If Dogecoin falls, this new meme coin rival is headed to the moon

Dogecoin Primed for 'Pump' as 'Doge Day' Approaches, Technical Analysis Suggests

Amidst the broader market downturn that has cast most major cryptocurrencies into the red, Dogecoin (DOGE) has taken a significant hit, plummeting from a two-year high of $0.222 to $0.185. However, this recent dip may prove to be short-lived, as April holds a special significance for the meme coin: April 20, or 'Doge Day,' is a day dedicated to celebrating the original meme currency.

With 'Doge Day' fast approaching, many within the crypto community anticipate a surge in DOGE's price, potentially continuing its overall uptrend that has seen it rise 30% in the past month. This optimism stems from a belief that the community will rally around the coin in celebration, driving its value higher.

However, analysts caution that a return to $1, a price target set by some enthusiasts, is unlikely for now. Nonetheless, a strong rebound is highly probable, especially considering the funding reset following the recent price drop. Meme coin traders are likely to capitalize on the dip, triggering a buying frenzy that could propel DOGE back up.

Technical Analysis: Signs of a Reversal

Traders are scrutinizing technical indicators to decipher market sentiment and identify potential turning points. While technical analysis can provide valuable insights, it's crucial to approach it with caution, as it can sometimes yield misleading or inconclusive data.

The Dogecoin price chart exhibits a classic example of this. The coin's Bollinger bands have widened significantly in recent hours, exceeding anything witnessed in the past several days. Typically, wide bands are interpreted as a bullish signal, yet in this instance, they paint a different picture. The price remains close to the lower band and continues to decline, indicating a potential move towards the $0.180 support level.

Conversely, the Relative Strength Index (RSI) has dipped deeply into the oversold zone, currently at 27.59. Historically, such low RSI values have been followed by price increases. This suggests that traders may soon enter the market to buy the dip, believing it is an opportune moment to acquire DOGE at a discount.

However, this bullish indicator is tempered by the overarching bearish trend that has permeated the broader market. The relentless selling pressure exerted by bears will likely persist until the industry finds its footing, impacting DOGE alongside other cryptocurrencies.

Support Levels and a New Meme Coin on the Horizon

Given Dogecoin's recent rapid price appreciation, a correction is not entirely surprising. The pressing question is how low DOGE will fall before finding a solid support level that halts further losses.

Last week, DOGE encontró un soporte sólido en $0.175, pero a principios de marzo también se cotizó tan bajo como $0.13. Si bien es poco probable que DOGE vuelva a caer tan bajo, sigue siendo una posibilidad a considerar.

Mientras algunos esperan que DOGE toque fondo antes de volver a comprar, otros están dispuestos a considerar alternativas más seguras. Dogecoin20 (DOGE20) es un nuevo proyecto que se ajusta a esta descripción, una moneda meme basada en Ethereum que pretende fusionar elementos clásicos y modernos de DOGE.

Corre en Ethereum como un token ERC-20, lo que permite opciones como staking, un suministro total limitado y condiciones ecológicas. Esta última característica es uno de los principales puntos de venta del proyecto, que se enorgullece de ser más amigable con el medio ambiente que el Dogecoin original.

Actualmente, el proyecto se encuentra en fase de preventa, lo que significa que su precio sigue siendo inmune a la actual caída del mercado. Hasta ahora, la preventa ha sido un gran éxito, recaudando más de $10 millones y ofreciendo DOGE20 a un precio de $0.00022.

La nueva meme token tiene programada su oferta inicial de intercambio (IEO) para el 'Doge Day', el 20 de abril, con el objetivo de aprovechar el creciente interés de los traders minoristas en las meme coins.