Dogecoin (DOGE) Price Prediction: Will DOGE Price Recover After Today's 4% Drop?

The Dogecoin price dropped over 4% within the final 24 hours to commerce at $0.1315 as of 11:45 p.m. EST as buyers promote their holdings within the dog-themed crypto.

The price of Dogecoin (CRYPTO: DOGE) dropped over 4% in the last 24 hours to trade at $0.1315 as of 11:45 p.m. EST as traders sold their holdings in the dog-themed crypto.

Following the recent pullback, the crypto’s weekly and month-to-month performances both still remain in the green zone. The DOGE price is up more than 4% for the week and has risen over 7% in the last month.

Dogecoin Price Testing A Key Support Level

4-hour chart for DOGE/USD (Source: GeckoTerminal)

The Dogecoin price lost the key support level at $0.1376 in the last couple of days and is now testing the next mark at $0.1290. A break below this next crucial point could expose DOGE to the risk of falling as low as $0.1165 in the short term.

However, the Dogecoin price maintaining a position above $0.1376 for the next 12 hours may invalidate the bearish thesis. In this alternative scenario, the meme coin could attempt to reclaim the $0.1376 support.

Closing a 4-hour candle above this threshold in the next 48 hours could then give DOGE the footing needed to rise to the next major resistance level at $0.1451.

Dogecoin Price Showing Technical Weakness

Technical indicators on DOGE’s 4-hour chart are warning that the altcoin’s price could continue to fall over the course of the next 24 hours. Specifically, both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are displaying bearish signals.

The MACD line crossed below the MACD Signal line in the last 24 hours. Traders typically view this as an indication that a crypto has entered a bearish short-term trend. Furthermore, the widening gap between the two technical indicators could indicate that DOGE’s bearish momentum is intensifying.

Meanwhile, RSI readings have been decreasing throughout the past day of trading as well. During this period, the indicator has fallen from 61 to below 50. Oftentimes, 50 is considered a technical benchmark when traders and analysts examine the RSI. An RSI reading below this level is considered bearish, while a value over 50 is viewed as bullish.

While DOGE shows technical weakness, the play-to-earn meme coin PlayDoge (PLAY) is showing nothing but strength as its presale hurtles towards $6 million in funds raised.

Bringing Back A Gaming Classic To Create The Next Meme Coin Sensation

PlayDoge is a dog-themed crypto that’s somewhat similar to the largest meme coin by market cap, Dogecoin. DOGE inspired a new wave of cryptos that depend mainly on their communities to make a market impact. However, nowadays traders are shifting their attention to tokens that offer more utility.

PlayDoge, with its meme coin appeal and play-to-earn gameplay, is looking to spearhead a new category of meme coins whose success isn’t based on their following.

To achieve this, the project is introducing an upgraded version of the viral Tamagotchi game. Back in the 90s, the Tamagotchi pets were a hit, with millions of units sold globally.

By combining blockchain and crypto technology, PlayDoge will launch a modern version of the gaming classic that’s fit for the 21st century. One of the main upgrades that PlayDoge will introduce is the ability for players to earn crypto for taking care of their pets.

By simply ensuring their digital companions get enough love, food and sleep, players stand to earn PLAY.

PlayDoge will also feature mobile support, meaning that players can interact with their pets on the go. This potentially opens up the opportunity for players to earn more rewards.

PlayDoge’s meme coin roots and in-game rewards have caught the attention of an analyst from the 99Bitcoins YouTube channel, which has over 705k subscribers. In a recent video, the analyst said that PLAY “could be absolutely massive,” and added that it might be the next 10X crypto.

Traders Bet Big On PLAY’s Future

More than $5.8 million has already been funneled into PlayDoge’s ongoing presale, signaling strong investor confidence in the project’s future. In addition to its 10X potential, there’s also an attractive staking opportunity that’s likely another reason traders are rushing to buy PLAY.

Anyone who purchases and locks up the token at this early stage gains access to an 82% APY.

Becoming eligible for these rewards is simple, traders simply need to acquire the token via the easy-to-use buy widget embedded on the project’s website.

Selling

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