Dogecoin Price Prediction: DOGE Drops Under $0.10 – Is a Decline to Zero Possible?

The price of Dogecoin has dropped by 12% over the last 24 hours, falling to $0.09458 as concerns regarding the Mt. Gox selloff continue to impact the cryptocurrency market.

DOGE has now experienced a 24% decline over the week and a 42% decrease over the month, with the long-standing meme coin currently up by only 37% in the past year.

This marks a significant decline from its position in May and late March, with the token also down 87% from its all-time high of $0.7316, reached in May 2021.

This drop is concerning, and while there are worries that Dogecoin may be facing a prolonged downturn, its technical indicators suggest a potential rebound is on the horizon.

Dogecoin Price Forecast: DOGE Falls Below $0.10 – Could Dogecoin Hit Zero?

The recent decline of DOGE has certainly been severe, but it has also placed the token in a significantly oversold condition, from which a rebound is typically expected.

Its 30-day moving average (orange) has now fallen considerably below the 200-day (blue) more than it has in several months, indicating that its price is currently undervalued.

Source: TradingView

The relative strength index (purple) is also reflecting this sentiment, having dipped below 20 earlier today, which should be a significant indicator for those considering purchasing DOGE at a lower price.

One mixed indicator is Dogecoin’s trading volume, which has surged to $1.6 billion in the past day, marking its highest level in approximately a month.

This increase in volume suggests a rush to sell the token, but it also indicates the presence of buyers willing to purchase at lower price levels.

400,000,000 #DOGE (41,081,558 USD) transferred from unknown wallet to #Binancehttps://t.co/N8KfXvgIze

— Whale Alert (@whale_alert) July 5, 2024

However, it is possible that DOGE, along with the broader market, may experience further declines before any recovery, particularly as whales appear to continue selling.

The primary factor contributing to the market’s significant downturn in recent days is that the trustees of Mt. Gox are preparing to return approximately $9 billion in Bitcoin to former clients of the failed exchange.

The concern is that many of these creditors may sell their BTC, although this is subject to debate, considering Bitcoin’s recent price drop.

Additionally, the situation has been exacerbated by the German government, which has sold nearly 10,000 BTC in recent weeks and still has 40,000 BTC remaining to sell.

This has all taken a toll, leading to a rapid spread of bearish sentiment, which has adversely affected the price of Dogecoin.

It could potentially drop to $0.08 in the coming weeks before rebounding to $0.10 by the fourth quarter.

New Meme Tokens Offer Bigger Returns

Due to Dogecoin’s recent underperformance, traders may find it more advantageous to explore newer meme coins, especially those currently holding presales and preparing for listings.

Prominent presale tokens often experience significant rallies upon their initial listings, with one of the most promising at present being PlayDoge (PLAY), an Ethereum-based play-to-earn cryptocurrency.

It has successfully raised over $5.3 million in its sale, indicating that investors are clearly impressed by its fundamentals.

Introducing #PlayDoge – the only #P2E Doge companion!

Inspired by the legacy of #Tamagotchi, feed, train and play with your 2D Doge to earn $PLAY.

Don’t neglect your doge, his life’s on the line

Join the #Presale Now https://t.co/JT0VEofqf2 pic.twitter.com/RoJYXLS1FH

— PlayDoge (@PlayDogeGame) June 3, 2024

As a play-to-earn game, PlayDoge provides players with the opportunity to earn rewards in PLAY for breeding, trading, and completing missions with their virtual pet dogs.

Taking inspiration from the beloved Tamagotchi handheld games of the late Nineties, it will feature retro 8-bit graphics and engaging side-scrolling gameplay.

PLAY will serve as the native token for in-game transactions, which means it will likely see increasing demand alongside the growth of PlayDoge as a game.

Its supply will be capped at 9.4 billion, and it will also be available for staking, which encourages longer-term holding.

The combination of staking and a capped supply should result in a gradually increasing price for PLAY over time.

There is limited time remaining until the sale concludes and PLAY is listed, but latecomers can still participate by visiting the official PlayDoge website.

PLAY is currently priced at $0.00515 per token, a rate that is likely to appear quite low once the coin is available on exchanges.

Visit PlayDoge Now

The post Dogecoin Price Forecast: DOGE Falls Below $0.10 – Could Dogecoin Hit Zero? appeared first on Cryptonews.