DOGE has fallen by 6% in the past 24 hours, with the Dogecoin price dropping to $0.1559 as the cryptocurrency market as a whole suffers a 5% loss today.
This move puts DOGE down by 21% in a week, although the popular meme coin holds onto a 10% gain in the last 30 days and a 72% increase in a year.
Its dip today also follows a brief surge yesterday, when Elon Musk posted the latest in a long line of pro-Dogecoin tweets, boosting the coin’s volume.
And while the wider market is down, its decline today may be the precursor to a post-Bitcoin halving rally that could also benefit the Dogecoin price.
Dogecoin Price Prediction as Tweet By Billionaire Elon Musk Sends DOGE Volume Soaring – Is He Secretly Buying Again?
It’s entirely arguable that, based on DOGE’s indicators, it should recover and rebound in the near future.
Its 30-day moving average (orange) has declined well below its 200-day (blue), implying that it has bottomed out and should come back up again soon.
Source: TradingView
Something similar applies to DOGE’s relative strength index (purple), which has gradually recovered from sinking to 20 over the weekend, and which is now hovering around 50.
As such, it suggests that the market has oversold DOGE in recent days and that the meme coin should return to growth, at least if buyers want a discount.
DOGE’s volume does suggest that there’s enough interest in the coin to help it rise again pretty soon, with its level rising from about $2 billion last week to roughly $3.6 billion today.
Much of this volume comes from selling, although the past few hours have seen some big transfers off exchanges, as if whales are taking the opportunity to buy the dip.
pic.twitter.com/wXlbpNU97H
— Elon Musk (@elonmusk) April 15, 2024
It’s also possible that some of the volume stems from the aforementioned Elon Musk tweet, which saw the X owner allude to his role in boosting Dogecoin’s profile and keeping it in the spotlight.
This tweet did temporarily pump DOGE’s price a little, before the market-wide decline brought the meme coin down with it.
What it also does is underscore the possibility of additional support from Musk, whose X is planning to introduce digital payments this year.
If such payments end up including crypto and DOGE options, then the Dogecoin price could certainly balloon.
It would potentially break its ATH of $0.7316, although, without X payments, it may reach $0.30 by H2 2024.
High-Potential Alternatives to Dogecoin
In the event that some traders are unsure as to whether we’ll see DOGE payments on X anytime soon, they may prefer investing in low-cap alternatives that may rally as they grow and list on exchanges.
And there happens to be a new and very good alternative to Dogecoin on the market right now: Dogeverse (DOGEVERSE), a multi-chain meme coin that has raised more than $5 million in its increasingly popular presale.
Another great milestone to start the day! #DOGEVERSE surpasses the $5 million mark! #Cosmo thanks you all and could not be happier with our growing community!
Next stop – $5.5M #Crypto #Memecoin #Multichain #Ethereum pic.twitter.com/GKBGMDOg6X
— DogeVerse (@The_DogeVerse) April 16, 2024
Dogeverse will operate not only on Ethereum, but also on Polygon, BNB Chain, Solana, Avalanche and Base.
And because it will be a multi-chain coin, DOGEVERSE will have wider application and utility than many other meme coins.
Traders may end up using it on numerous trading platforms and apps, increasing its demand and ultimately supporting its price.
Also supporting its price will be its deflationary tokenomics, with the token’s supply capped at 200 million.
When combined with staking, such a cap could help bring about a supply squeeze, which in turn will again increase DOGEVERSE’s price over time.
Set to list in the next few weeks, investors can participate in the token’s sale by visiting the official Dogeverse website.
1 DOGEVERSE currently costs $0.000296, with this price rising every two days until the sale ends.
Based on its fundamentals and tokenomics, this price could rise massively once Dogeverse launches and its token lists on exchanges.
Buy DOGEVERSE Today
The post Dogecoin Price Prediction as Tweet By Billionaire Elon Musk Sends DOGE Volume Soaring – Is He Secretly Buying Again? appeared first on Cryptonews.