Dogecoin Price Dips to 100-Day Low: Is Another Meme Coin Stealing the Spotlight?
The Dogecoin price has risen by 5% in the past 24 hours, reaching $0.1235 as it attempts to recover from plunging to a 100-day low late last night.
The meme token is now up by 2% in a week, but down by 12% in a fortnight and by 27% in the past month, following a difficult few weeks for the entire market.
Despite this, DOGE holds onto an 83% gain in the past year, although this is less impressive than the 12-month gains recorded by other major tokens (e.g. Bitcoin, Solana, Toncoin).
Traders may, therefore, prefer to look to newer tokens for bigger, quicker gains, with a new meme token, WienerAI, attracting investors to its $6.4 million presale.
DOGE has now bounced from the 100-day low it succumbed to last night, with its renewed momentum looking as though it could continue for several days yet.
Its 30-day moving average (orange) has begun climbing sharply and is close to overtaking its 200-day average (blue), which is usually a sign of a breakout.
Likewise, DOGE’s relative strength index (purple) has jumped from 30 yesterday to nearly 70 today, indicating a return of buying pressure.
What’s also bullish that the coin’s trading volume has risen from $330 million a couple of days ago to around $850 million today.
Again, traders can take this as a sign that the coin’s discounted price has been able to entice buyers back, after several weeks of decline.
If history is any indication, I'd say $DOGE is doing a great job at resembling the previous cycle's price action.
Yet another indication of how the best is literally around the corner. pic.twitter.com/m5dHOnfWiu
— 1337.eth
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