Join Our Telegram channel to stay up to date on breaking news coverage
The Jeo Boden price plummeted more than 22% over the past 24 hours to trade at $0.0337 as of 7:30 a.m. EST as investors frantically offload their holdings in the political meme coin.
This drop in the BODEN price comes as Polymarket odds of President Joe Biden dropping out of the presidential race skyrocketed 176%. Yes shares on the betting platform are currently trading at $0.63, which means the market believes there is a 63% chance that Biden will drop out.
The Jeo Boden Price Testing A Critical Support
4-hour chart for BODEN/USD (Source: GeckoTerminal)
The Jeo Boden price is testing the key support level at $0.03371. Should it fall below this crucial mark, the meme coin could be at risk of plunging to as low as $0.00015 in the following 24 hours.
BODEN managing to stay above $0.03371 for the next 12 hours might invalidate the bearish thesis. In this alternative scenario, the crypto will have several technical obstacles to overcome. Before the Jeo Boden can start to climb towards the next resistance level at $0.06601, it will need to break above the 9 Exponential Moving Average (EMA) line.
If it is able to flip this technical indicator into support, BODEN will then have to clear the longer 20 EMA. A break above this level might then open a path for the meme coin to attempt a challenge at the $0.06601 barrier.
With enough support from buyers, the Jeo Boden price might be able to flip the $0.06601 threshold into support. This could subsequently give it the foundation needed to potentially rise to $0.09652 in the short term.
Technicals Warn Of A Continued Drop For The Jeo Boden Price
Technical indicators on BODEN’s 4-hour chart warn that the Jeo Boden price might keep falling in the upcoming hours. Firstly, the 9 EMA is bearishly positioned below the 20 EMA line, which signals that the meme coin is in a short-term bearish cycle.
The Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart also shows that BODEN is in a negative cycle. Currently, the MACD line is under the MACD Signal line, with the former still falling below the latter as well. Traders might see this as an indication that BODEN’s bearish momentum is intensifying.
Sellers are also dominating buyers on BODEN’s 4-hour chart, which is evident by the Relative Strength Index (RSI) value that is below 50. This indicates the presence of bearish strength. It also suggests it will be easier for bears to pull the Jeo Boden price down in the next 24 hours than it will be for buyers to push it up during the same period.
Lastly, a descending price channel has emerged on BODEN’s 4-hour chart. This comes after the Jeo Boden price printed a series of lower lows and lower highs throughout the past couple of days.
While BODEN finds itself in a negative price channel, investors are flocking to the presale for the play-to-earn Dogecoin derivative PlayDoge (PLAY).
A Meme Coin Tapping Into The Virality Of A 90s Gaming Classic
PlayDoge (PLAY) is a meme coin project that aims to bring the popular 90s Tamagotchi game onto the blockchain. Back in the day, these virtual pets were a global hit, with millions of units sold worldwide.
Players eventually moved on to the next trend due to limited gameplay that would inevitably lead to the virtual pets dying. With its combination of blockchain and crypto technology, PlayDoge will reward players for taking care of their digital companions. By simply ensuring their pets get enough food, sleep and love, players stand to earn crypto.
With its appeal to enthusiastic meme coin investors, coupled with the early popularity of the Tamagotchi game and players’ ability to earn crypto rewards, it is no wonder renowned crypto YouTuber Jacob Bury believes PLAY could be a 10x opportunity.
Investors Bet Big On PLAY’s Future
PlayDoge has raised over $5.3 million via its ongoing ICO as investors rush to accumulate the meme coin at this early stage. Another thing that could be pulling investors in is the 108% annual yield that’s on offer to presale buyers who stake their tokens.
By simply purchasing and locking up PLAY tokens, investors will be entered into the lucrative staking opportunity. Anyone that wants to get started earning these rewards can buy the meme coin through the simple buy widget embedded on the project’s website.
Selling for $0.00515, PLAY can be bought using either ETH, USDT, BNB or bank card. Investors will want to hurry because the token’s price is scheduled to increase in a little more than 22 hours.
Purchase and stake PLAY here for up to 108% in annual rewards.
Related Articles:
PlayDoge (PLAY) – Newest Launch On BNB Chain
- 2D Virtual Doge Pet
- Play To Earn Meme Coin Fusion
- Staking & In-Game Token Rewards
- SolidProof Audited – playdoge.io
Join Our Telegram channel to stay up to date on breaking news coverage
Credit: Source link
