Dogecoin (DOGE) Records Over $900 Million Trading Volume Amidst Bearish Market

Recently, Dogecoin attracted heightened transaction activities, recording a vast $900 million in trading volume. However, its price has decreased by over 2% in the past 24 hours.

Furthermore, the coin has recorded a massive drop of 11.77% and 33% over the past seven days and month, respectively. Despite all this volatility, the meme-inspired cryptocurrency still holds 8th place on CoinMarketCap, with a market value of $20 billion.

This has sparked curiosity among its investors. What’s behind Dogecoin’s resilience, and where will its price head next?

Dogecoin to $1? Crypto Analyst Predicts DOGE Price Surge

Prominent crypto analyst Ali is bullish on Dogecoin (DOGE). On April 20, 2024, analyst Ali Martinez spotted a potential game-changing development for Dogecoin (DOGE) enthusiasts.

According to his analysis, a well-known technical indicator, TD Sequential, has printed a buy signal on DOGE’s daily chart. This buy signal suggests that DOGE’s current downward price trend might be nearing its end.

He added that it could indicate an imminent upswing in DOGE’s price, claiming the upsurge could last up to four days.

The TD Sequential has flashed a buy signal on the #Dogecoin daily chart, indicating a potential upswing of one to four days for $DOGE! pic.twitter.com/GOmTCp0wCw

— Ali (@ali_charts) April 20, 2024

For context, the TD Sequential indicator helps identify potential exhaustion points in a market trend. Flashing a buy signal, as it currently does for DOGE, suggests that the ongoing downtrend is weakening and could soon change direction.

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If Ali’s analysis proves accurate, DOGE enthusiasts might witness an exciting upward price movement. Furthermore, on April 21, 2024, the analyst presented another analysis of DOGE’s price.

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In this new analysis, Ali believes the coin could hit $1 in the coming weeks. Based on its current price of $0.139, Ali projects a massive increase of more than 600%.

The analyst based this bold forecast on past DOGE price trends and a familiar pattern emerging.

#Dogecoin is showing its classic pattern once again! $DOGE is currently consolidating after breaking out from a descending triangle.

Based on past trends, we might just see #DOGE rocket towards $1 in the coming weeks! pic.twitter.com/dEWeVWLIHR

— Ali (@ali_charts) April 21, 2024

Ali said a classic consolidation pattern has been playing out since DOGE’s recent breakout. This pattern has historically signaled strong bullish momentum and rallies for Dogecoin.

He also pointed to DOGE, which consolidates after breaking out from a descending triangle pattern. Historically, this consolidation phase is followed by a sudden surge in buying pressure, propelling DOGE’s price upwards.

In Ali’s words, “Dogecoin is showing its classic pattern once again. DOGE is currently consolidating after breaking out of a descending triangle. Based on past trends, we might see DOGE rocket towards $1 in the coming weeks.”

If Ali’s analysis proves accurate, investors could capitalize on DOGE’s potential price surge to $1. His forecast and the emerging pattern hint at a good buying opportunity for those looking to ride Dogecoin’s rally. However, the daily chart below showcases some exciting movements.

Price Analysis: Dogecoin Displays Bearish Momentum – Time to Buy DOGE?

The Dogecoin (DOGE) chart is currently painting a bearish picture. DOGE’s price is dropping towards the 200-day Simple Moving Average (SMA) line, which sits below the coin’s current value.

Additionally, DOGE has fallen below the 50-day SMA, indicating that bears control the market momentum. Moreover, the Moving Average Convergence Divergence (MACD) indicator supports the downtrend.

The MACD line is below the signal line, and red histogram bars are visible. This signals negative momentum in Dogecoin’s price action. Overall, this technical analysis suggests that bears dominate the DOGE market, potentially setting the stage for further price declines in the short term.

However, despite the bearish indicators, top analysts still believe that Dogecoin could eventually rally and regain its bullish momentum.

Given that the cryptocurrency market is highly volatile, prices can fluctuate rapidly. Investors should monitor the indicators closely and also follow industry news. While Dogecoin is down today, a new meme coin is preparing to explode upon raising over $12.5 million in presale.

Dogecoin Alternative: Rising Meme Coin Secures $12.5M in Funding

Dogeverse is a new meme coin that has already raised over $12.5 million in its presale. This massive fundraising suggests colossal investor interest and the potential for the token to explode after launch.

The developer only set aside 30 billion tokens for this presale. With the buying pressure from investors, these tokens will be exhausted soon. So, act fast or risk missing out on this 10x potential token.

According to the presale site, the target for this stage is $13 million, which they’re already close to. What makes Dogeverse unique is its unprecedented approach—it will be available on six major smart contract blockchains, including Ethereum, Avalanche, and Solana.

This multichain functionality allows users from all these blockchains to access and trade Dogeverse easily.

By being accessible across multiple chains, Dogeverse avoids the risk of users migrating from one blockchain to another, helping ensure its long-term sustainability and growth potential.

Additionally, Dogeverse offers a staking mechanism with a current variable Annual Percentage Yield (APY) of 88%. However, this APY will decrease as more tokens are staked. So, investors looking to maximize their returns should act quickly.

Today, more than 18 billion $DOGEVERSE tokens have been staked on the platform. Also, the current reward is 6088.28 per ETH block. Analysts are predicting a significant price surge for Dogeverse after its exchange listing, drawing parallels to the success of Dogecoin.

Prominent YouTuber Roshawn Silva stated, “Dogeverse can 100x and fly to the moon.”Adding to the excitement, analyst Jacob Crypto Bury also endorsed the project. According to him, the coin has enormous potential to surge when it comes live.

Currently, investors can buy Dogeverse tokens during the presale for $0.000304. However, this price will increase periodically, with the next uptick happening in 23 hours or when the total raise hits $13 million.

To get involved, head straight to the official presale page and connect your wallet, then follow the on-screen instructions.

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