Dogecoin Price Prediction as Meme Coin Google Trends Data Shows Decline - Time to Sell DOGE?
Memecoin season has enjoyed a sensational run over the past two months, but as interest appears to be dwindling many fear Dogecoin (DOGE) could be the next to tank? Find out in this Dogecoin price prediction.
The 2023 memecoin season was ignited in April as now #71 ranked cryptocurrency Pepe coin (PEPE) gained explosive traction that powered a 50,000% gain for the earliest investors.
Sensation grew and rippled through markets, as capital rotated and surged into fellow spectacles Spongebob token ($SPONGE) and Copium token ($COPIUM) - both of which outperformed decades of stock market growth in hours.
Is Memecoin Narrative Over?
However, worrying data emerging in the market conscience is casting a looming prediction over the future of the memecoin narrative.
Recent data from Google Trends reveals that the number of searches for memecoins is dropping off.
With a sudden downtick in search results suggesting a picture of declining interest in the memecoin narrative.
This could have devastating consequences for bag-holders, as the millionaire maker memecoin train could soon be ground to a halt.
The impacts of this declining interest are far reaching, skewing short-time frame price action to a bleak image.
And while memecoins could reignite with the posited 2024 bull run, for now things could get ugly.
Dogecoin (DOGE) Price Analysis: Vulnerable to Downside Risk?
As memecoin values turn sour, Dogecoin (DOGE) has proved no exception, as a -25% slide over the past 37 days has dominated the chart.
Dogecoin is trading at $0.07 (a 24 hour change of -0.14%) at the time of writing.
Now in a third week of consolidation at a critical support level above $0.07, Dogecoin appears fatigued as an attempted double-bottom structure begins to bleed-out to the downside.
This bearish price action has primarily been driven by a localised capstone of resistance from the descending MA20 - which has suffocated upside swings for almost 40 days.
Worse still on May 2, Dogecoin's MA20 fell below the MA200 - forming a dreaded death cross that could spell disaster for 2023 technical structure.
Despite the explosive pumps behind Pepe coin and Spongebob token, the buy pressure generated by the hype around memecoins has cleared failed to ignite significant growth for DOGE.
There is some silver lining to be found in Dogecoin's indicators, with the RSI now cooled off to a significant oversold signal at 37.
This bullish flag is further confirmed by the MACD which sits with marginal bullish divergence at 0.00008 - reflecting a well-defended consolidation in face of the death cross pattern.
However, with the number of active searches for memecoins on the decline, it does seem that Dogecoin has missed its window of opportunity for a pump.
This leaves a bleak outlook on the short-time frame.
Dogecoin Price Prediction: Down She Goes
As Dogecoin continues to tumble in a macro bearish pendant, things are looking bleak for the popular memecoin.
An upside swing from here, while possible due to strong consolidatory footing, would likely stall from localised resistance at the descending MA20 - marking a key level for DOGE bulls to reclaim.
However, downside risk remains a more significant problem, as a near 40 day period of cascading price action seems likely to continue.
Therefore Dogecoin with an upside target just above the MA20 (representing a flip of resistance to support) at $0.075 (a possible increase of +5.78%).
However, downside risk here could be significant, with a fall to a lower historic price level at $0.65 likely on the cards (a potential decrease of -8.32%).
This leaves Dogecoin price prediction with a bad risk: reward ratio of 0.69, a characteristic bad entry - worsened by a fleeting memecoin narrative.
Positioning Memecoin Profits for Future Success with the Wall Street Memes Presale
While we're embroiled in the short-term price movements of Dogecoin, it's prudent to eye the horizon and make forwarding-thinking moves to safeguard our future profits in the meme coin space.
How can we future-proof these profits, you ask? Enter Wall Street Memes presale.
Coined to be the next big meme coin, akin to the giants like Dogecoin, Pepecoin, and Shiba Inu, the $WSM token carries a unique blend of internet trend and financial acumen.
In a flash, $WSM has managed to raise over $130,897 with a final goal of $500,000.
With a next-stage token price set at $0.0253, the presale is poised for an imminent surge in price.
The group behind Wall Street Memes has been behind previous successful ventures, namely the Wall Street Bulls NFT collection, which sold out in 32 minutes, raising a staggering $2.5 million.
Secure Your Memecoin Profits: Seize the Wall Street Memes Presale Opportunity
Much like Dogecoin, the Wall Street Memes token ($WSM), carries the potential to rewrite the rules of the memecoin world.
With an emerging strong community and an ambitious roadmap, there's no denying the potential of this digital asset.
The project is already creating ripples, having sold $100,000 worth of tokens in minutes after its announcement.
As a future-proofing strategy, consider the Wall Street Memes presale as a golden opportunity to diversify your portfolio.
Imagine, a memecoin with the virality of Dogecoin, the investor community of WallStreetBets, and the potential 10x gains that analysts predict for Wall Street Memes token when it lists on exchanges.
Cryptonews analysts predict that the $WSM token could potentially be listed on tier 1 crypto exchanges like Binance.
It aims to be the 'King of Memes' and has been architected to drive a powerful synergy of meme culture and financial prowess.
The presale presents an opportunity to diversify your investments into an asset poised for growth, a prescient move to insulate your profits from inbound market volatility ahead of 2024.
So, while Dogecoin heads south, the Wall Street Memes presale provides an intriguing narrative for those still interested in the memecoin space.
Disclaimer: Cryptocurrency projects endorsed in this article are not the financial advice of the publishing author or publication - cryptocurrencies are highly volatile investments with considerable risk, always do your own research.