Dogecoin Price Prediction as $600 Million Trading Volume Comes In But Whales Say SPONGE is a Better Buy
The price of Dogecoin (DOGE) has dropped by 2.5% in the past 24 hours, slipping to the $0.072517 as the market as a whole suffers a similar fall today.
DOGE's slide today compounds recent losses for the coin, which is now down by 8% in the past week and by 11% in the last 30 days, with the meme token up by only 3% since the beginning of the year.
This kind of underperformance contrasts with the successes gained in the past couple of weeks by a number of new meme coins, with SpongeBob (SPONGE) being the latest.
Following a string of exchange listings, SPONGE has gained by as much as 9,000% since launching at the beginning of the month, and with more listings likely to follow it could easily see more rallies soon.
DOGE's chart doesn't look very promising right now, with its relative strength index (purple) sinking from 50 a few days ago to nearly 30.
Similarly, DOGE's 30-day moving average (yellow) has just dipped below its 200-day average (blue), indicating further losses to come.
This fear is amplified by the continued decline of DOGE's support level (green), which fell through the key level of $0.075 yesterday, portending continued losses.
On the other hand, DOGE's 24-hour trading volume has risen to $600 million, although this is largely because so many holders are selling right now.
Given all of these factors, it's likely that DOGE may drop from its current level to $0.070 in the next few days, at which point it will be oversold and may stage a comeback.
Of course, the problem for Dogecoin is that it's far too reliant on Elon Musk for its gains, and recently not much has been heard from the Twitter owner regarding his supposedly favorite cryptocurrency.
The Dogecoin community remains convinced that, eventually, Twitter will
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