Dogecoin price prediction: DOGE plummets 9%, analysts say considering this competitor with an annual yield of 588%, which may be 100 times higher

Dogecoin prices fell 9% in the past 24 hours, trading at $0.1683, and trading volume surged 6.6% to $8.7 billion.

Dogecoin price broke out of the consolidation range and rebounded above the $0.0737 support area. This support area fueled the bullish momentum and pushed the price higher.

Despite a brief rejection at the $0.2075 resistance, bulls seem to have the tenacity to continue the rally, using the $0.1455 support to push the price back up, with new highs expected in the coming weeks.

The price bulls also pushed the price above the 50-day and 200-day simple moving averages (SMAs), which are currently supported at $0.0841. The overall bullish outlook was confirmed at the SMA crossover at $0.0675.

Despite the overall uptrend, the relative strength index (RSI) showed a correction towards the overbought zone at 70. A rebound at this level could trigger another bullish wave, indicating strong buying pressure on Dogecoin price.

Dogecoin price could surpass the $0.2075 mark. Dogecoin price bulls are aiming to push higher, supported by the SMA and RSI. The increased momentum should be able to break above the $0.2075 mark to create new highs in the coming weeks.

Conversely, if the RSI dips below the overbought zone, it could confirm a potential price correction. This could encourage bears to take control and push prices down, forcing the bulls to retreat to the $0.1093 support area, which coincides with the upper boundary of the channel.

As Dogecoin prices fall, investors may want to consider memecoins with greater upside potential. One such prospect is Sponge V2, which analysts say could grow 100x when it goes public, just like its predecessor, Sponge V1, did last year amid the bear market.

The Sponge team plans to capitalize on the token’s previous success by making various modifications to the viral memecoin ecosystem. In addition to arranging listings on several top exchanges, Sponge V2 will also feature a play-to-earn racing game with both paid and free versions.

Users will use Sponge V2 tokens as points for game assets and activities, while also having the chance to win rewards paid in tokens.

Investors can earn tokens by staking Sponge V2 tokens, and investors who currently hold tokens can earn an annualized yield (APY) of up to 182% on Ethereum and up to 588% on Polygon.

With over 8.8 billion tokens staked, analyst and crypto YouTuber Jacob Bury believes Sponge V2 is one of the best memecoins out there.

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