The price of Dogecoin has risen by 17% in the past 24 hours to $0.00002840, and the trading volume has surged by 124% to $2.3 billion. The rise comes amid a new outbreak of memecoin mania, with the market value of the sector surging by 7% in the past day to $67.9 billion. Earlier in the day, Dogecoin temporarily surpassed Cardano (ADA) to become the 10th largest cryptocurrency by market capitalization.
Dogecoin is the biggest gainer among the top three meme coins, with DOGE up just under 1% in the past 24 hours, while PEPE has fallen 6%.
Dogecoin price expected to rise within consolidation channel
Dogecoin price formed a rounding bottom pattern in April, with bulls pushing the price to the $0.00002766 resistance level, according to data from GeckoTerminal. Dogecoin then experienced a downtrend that dropped to $0.00002068, canceling the bullish outlook brought about by the rounding bottom pattern.
Subsequently, Dogecoin went through a consolidation phase, trading in the range of $0.00002197 and $0.0000268, showing difficulty in the fight between the bulls and bears.
Over the past day, the bulls seemed to have won the battle for the upside, pushing Dogecoin above the upper boundary of the consolidation channel.
Dogecoin is trading well above the 50-day and 200-day simple moving averages, confirming a bullish run.
Moreover, the Relative Strength Index (RSI) is trading in the overbought zone of 70 and is currently at 71 and continues to rise, indicating strong buying pressure.
The Moving Average Convergence/Extension indicator (MACD) is also trending bullish, with the blue MACD line crossing above the orange signal line to form a bullish crossover.
Moreover, the Stochastic Oscillator 14 3 3 line crossed above the orange trigger line, indicating a bullish moving average crossover, further reinforcing the bullish outlook.
Dogecoin Price Prediction: How High Can Dogecoin Go?
Major indicators including the Stochastic Oscillator, MACD, and RSI suggest that the bulls have the stronger momentum and will aim to push the price higher to target the $0.00003326 resistance level.
However, both the MACD and RSI show that Dogecoin is highly overbought, which could trigger a price correction that pushes Dogecoin back to the main support level of around $0.00002412.
Meanwhile, as Dogecoin prices struggle to sustain a bullish trend, investors are pouring money into a new Doge spinoff ICO called PlayDoge, which has raised more than $269,000 in less than 24 hours since its launch.
According to 99Bitcoins, a crypto YouTube channel with 700,000 subscribers, $PLAY “could be really popular.”
PlayDoge (PLAY) is a mobile-based play-to-earn game that transforms DOGE memes into virtual pets similar to digital pets. Users can seamlessly earn $PLAY tokens by feeding, training and playing with 2D Doge.
The project is based around the mascot PlayDoge, a virtual dog that acts as a P2E companion that players can feed, train, and play with in real time, earning $PLAY token through the process.
$PLAY runs on the BNB Smart Chain, which means that the token has already caught the attention of the Binance listing team. Since Binance is the largest centralized exchange in cryptocurrencies, the listing could increase its liquidity and accessibility.
Unlike other meme tokens, PlayDoge provides utility to the $PLAY token. The project provides a metaverse solution by bridging the gap between humans and virtual pets.
By using the $PLAY token, PlayDoge has achieved game monetization through gameplay while introducing a meme with global resonance.
Token holders can also passively earn an annualized yield (APY) of 2,081% for $PLAY token through the project’s staking option.
Each $PLAY token is priced at $0.005. In less than 3 days, the price will increase, so buy early if you are interested in getting the best deal.
To participate in the presale, purchase $PLAY from the official website here using BNB, USDT or a bank card.
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