The price of Dogecoin has fallen by more than 9% in the past 24 hours and is trading at $3.75 as of 2:35 AM ET. Investors are taking some profits from the memecoin's recent gains, leading to the price drop. The price drop may be an effort to build liquidity in preparation for the next leg up. Cryptocurrency trader and analyst Altcoin Sherpa told his 213,700 followers on X that his next price target for Dogecoin is around $5.70.
The price of Doghat coin falls into a downward channel
The doghatcoin price has printed several lower lows and lower highs on the 4-hour chart over the past 72 hours, resulting in the formation of a descending price channel. If the memecoin continues to trade in this channel over the next 48 hours, there could be a risk of testing the $2.7493 support level. If the selling pressure persists, the price could drop to the subsequent support of $2.1382 within the next 24 hours after breaking below this level.
On the other hand, if the 4-hour candlestick chart closes above the upper boundary of the negative price channel, it may invalidate the bearish view. Traders may view the escape from this channel as a long opportunity. This potential buying activity may push the price of Dogecoin to the immediate resistance level of $4.5891. A breakout above this threshold may provide an opportunity for WIF to create new all-time highs in the next few days.
Dogecoin price could rise as technical indicators show less bearish pressure
Technical indicators on the 4-hour chart of WIF show that sellers have the upper hand over buyers. The relative strength index (RSI) is below its simple moving average (SMA) at around 40, showing that bears are significantly stronger than bulls. The moving average convergence/divergence indicator (MACD) line on the 4-hour chart is below the MACD signal line, confirming this and indicating that WIF is in a short-term negative cycle.
Traders and investors will want to keep an eye on the RSI indicator over the next 24 hours. Buyers appear to be slowly returning, as can be seen by the RSI's close approach to the SMA. A crossover between these two lines would trigger an important bullish technical flag and could indicate that buyers have regained the upper hand over sellers. The MACD indicator is also worth keeping an eye on, as the MACD histogram has become more positive, which could be a sign that the bearish momentum in the WIF is waning.
The price drop of Dogecoin comes after it was listed on Binance in early March. After the leading cryptocurrency exchange announced its inclusion on the platform, the price of Dogecoin surged. While investors are profiting from the surge in WIF, another Solana memecoin called Smog is preparing to start trading on MEXC today.
Smog's stock price could surge after its IPO
Smog (SMOG) is one of the many memecoins that have exploded in the burgeoning Solana ecosystem over the past few weeks. This dragon-themed cryptocurrency quickly stood out through its huge airdrop campaign. After concluding its first season of airdrops yesterday, the project team announced SMOG’s first major exchange listing.
Starting at 9:00 this morning, investors and traders will be able to trade SMOG/USDT on MEXC, the 11th largest cryptocurrency exchange by daily trading volume according to CoinMarketCap. This listing will not only make it easier to buy and sell SMOG, but will also boost the cryptocurrency’s exposure by providing it with access to a large number of investors.
While this could introduce the memecoin to opportunistic sellers looking to profit from the listing, it could also attract a flood of buyers, boosting the cryptocurrency’s price.
SMOG's second season airdrop event begins
The Smog team distributed tokens based on the number of Zealy tasks completed by participants. Investors rushed to accumulate experience points, and a staggering 7.5 million tasks were completed in total. With the end of Season 1, the leaderboard has been reset, and investors now have the opportunity to build their experience points for Season 2.
However, there is one major difference between Season 2 and Season 1, which is that the project team will focus on on-chain and trading activities. Investors can now increase experience points by trading SMOG on MEXC or using memecoins on the chain.
Anyone who wants to buy SMOG can also buy the token using ETH, USDT or a bank card on the project’s website. At the same time, anyone who pledges the token can also receive an annual yield of 42%.
SMOG can be purchased at a discount of 10% on its official website.
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