The price of Dogecoin (Dogwifhat) has risen by 19% in the past 24 hours and is currently trading at $4.20 at 6:40 am EST. The price of Dogecoin fell last week, and today's gains make its monthly performance even stronger. As a result, the meme coin has risen by more than 100% in the past 30 days and is the largest gainer in the past 24 hours among the top 100 cryptocurrencies by market capitalization.
Dogecoin price is attempting to break out of an important resistance level.
WIF/USDT 4-hour chart (Source: TradingView)
The price of Dogecoin has broken out of a medium-term negative price channel in recent days. Since then, the meme coin has entered a new uptrend and has printed a series of higher highs and higher lows. This newfound bullish momentum has allowed the altcoin to surpass the important resistance of $4.0071.
WIF is now trying to establish a position at this critical price point. If the meme coin closes a 4-hour candle above $4.0071 within the next 12 hours, Dogecoin price could gain momentum and maintain an upward base for the next few days.
Traders may view a sustained close above this barrier as a long entry opportunity that could lead Dogecoin price to $4.5891. If the meme coin continues to experience buying pressure after reaching this level, WIF could rise above $4.5891, paving the way for establishing a new all-time high in the near term.
On the other hand, if WIF fails to close a 4-hour candle above $4.0071 within the next 12 hours, it may negate the bullish thesis. In this alternative scenario, Dogecoin price could be at risk of falling below the positive price channel that has been formed over the past 48 hours.
After this, the memecoin might retest the $3.4911 support level. If the sellers persist, WIF might break below this safety net and drop to the next support level of $2.7493 in the next 24-48 hours. In the short term, the price of Dogecoin might drop to $2.1382.
Technical indicators suggest that Dogecoin prices could continue to rise in the next 24 hours. On the 4-hour chart of WIF, both the Moving Average Convergence/Divergence (MACD) and the Relative Strength Index (RSI) are showing bullish signals.
The MACD line is above the MACD signal line on the 4-hour chart, which suggests that WIF is in a short-term uptrend. Buyers are also showing no signs of slowing down, as evidenced by the MACD line moving away from the MACD signal line. Bulls are also currently having the upper hand, as evidenced by the RSI line being above its simple moving average.
As traders seek to push Dogecoin prices higher in the coming days, many investors are flocking to Solana memecoin competitor Smog (SMOG), following its listing on MEXC last week and the launch of its second season of massive airdrops on April 4.
The developers also hinted at listing on a top exchange.
Potential breakout after first major listing
Dragon-themed Smog has quickly risen to prominence after capitalizing on investor frenzy surrounding the SOL meme coin. Soon after its launch, its price surged as the cryptocurrency community prepared for the “largest airdrop ever.”
One memecoin to rule them all!
Get ready for the largest airdrop ever, distributed on Solana.
Join SMOG on Zealy!
Link in bio
pic.twitter.com/vsn4p5cSF4
— SMOG (@SMOGToken)
February 8, 2024
Having already distributed around $1 million in tokens to investors, the project team kicked off the second season of airdrops in a grand way — announcing the cryptocurrency’s first major exchange listing.
Traders and investors can now interact with the memecoin on MEXC, the 11th largest exchange by daily trading volume.
By entering this platform, the token is opened up to a larger group of investors. This could spark a surge in buying activity in the coming weeks, especially after the team announced that rewards for the second season of airdrops will be based primarily on on-chain and trading activity.
As investors work to increase their XP in this new quarter, they are likely to engage in a lot of trading activity, which could subsequently drive the price of this altcoin to unprecedented heights.
SMOG is supported by a rapidly growing community
SMOG’s community has experienced explosive growth, with over 138,000 members across all of the project’s platforms. The memecoin also has over 118,000 holders, all of whom have played a role in SMOG’s market cap exceeding $124 million.
Anyone who wants to join the growing community can do so by completing tasks in SMOG’s Zealy campaign, by trading tokens on MEXC, or by purchasing MEME tokens on its website using ETH, USDT, or a bank card.
To further incentivize early-stage investor buyers, the SMOG team offers an annualized rate of return of 42% to those who pledge tokens.
Buy SMOG at a discount of 10% on the official website.
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Smog (SMOG) - Meme Coin with Rewards
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Season 1 airdrop starts now
Earn XP to earn your share of $1 million
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Staking Rewards - Annualized Rate of Return of 42%
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