Dogecoin Price Prediction as DOGE Drops 3% – Dip-Buying Opportunity?

November 1, 2023 Brazen Crypto Team Dogecoin 0

The Dogecoin price has dropped by more than 3% today, falling to $0.066361 on a day when the crypto market overall has barely moved in 24 hours.

Despite today’s loss, it has gained by 1% in a week and by 12% in a fortnight, although the original meme token is actually down by 57% in the last 12 months.

This drop comes as many major tokens (e.g. BTC, ETH, XRP, SOL) have posted good gains since the start of the year, with the Dogecoin price suffering from a long-term decline.

Yet if X (formerly Twitter) announces any news regarding plans to introduce payments, DOGE could recover strongly.

Dogecoin Price Prediction as DOGE Drops 3% – Dip-Buying Opportunity?

Dogecoin’s technical indicators reflect its weakened position, suggesting further falls to come in the next few days.

In particular, its relative strength index (purple) is falling steeply towards 50, having been above 70 only a week ago.

Dogecoin price chart.
Source: TradingView

The RSI could fall all the way down to 30 or lower in the next week, while the coin’s 30-day average (yellow) looks like it’s about to flatten out and also go south.

Another negative sign is that the Dogecoin price has just fallen below its 200-day average (blue), another indicator of likely incoming losses.

It will therefore be interesting to see whether DOGE’s support level (green) can hold up against selling pressure, given how steeply the coin has fallen in the past couple of days.

While it’s unlikely that it will fall back down to the level it held in the first half of October (c. $0.0580), it could return to $0.060 before stabilizing again.

It’s also concerning that DOGE has fallen so hard at a time when the wider market has actually been doing pretty well.

For example, most major tokens have risen quite healthily in the face of recent positive Bitcoin ETF news, with Solana (SOL) up by 64% in the past fortnight, for instance.

Yet DOGE already appears to be in the process of losing most of its gains, with little in the way of fundamentals to support it.

Yes, it’s still hoping that X (formerly Twitter) follows through with its plans to introduce payments on its platform, yet there’s no indication of whether crypto – and Dogecoin – payments will be a part of this.

For this reason, the Dogecoin price could slide considerably before any positive news comes the cryptocurrency’s way, potentially falling below $0.060 by the end of the year.

Newer, Stronger Meme Tokens

Dogecoin may be uncertain at the moment, but there are several newer meme coins in the market right now that show plenty of promise.

A great example of this is Meme Kombat (MK), an ERC-20 cryptocurrency whose platform will enable users to bet on AI-generated battles between memes.

Impressively, Meme Kombat has already raised more than $1 million in its presale, which began at the start of last month.

This figure stands as a strong market endorsement of Meme Kombat, which will let its users bet against each other or against the platform itself.

Winners of bets on the platform’s meme battles will win its native MK token, which can also be staked in order to earn a passive income.

This potentially makes the token highly profitable, with MK set to have a hard cap of 120 million.

Also, the use of popular memes looks like it’s already helping to attract a growing community, with Meme Kombat’s Telegram channel now having more than 3,000 members.

This suggests that Meme Kombat could become highly popular once its platform launches in the next few weeks, once its presale ends.

New investors can join this sale by heading over to Meme Kombat’s official website, where 1 MK currently costs $0.1667.

This will rise to $0.1883 on November 2, with the sale receiving 50% of the coin’s total supply.

Another 30% will go to battle and staking rewards, making MK one of the most decentralized meme tokens in the market.

Visit Meme Kombat Now

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.