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Cryptocurrency News Articles
Dogecoin [DOGE] Needs to Steal the Spotlight Back From Its Newer Rivals
Oct 12, 2024 at 06:00 am
Bitcoin’s [BTC] recent dip below $61k has created a chance for traders to scoop up memecoins at bargain prices. This has set the stage for savvy
output: As Bitcoin (BTC) dipped below the $61k mark recently, traders had the opportunity to snap up memecoins at bargain prices, presenting a chance for savvy investors to capitalize on potential short-term gains.
While many major memecoins exhibited signs of bottoming out, Dogecoin (DOGE) lagged behind, recording the lowest 7-day surge among the top 20 memecoins. However, analysts speculated that DOGE might be poised for a significant rally, ready to reclaim the spotlight from its newer competitors.
DOGE price action and analysis
DOGE began October with a bearish pullback, registering a daily low exceeding 3%, erasing a substantial portion of its previous cycle’s gains. It faced resistance at $0.13210, coinciding with a bearish MACD crossover on the daily price chart.
DOGE was trading at $0.10792 at press time, reflecting a modest 0.10% uptick from the previous day. However, it remained far from a price that would return loss-making investors to profit.
This situation might conceal a substantial bullish signal, as noted by AMBCrypto. Memecoin value is typically driven more by community sentiment than BTC’s appeal. If BTC consolidated, establishing $61k as a market top, a substantial influx of capital could flow into these memecoins, enabling traders to maximize short-term gains.
Additionally, a notable 400k addresses held 46 billion DOGE with an average acquisition price of $0.1228, currently at a loss. If the meme cycle maintained its hype, these investors could still see future gains, with FOMO potentially driving long-term profitability. However, DOGE must leverage surges from its competitors to spark its rally.
This scenario highlighted the shifting dynamics in the memecoin arena. Put simply, DOGE, being the largest memecoin by market cap, felt the pressure from rising rivals, threatening its market dominance.
A memecoin is usually considered “bottomed out” when its price hits a low, allowing investors to accumulate before a potential reversal. This has been crucial for DOGE's recovery in the past, like in early August when a market crash dropped its price below $0.10.
A subsequent buy of 50 million tokens boosted DOGE's price, keeping it rising for most of the month. Since then, net flows have remained mostly negative – A sign of a potential accumulation phase.
Despite aggressive buyouts by spot traders, their impact on DOGE's price was surprisingly mild, hinting at possible third-party involvement.
Whales' strategic positioning increased DOGE's volatility, compared to resilient counterparts like SPX6900 which surged over 120% this week alone. As a result, DOGE's future now hinged on other memecoins. If the hype builds, DOGE could confirm $0.170 as support, leading to a potential rally. Otherwise, it risks falling into consolidation – A more likely scenario.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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