Dogecoin Price Plunges 21% In A Month As Elon Musk Tweet Fails To Stem The Slump, But Investors FOMO Buy This P2E DOGE As Time Runs Out

The Dogecoin value has slumped greater than 21% in a month after a slight drop up to now 24 hours to commerce at $0.1038 as of 11:40 p.m. EST.

Through the previous day of buying and selling, the DOGE value fell to an intraday low of $1.1014. It has since recovered to commerce at its present stage, which can be nearer to its 24-hour excessive of $1.1056 than its low for a similar interval.

The continued drop in DOGE’s value over the previous 24 hours got here regardless of an X submit by SpaceX and Tesla founder Elon Musk in response to stories that former President Donald Trump would contemplate providing him a cupboard submit if he’s elected in November.

“I’m keen to serve,” was the caption for the Aug. 20 submit on X, which included an image of Musk standing behind a podium with the phrases “Division of Authorities Effectivity (D.O.G.E).”

Up to now, Musk’s DOGE-related posts have boosted the meme coin’s value. Nevertheless, his affect on DOGE appears to be waning, because the meme coin trades within the pink.

The Dogecoin Value Unable To Escape Consolidation

4-hour chart for DOGE/USD (Supply: GeckoTerminal)

The Dogecoin value was rejected by the resistance stage at $0.1074 up to now 24 hours. In consequence, the meme coin now stays trapped in a consolidation channel between this level and the speedy assist stage at $0.0949. DOGE has traded inside this vary for the final a number of days.

If sellers determine to promote their holdings in DOGE, the crypto may stand the chance of testing the $0.0949 technical security web quickly. A drop beneath this mark may then result in the Dogecoin value falling to as little as $0.0844 within the quick time period.

Alternatively, the Dogecoin value managing to beat the $0.1074 barrier throughout the subsequent 24-48 hours may invalidate the bearish thesis. A 4-hour candle shut above $0.1074 may then be seen as a protracted entry by merchants. This potential purchase stress may find yourself pushing DOGE to the subsequent main resistance stage at $0.1210.

The Dogecoin Value Dropping Its Technical Power

Technical indicators on DOGE’s 4-hour chart counsel the meme coin’s value may drop within the subsequent 14 hours. Each the Relative Power Index (RSI) and Transferring Common Convergence Divergence (MACD) present indicators of diminishing purchaser power, which may open up a possibility for sellers to achieve management.

All through the previous buying and selling session, RSI readings have dropped from 62 to 54. Declining RSI readings are typically seen as a sign of bulls making use of much less stress on a value. Though the RSI stays above the 50 benchmark to sign that consumers nonetheless have the higher hand, it’s now a lot simpler for sellers to achieve management of DOGE ought to they select to take action.

In the meantime, the MACD line has collapsed in on the MACD Sign line over the previous 24 hours to counsel that DOGE’s bullish development is reaching its finish. An intersection between these two strains within the coming couple of days will point out that the Dogecoin value has entered a brand new bearish development.

Whereas DOGE continues to commerce in a sideways channel, traders are dashing to purchase PlayDoge (PLAY) because the meme coin’s ICO enters its closing stage.

90s Gaming Meets Blockchain Expertise

PlayDoge (PLAY) goals to ascertain itself within the crowded meme coin area by reviving the once-popular Tamagotchi recreation, which was a worldwide hit within the 90s.

With hundreds of thousands of models bought worldwide again within the day, PlayDoge seeks to reignite this reputation by introducing its personal model of the sport.

Gameplay was pretty restricted within the preliminary model of the sport. The digital pets would inevitably die, leaving gamers with no different selection however to reboot their system and begin once more.

PlayDoge, with its mixture of blockchain and crypto expertise, will make gameplay way more attention-grabbing by rewarding gamers in crypto for taking good care of their digital companions.

PlayDoge’s model of the sport may also include cell assist, so gamers can check out their pets utilizing their smartphones even whereas on the transfer.

The challenge is completely positioned to revenue from the hype round meme cash and the rapidly-growing blockchain gaming and play-to-earn sector.

That is why PlayDoge has garnered plenty of media consideration. An analyst from the well-known crypto training platform 99Bitcoins predicts PlayDoge may print 100X returns for traders after launch.

Buyers Rush To Get In On PLAY At Presale Costs

With simply 5 days left till PlayDoge’s ICO ends, time is operating out for traders to amass PLAY at presale costs.

Greater than $6.1 million has been raised up to now, signaling sturdy investor confidence within the meme coin’s future. 

6 days till the #presale ends – @ElonMusk backs a brand new Doge 🏆 pic.twitter.com/NizFaB8ndk

— PlayDoge (@PlayDogeGame) August 20, 2024

This constructive momentum is more likely to proceed, given the 74% annual yield that’s on provide to anybody who buys and stakes PLAY at this early stage.

It’s pretty simple to get in on these profitable passive rewards. All traders should do is buy PLAY utilizing the easy purchase widget embedded on the challenge’s web site, after which lock up their tokens via the staking web page.

PLAY is presently promoting for $0.00531, and could be purchased utilizing both ETH, USDT, BNB, or financial institution card.

Buy PLAY right here earlier than its presale closes.

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