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The Dogecoin price plummeted more than 11% over the past week following a minor 24-hour loss to trade at $0.1078 as of 12:00 a.m. EST as investors continue to cut their exposure to the meme coin.
Although the DOGE price is still in the green by more than 66% over the past year, the monthly time frame shows that the crypto shed 26% of its value.
The Dogecoin Price Starting To Approach Key Resistance
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price is attempting to overcome the resistance level at $0.1132. Should it overcome this technical threshold, it could have the foundation needed to keep rising in the following 24 hours. Traders might subsequently enter into a long position for the meme coin, which could push its price to the next major mark at $0.1367.
On the other hand, DOGE getting rejected by the $0.1132 resistance could invalidate the bullish thesis. In this alternative scenario, the crypto might end up testing the immediate support level at $0.0909. Continued sell pressure if the Dogecoin price drops to this point could then expose it to the risk of falling to as low as $0.08 in the short term.
Technicals Suggest The Dogecoin Price Could Go Either Way
Technical indicators on DOGE’s 4-hour chart are giving no clear indication of which direction the Dogecoin price might move in the coming 24 hours. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing contradicting signs.
Over the past 24 hours, the RSI line has started to level off below the key 50 benchmark. This suggests that bears are currently slightly stronger than bulls on DOGE’s 4-hour chart. However, buyers could easily regain control of the meme coin’s price should they choose to do so in the coming 48 hours.
Meanwhile, the MACD line is positioned bullishly above the MACD Signal line. Traders generally see this as an indication that a crypto is in a positive trend. Similar to the RSI, the MACD line has started to level off. This could be an early indication of a bearish trend reversal.
Since technical indicators give no clue as to DOGE’s potential future direction, traders might want to wait for the Dogecoin price to attempt a challenge at the $0.1132 resistance before deciding on their next position.
With DOGE technicals giving few insights into what might happen next, investors could turn to the play-to-earn Dogecoin derivative PlayDoge (PLAY) to put their capital to work.
Bringing A Gaming Gem To The Burgeoning Meme Coin Space
PlayDoge (PLAY) is taking the meme coin market by storm as it brings back the viral Tamagotchi game. In the 90s, these virtual pets were a global craze, leading to millions of units being sold worldwide.
This virality was achieved by a game that had a very limited experience for players. Back then, the digital companions would inevitably die, leading players with no choice but to reboot their systems and start all over.
PlayDoge will introduce a much more exciting version of the early gaming sensation by introducing a tokenization element into the mix. With its combination of blockchain and crypto technology, PlayDoge will reward players in crypto for taking care of their pets.
Nurturing activities such as ensuring their pets get enough love, food and rest will unlock rewards for players. This is something that was not initially incorporated into gameplay when the Tamagotchi game achieved its worldwide success.
This financial incentive might therefore ignite a frenzy around PlayDoge. In addition to this, the token is appealing to hyper-enthusiastic meme coin investors who are known to pump a crypto’s price.
Investors Rush To Get In On PLAY Early
More than $5.5 million has been sent to PlayDoge’s ongoing ICO so far, signaling confidence in the project’s future at this early stage.
But investors are not the only ones excited about PLAY. The project’s appeal to meme coin buyers and its in-game rewards caught the attention of renowned YouTuber ClayBro.
In a recent video he told his 130,000 subscribers that PLAY could surge to $0.01 this year alone. He went on to forecast that the token has the potential to soar 100X to reach $0.03 by 2025.
Anyone that wants to acquire the token before this potential meteoric rise can do so via the simple buy widget embedded on the project’s website.
Selling for $0.00517, PLAY can be bought using either BNB, ETH, USDT or bank card. Investors will want to hurry because the token’s price is set to increase in a little more than a day.
Purchase PLAY here before its next price increase.
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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
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