The price of Dogecoin (Shiba Inu) has surged by 14% in the past 24 hours to $0.00002857 per coin, and the trading volume has surged by 13% to $2.46 billion. Prior to this, Dogecoin experienced a correction of more than 17% in the week before this.
Dogecoin’s gains over the past 24 hours may be partially attributed to the recent launch of Shib News Daily — a brand new news website that provides the community with the latest developments on Dogecoin and other digital assets.
Although Dogecoin has risen to $0.00030 in the past 24 hours, the coin has also experienced a slight correction and attempted to rise again. However, from a technical point of view, there are some signs that the coin may soon see a stronger correction in the hours or even days.
The first thing to consider is that Bitcoin, which led the market higher, has also experienced a correction itself, falling from over $72,000 to just over $67,000 currently. This means that Bitcoin’s market dominance could cause Dogecoin to fall back.
Additionally, the coin’s Bollinger Bands have also begun to narrow, which is typically a bearish signal, suggesting that prices may soon begin to decline.
The coin’s Relative Strength Index (RSI) value dropped after entering the overbought zone, reached a more neutral zone, and then started to rise again, as shown in the above chart. This means that some traders have taken profits, and this move has had an impact on the price. Now, some traders seem to have started buying the dip, resulting in a slight increase in the RSI value.
Nonetheless, short-term indicators show that market sentiment is bearish, suggesting that now is the time to sell.
Looking ahead, the coin has a resistance at $0.000029 that it must break to get back to $0.000030. However, if the price drops, it will have strong support at $0.000028 preventing further declines.
If this support level is broken, then another strong support level is $0.000024, which is also the support level where Dogecoin stopped a week-long adjustment on the evening of March 16.
As a promising alternative to Dogecoin, Sponge V2 (SPONGE) is currently one of the largest and most promising. The project was originally launched as Sponge (SPONGE) in 2023 and quickly skyrocketed 100 times after its launch in the bear market.
The project team decided to kill the project, start over, and make the second version bigger and better.
Therefore, the project’s community expects to see even greater gains from Sponge V2. All V1 tokens will be bridged to the new version, and the project will allow customers to stake them on Polygon to earn an annualized yield of 421%.
So far, the total amount of bridged and staked exceeds $30.5 million, a number that is growing every day. While some people simply bridge their V1 tokens, others buy Sponge V2 directly, which can be exchanged for ETH or USDT. The token is sold at $0.002925, which is 11,700% higher than the price of V1 at launch.
For investors who missed out on the gains in 2023, the promise of V2 seeing similar or even greater gains continues to drive them to invest in the project. With rumors that the project will soon be listed on multiple top exchanges, now is a great time to buy.
Click here to participate in the pre-sale event for SPONGEV2.
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