Dogecoin (DOGE) has exhibited significant strength over the last months, but unfortunately, its price has broken a descending channel, leading to a 3% drop in value today, January 08.
The bears are now in control, with many wondering what fate awaits DOGE in the next few days.
However, despite the bearish sentiment, this new project, Meme Kombat ($MK), has attracted significant investor interest. With DOGE losing over 12% in the past week, its trajectory remains uncertain, but the following analysis could provide hints.
Dogecoin Tumbles with Notable Loss as Buyers Recede
DOGE has witnessed a significant decline in the past month, falling from a month high of $0.105 to $0.076, marking an over 22% decline. While most tokens started 2024 on a strong foothold, DOGE seems to have lost it. On January 03, it broke below the $0.08 region as the downslide continued.
As of 6:00 a.m. EST, DOGE is trading at $0.077, with an over 60% spike in trading volume in the past 24 hours. Given the market situation, the uptick in trading volume is likely due to increased liquidations, and there’s no telling what could happen next.
So traders should watch the technical charts for hints about where Dogecoin might go next.
Dogecoin Price Analysis as Bears Take Control
Dogecoin recently broke below its descending channel in place since December 2023. This signals that the previous downward path is getting worse. Breaking free from this pattern usually happens before more selling occurs, especially when the old support levels no longer hold.
But, after going down at first, Dogecoin found support around $0.074 and bounced upwards off this new foundation. For now, the $0.074 support is preventing excessive pullback.
Dogecoin is currently trading above a short-term trendline that was formed recently.
Keeping up this upward path indicates that the new support might be stabilizing the price. The meme coin also trades below the Bollinger Band indicator, suggesting increased sell-off and bearish pressure.
But the low prices present a chance to buy the dip before DOGE eventually goes up again.
The RSI reading has plunged near 30, also indicating an extremely oversold condition. Nonetheless, the creation of new support ($0.0774) is seen as a positive development since the bottom price could attract fresh buyers who wish to accumulate for sunny days.
If this happens, a new bullish momentum could arise, pushing back sellers and uplifting DOGE to high prices. However, caution is advised as things can take unexpected turns, given the highly volatile nature of the crypto market.
Moon Mission Buzz: Potential Impacts on Dogecoin Price Movement
According to Mishaboar, today, a real Dogecoin is going to the moon with Astrobotic’s Peregrine Lunar Lander in a DHL MoonBox.
On January 8th, a physical #Dogecoin will land on the moon via Astrobotic’s Peregrine Lunar Lander, inside DHL MoonBox.@JustinScerini is hosting a space about it, right NOW – and he is the man to follow for all space-bound Dogecoin news.
— Mishaboar (@mishaboar) January 7, 2024
Dogecoin has been mentioned in talks about moon-related missions following Elon Musk’s announcement of plans to send a Doge-1 spacecraft to the moon in 2021.
The mission will be funded with Dogecoin. People are excited for Dogecoin’s big day, but Mishaboar, who is a community member, says not to expect too much.
The X user reminds everyone, especially newbies, that special events in crypto can often lead to ups and downs, so it’s good to have fun but stay calm.
The upcoming event of sending a physical Dogecoin to the moon could generate increased interest and speculation around Dogecoin, which could spike demand and rally DOGE’s price.
Dogecoin Best Alternative to Consider: Meme Kombat
We are so so close to our next milestone?
But $6.3 million in the bag? LFG! pic.twitter.com/SqohXEN28R
— Meme Kombat (@Meme_Kombat) January 8, 2024
As the crypto market anticipates the next bull run, Meme Kombat presents an appealing alternative for investors looking to diversify their portfolios. Its presale has garnered massive attention, and experts think it could beat older meme coins like Pepe and BONK.
Online these meme coins, Meme Kombat finds utility in the gaming landscape and could leverage this to scale its price and leave a mark in the crypto space.
Meme Kombat isn’t just making a battleground; it’s bringing together passionate meme communities. This unique way of combining distinct communities brings Meme Komba’s innovativeness to light.
Meme Kombat: A Play 2 Earn Marvel Raises $6.3 Million in Presale
This project has created a massive buzz in the crypto space, raising over $6 million in the ongoing presale. Users who buy the MK token can participate in exciting battles to earn real money.
They can join the fun and get into the action with AI and blockchain for a unique gaming experience. By staking your Meme Kombat (MK) coins, play games and explore a world of possibilities.
NFT Update ?
Our artist is hard at work creating the very detailed NFTs that you see below, but it is taking more time than we anticipated.
With that said, unfortunately our marketing or development team aren’t artists. But we would like to keep you in the loop nevertheless? pic.twitter.com/GI52hDDdLf
— Meme Kombat (@Meme_Kombat) January 7, 2024
Furthermore, users can own NFTs, which is another way of earning in the Meme Kombat ecosystem. They can also bet on battle outcomes for extra $MK tokens and make more through staking.
Currently, you can earn an impressive Annual Percentage Yield (APY) of 149%.
Over 26 million MK tokens have already been staked, and the project has rewarded participants with 5,000,000 MK tokens. Experts predict Meme Kombat will be one of the top meme coins in 2024 and could increase tenfold after listing on cryptocurrency exchanges.
Each MK token trades at $0.279, and you can buy them by swapping ETH or USDT on the presale website.