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.
Dogecoin Price Dips to 100-Day Low
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.
Source: TradingView
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.
Some traders are now suggesting that DOGE is on course to repeat the kind of growth it witnessed in late 2020 and early 2021.
The coin’s indicators would suggest that this is possible, although investors should bear in mind that each year and each cycle comes with its own fundamental and macroeconomic conditions.
And in the present case, buyers remain spooked by the prospect of Mt. Gox’s creditors dumping $9 billion in BTC on the market .
Mt. Gox’s trustees will begin returning this quantity of BTC from next month, with prices likely to take a hit.
As such, the Dogecoin price will potentially have to wait for a few more weeks or even months before seeing some truly substantial growth.
Yet such growth will come sooner or later, with the coin heavily oversold, and with the market likely to improve as central banks introduce rate cuts later in the year .
It could return to $0.15 in the next few weeks, before reaching $0.2 by Q4.
Is Another Meme Coin Stealing the Spotlight?
One reason why established meme tokens such as DOGE have performed only modestly in recent months is that many traders are focusing on newer alternatives.
While new tokens are always a risk, there are some that offer stronger fundamentals and long-term prospects.
Such coins can often be identified via presales, with bigger sales likely signaling greater interest in a new token.
One new token with a big sale is WienerAI (WAI), an Ethereum-based cryptocurrency that has raised more than $6.4 million in its token offering.
WienerAI is a generative-AI chatbot for traders, who can use the project’s app to gain insights into cryptocurrency investment.
It will give advice on which coins are may rise or decline, as well as on market trends and when to time moves.
The app also comes with an atomic swap feature, meaning that traders who receive advice for WienerAI can then quickly buy or sell tokens.
Helping traders further is the platform’s MEV protection, which provides users with a line of defence against any bots that attempt to front run their trades.
As the native, in-app token of WienerAI, WAI should experience plenty of demand, pushing its price up as the platform gains new users.
It will come with a capped supply of 69 billion, while holders will also be able to stake the token.
Staking will encourage long-term holding of the token, thereby supporting its price over time.
Investors can buy the promising token early by visiting the official WienerAI website , where they can buy WAI at a price of $0.000722 per token.
The coin’s successful presale would indicate that it will rise far beyond this low price once it lists in the next few weeks.
Buy WAI Today
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
