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Dogecoin Price Prediction as $500M In Trading Volume Comes In – Time to Buy?

Harvey Hunter
Last updated: | 2 min read
Today, the price of Dogecoin dipped slightly amid a broader market crash, which saw major memecoins fall 2.5-10%. An increase in trading volume suggests potential for recovery, however.

The Dogecoin price has decreased 2.07% over the past 24 hours, bringing it down to $0.133329.

In a pullback, Dogecoin has posted a weekly loss of 7.88%, following the trend of major cryptos like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), which have also retraced.

Although Dogecoin has fallen by 14.25% this month, it has still achieved a solid return of 114.47% – comparable to the gains of other leading cryptocurrencies.

Given that the coin’s trading volume has surged 15.13% to $467.72M over the past 24 hours, there may still be grounds for upside in the near term.

Dogecoin Price Retests Key Support – Time to Buy?

After dipping in the early hours of this morning, the Dogecoin price appears to be consolidating.

Doge price chart with technical analysis. Source: Binance.

Dogecoin has been trading within a tight range over the past three days, bound by strong resistance at the $0.13702 level (red) and strong support at the $0.13298 level (grey).

Most importantly, the meme coin is currently retesting its support. A successful rebound from here would likely continue the consolidation phase.

Dogecoin’s Relative Strength Index (RSI) (purple) has risen from 20 to 45 in the past hour, which could signal reduced selling pressure and a shift towards positive momentum.

Additionally, the 30-day moving average (yellow) is currently moving sideways below the 200-day moving average. This indicates short-term price stabilization and could set the stage for a reversal, presenting a potential buying opportunity.

Despite this, the 200-day moving average is still following a slight downtrend, indicating ongoing long-term bearish sentiment. This is likely credited to the overall negative market sentiment following the US Federal Reserve’s hawkish stance on inflation.

Traders Are Moving to Low-Cap Coins For Big Gains

With Dogecoin already having a substantial market cap of $19.30 billion, major gains may be limited going forward.

Therefore, traders seeking faster and more substantial returns may do well to explore newer low-cap meme coins ready for explosive growth.

PlayDoge ($PLAY) is the latest meme coin capturing the attention of meme fans, gamers, and crypto enthusiasts.

The meme coin market is over-saturated with Shiba Inu-themed coins boasting little to no real utility.

PlayDoge is built around gaming utility, transforming the iconic Doge meme into a play-to-earn Tamagotchi-style virtual pet, embracing 90s nostalgia.

Something which may credit $PLAY’s recent success, raising over $4.5M in its presale so far.

It will enable players to earn rewards by nurturing their pets and taking them on adventurous journeys. Timely feeding, training, and sleep all contribute to the rewards earned by the conscientious pet owner.

Leveraging the global appeal of the beloved Doge meme and the industry valued at $22B according to CoinMarketCap data, the growth potential is substantial.

Keep in touch with project developments by joining the community on X and Telegram.

Buy PlayDoge Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.