Dogecoin Price Prediction 11 June: DOGE Falls 10% – Dip-Buying Opportunity?
The Dogecoin price has dropped by 2% in the past 24 hours, with the meme token’s fall to $0.1416 also marking a big 10% loss in a week.
DOGE’s slip today comes as the crypto market as a whole declines by 2.5%, following Bitcoin’s stumble to just over $67,000 overnight.
But while Dogecoin has also lost 14% in a fortnight, the altcoin holds onto a healthy 125% rise in the past year.
This longer-term momentum should help it recover soon, and its discounted price is likely to entice new buyers very soon.
Dogecoin Falls 10% – Dip-Buying Opportunity?
DOGE’s chart looks pretty bad at the moment, but the implication of its current state is that the meme token’s price should rebound strongly very soon.
Its relative strength index (purple) is a case in point, having dropped just below 30 a couple of hours ago, and looking like it may have just about begun recovering.
Also at a bottom is DOGE’s 30-day moving average (orange), which has fallen very sharply below the 200-day average (blue) in the past few days.
Normally, the 30-day doesn’t fall that far below the 200-day without recovery coming soon after, so it does seem likely that DOGE will bounce back up soon enough.
🚨 🚨 200,000,000 #DOGE (28,790,166 USD) transferred from #Robinhood to unknown wallethttps://t.co/vkE6kqwdcI
— Whale Alert (@whale_alert) June 10, 2024
Indeed, it’s clear that some whales have been stepping in to buy Dogecoin at its lower prices, as suggested by recent transfer data.
This signals an expectation on the part of whales that DOGE will recover strongly sooner or later, most likely in line with the wider market.
As to when the market will see a sustained recovery, this could be when the Federal Reserve begins cutting its rates.
We recently saw a 0.25% cut from the European Central Bank, with the Bank of England likely to follow soon, so it may be only a few months before the Fed introduces its own reductions.
Cryptocurrency prices will likely rise soon after cuts arrive, with the Dogecoin price joining for the ride.
𝕏 Payments – 23/50 States ✅ pic.twitter.com/wIl0QJu5Bz
— DogeDesigner (@cb_doge) March 28, 2024
It could reach $0.18 by the end of the summer, while any significant development in X’s plans to introduce digital payments could send it even higher.
Bigger Gains with Newer Meme Tokens
The problem with DOGE is that, as a majorly established meme coin, it probably won’t experience the dramatic gains that typified its earlier life (unless we really do get DOGE payments on X).
For this reason, traders looking to beat the market will probably be better off turning towards one of the more promising new meme coins available right now.
One of the best of these is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised just over $3.7 million in its recently launched presale.
https://twitter.com/PlayDogeGame/status/1800186659369316847
PlayDoge has been able to attract investors by virtue of its strong fundamentals, with the project launching a play-to-earn game in which users can breed, trade and complete missions with virtual pet dogs.
The game is modelled after the popular Tamagotchi series of virtual pets that first emerged in the late Nineties, and accordingly it features nostalgic 8-bit graphics and an endearingly retro vibe.
This seems to be working well in pulling in investors and supporters, with the token’s official X account now having more than 3,500 followers, despite launching barely a month ago.
Also of note is PLAY’s tokenomics, with the coin having a total max supply of 9.4 billion, potentially making it deflationary over time.
Users will also be able to stake the coin, something which could result in much (or most) of its supply leaving circulation.
In other words, the PLAY price could rise massively over time, with investors able to join its sale by going to the PlayDoge official website.
1 PLAY currently costs $0.00506, with this price rising by $0.00001 every couple of days, until the end of the sale.
And once it ends, it will list on exchanges, where it could have one of the biggest openings of the year.
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.
