for the Southern District of New York ruled in favor of Elon Musk and Tesla, dismissing the Dogecoin lawsuit that accused them of misleading investors. Plaintiffs claimed that Musk’s promotional social media posts and comments, including calling DOGE the “future currency of Earth,” were false and manipulative.

However, the court labeled these statements as “aspirational and puffery,” not factual claims investors could rely on. The judge stated that the claims did not meet the criteria for a market manipulation lawsuit, ultimately closing the case in Musk’s favor.

In addition, the lawsuit alleged that Tesla and its CEO engaged in a “pump and dump” scheme and insider trading. The court found these accusations unsubstantiated, ruling that the allegations lacked a clear basis. With the dismissal, the court ended the long-standing legal battle, marking a notable victory for Musk and his advocacy of one of the top meme coins.

DOGE Price To Hit $0.1 Amid Musk’s Endorsements?

Following his legal win, Elon Musk has ramped up his public endorsements of Dogecoin, sparking renewed investor interest. In a recent post on X, the tech mogul hinted at the potential return of DOGE payments for Tesla merchandise.

When prompted by a user asking if Tesla should bring back DOGE payments, Musk simply replied, “ME” igniting speculation that Tesla could reintroduce the meme coin payments, possibly extending to its vehicles in the future.

Meanwhile, this isn’t his first show of support for the meme coin. Earlier this year, he voiced his enthusiasm for the dog-themed meme coin at an event in Tesla’s Giga Berlin facility, affirming his belief in the cryptocurrency’s potential. His endorsements have consistently influenced the crypto’s market movements, and this latest series of comments add fuel to ongoing speculation.

Further demonstrating his support, Musk engaged in another conversation about DOGE’s potential to address financial restrictions. When a X user suggested that the meme coin could fix systemic financial issues, Musk replied, “Hmm … you make a good point” further bolstering investor confidence in the crypto.

Amid this, DOGE price soared nearly 4% to $0.09493, with its trading volume declining 19% to $546.11 million. Simultaneously, DOGE Options Open Interest soared 96% to $138.36K, CoinGlass data showed. On the other hand, a recent Dogecoin price analysis suggested that the meme coin could rally to $0.15 with a robust rally in a bull run.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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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Dogecoin Price To Skyrocket 74% As Addresses Hit 6.56M

Published

1 month ago

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August 15, 2024

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Dogecoin price sideways movement since last week has left traders conflicted about whether to focus on longs or shorts. A complex amalgamation of factors, including the US CPI report, on-chain data, and Bitcoin price volatility, has contributed to this conflict.

DOGE Price $0.1 Support Holds Steady

Dogecoin price traded at $0.1042 on Thursday, marking a 1.8% daily gain and a 4.2% weekly increase. Despite recent short-term improvements, the DOGE price remains down 14.2% over the past month, indicating ongoing challenges for bulls.

IntoTheBlock’s addresses metric highlights a continued increase in the total number of Dogecoin addresses with a balance. In the last eight months, addresses in the ecosystem grew 20.1% to 6.56 million from 5.43 million. Dogecoin price decline since Q1 hasn’t dampened adoption, suggesting growing investor confidence. An increased user base could fuel a future price rally.

Dogecoin addresses stats | IntoTheBlockDogecoin addresses stats | IntoTheBlock
Dogecoin addresses stats | IntoTheBlock

According to Coinglass data, a 3.35% increase in open interest to approximately $487k points to growing market participation, potentially reflecting accumulating bullish bets. Similarly, a 60% surge in options volume calls attention to increased derivative activity, which often precedes notable price moves.

At the same time, a 47% jump in options open interest highlights growing volatility expectations and shows the apparent potential for large price swings. Traders will continue to approach Dogecoin price with caution and consider other technical insights to avoid being caught on the wrong side of the trend.

Dogecoin derivatives stats | CoinglassDogecoin derivatives stats | Coinglass
Dogecoin derivatives stats | Coinglass

Dogecoin Price Analysis: DOGE Set For Reversal

Dogecoin price technical outlook will stay steadily bullish as long as support at $0.1 is protected. Traders would be willing to bet on a larger price increase should DOGE overcome resistance at $0.11, which coincides with the falling wedge pattern’s upper trend line.

The falling wedge occurred as Dogecoin price created lower highs and higher lows, converging towards a point. Note that a breakout above the upper trendline signals a potential 74% bullish reversal, inching closer to $0.2. The distance between the first swing high and the first swing low determines the breakout target, which is projected upwards above the trend line. Traders will buy on breakout, using a stop-loss slightly below the trend line breakout point.

Dogecoin price chart | TradingviewDogecoin price chart | Tradingview
Dogecoin price chart | Tradingview

As per DOGE price prediction, support at $0.1 is the lifeline for immediate recovery and continued action to $0.2. However, if broken, previously bullish-leaning investors will switch to short positions, amplifying sell-side pressure and accelerating another crash to $0.08 and $0.056 levels.

Frequently Asked Questions (FAQs)

Yes, increasing network growth is generally positive for Dogecoin. It indicates growing user interest and adoption, which can positively impact the token’s price.

With a staggering 74% breakout, Dogecoin will start a new bullish phase above $0.2 as optimism for ATH improves.

This support may determine whether Dogecoin gains immediate momentum toward $0.2 or drops to test $0.08 or $0.56 support levels before resuming the uptrend.

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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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