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Dogecoin price has plummeted 9% in the last 24 hours to trade at $0.1683 as of 7 a.m. EST, with trading volume increasing 6.6% to $8.7 billion.
Dogecoin price rises above consolidation channel
DOGEUSDT Analysis by Tradingview
Dogecoin price broke out of the consolidation channel following a bounce from the $0.0737 support zone. This support zone facilitated bullish momentum, driving the price higher.
Despite the brief rejection of the $0.2075 resistance, the bulls appear resilient to continue the uptrend, using the $0.1455 support level to push the price back up, anticipating a new high in the coming weeks.
The price bulls have also pushed the price above the 50-day and 200-day SMA, which currently support the price at $0.0841. The moving average crossover at the $0.0675 level affirms the overall bullish outlook.
Although in an overall uptrend, the Relative Strength Index (RSI) indicates a correction to the overbought region of 70. A bounce off this level could trigger another bullish surge, indicating intense buying pressure on the price. of Dogecoin.
Dogecoin Price May Break $0.2075 Mark
Dogecoin price bulls aim to push the price higher, supported by the SMAs and RSI. Further momentum should see the price surpass the $0.2075 mark and reach new highs in the coming weeks.
On the contrary, if the RSI falls below the overbought zone, it could confirm a possible price correction. This could encourage the bears to take control and drive the price lower, forcing the bulls to retreat to the $0.1093 support zone that coincides with the upper boundary of the channel.
As the price of DOGE falls, investors may want to consider meme coins with greater upside potential. One such prospect is Sponge V2, which analysts say may rise 100x at launch, as its predecessor Sponge V1 did last year in a bear market.
A promising alternative to obtain 100 times greater returns
Investors who missed last year’s opportunity with SPONGE now have a second chance through the launch of the latest version of the meme coin. SpongeV2.
You got lost #SpongeV2 Also, anonymous? 🧽💦
You bet $SPONGE today! 🚀#coinmeme #web3 #AltSeason #Crypto pic.twitter.com/1mkn5zjEvA
— $SPONGE (@spongeoneth) March 4, 2024
Play to Earn for Passive Income
The SPONGE team plans to capitalize on the token’s previous achievements by implementing several modifications to the viral meme coin ecosystem.
In addition to hosting several top-notch trading listings, SpongeV2 will also feature a money-making racing game available in both paid and free versions.
🧽 Ride that $SPONGE wave! 🌊LFG 🚀#coinmeme #GemAlt #Crypto #100x pic.twitter.com/2PkqBon0tF
— $SPONGE (@spongeoneth) March 6, 2024
Users will use SpongeV2 tokens as credits for in-game assets and activities and at the same time have the opportunity to earn rewards that are paid in tokens.
More passive income through betting
Investors can earn tokens by staking $SPONGE, and token holders currently enjoy annual percentage returns (APY) reaching 182% on Ethereum and 588% on Polygon.
📣 Attention, #SPONGES!
Here is important information to remember about $SPONGE V2!$SPONGE V1 has been officially discontinued and V2 was released on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
With over 8.8 billion tokens staked, analyst and Crypto YouTuber Jacob Bury considers SpongeV2 one of the best meme coins to invest in right now.
You can buy SpongeV2 tabs here.
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