Dogecoin Price Prediction: DOGE Plunges 9% As Analysts Say Consider This Competitor With 588% APY That Might 100X

On Mar 6, 2024

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The Dogecoin price has plunged 9% in the last 24 hours to trade at $0.1683 as of 7 a.m. EST on trading volume that surged 6.6% to $8.7 billion.

Dogecoin Price Surges Above The Consolidation Channel

DOGEUSDT Analysis By Tradingview

The Dogecoin price has broken out of the consolidation channel following a bounce from the $0.0737 support zone. This support zone facilitated bullish momentum, propelling the price upwards.

Despite the brief rejection at $0.2075 resistance, the bulls seem resilient to continue the uptrend, using the support level at $0.1455 to drive the price back up again, anticipating a new high in the upcoming weeks.

The price bulls have also pushed the price above the 50-day and 200-day Simple Moving Averages (SMAs), which currently support the price at $0.0841. The moving average cross at the $0.0675 level affirms the general bullish outlook.

Though on a general uptrend, the Relative Strength Index (RSI) indicates a correction to the overbought region of 70. A rebound on this level could trigger another bullish surge, indicating intense buying pressure for the Dogecoin price.

Dogecoin Price May Surpass The $0.2075 Mark

The Dogecoin price bulls aim to push the price higher, with support from the SMAs and the RSI. An increased momentum should see the price breach above the $0.2075 mark, reaching new highs in the upcoming weeks.

Conversely, if the RSI slips below the overbought zone, it could confirm a potential price correction. This might encourage the bears to take control and drive the price down, forcing the bulls to retreat to the $0.1093 support zone coinciding with the channel’s upper boundary.

As the DOGE price falls, investors might want to consider meme coins with better upside potential. One such prospect is Sponge V2, which analysts say may surge 100X on launch, like its predecessor Sponge V1 did last year in a bear market.

A Promising Alternative For 100X Returns

Investors who missed last year’s opportunity with SPONGE now have a second chance through the launch of the latest version of the meme coin, SpongeV2.

Did you miss #SpongeV2 as well, anon? 🧽💦
Stake your $SPONGE today! 🚀#MemeCoin #Web3 #AltSeason #Crypto pic.twitter.com/1mkn5zjEvA
— $SPONGE (@spongeoneth) March 4, 2024

Play-To-Earn For Passive Income

The SPONGE team plans to capitalize on the token’s previous achievements by implementing various modifications to the viral meme coin’s ecosystem.

Alongside arranging several top-tier exchange listings, SpongeV2 will also feature a play-to-earn racing game available in both paid and free versions.

🧽 Ride that $SPONGE wave! 🌊 LFG 🚀#MemeCoin #AltGem #Crypto #100x pic.twitter.com/2PkqBon0tF
— $SPONGE (@spongeoneth) March 6, 2024

Users will use SpongeV2 tokens as credits for in-game assets and activities while also standing a chance to win rewards that are paid in tokens.

More Passive Income Through Staking

Investors can earn tokens by staking $SPONGE, with token holders currently enjoying annual percentage yields (APY) reaching as high as 182% on Ethereum and 588% on Polygon.

📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024

With over 8.8 billion tokens staked, analyst and Crypto YouTuber Jacob Bury considers SpongeV2 among the best meme coins to invest in right now.