Dogecoin Price Prediction: This Dogecoin Upgrade Passes $3 Million in 5 Days, causing DOGE to drop 11%.

Dogecoin price sudden drop The meme coin was trading at $0.1315 (as of 9:05 a.m. ET), up more than 11% in the past 24 hours as the market slump prompted investors to sell off their holdings.

Dogecoin price loses key support

DOGE/USDT 4-hour chart (Source: TradingView)

that much Dogecoin The price continued to trade within a medium-term descending price channel, falling below the key support level at $0.13797 in the last 24 hours. If this selling pressure continues, the meme coin could soon retest the next support at $0.11571. In an extremely bearish scenario, DOGE could plummet to $0.10088 in the near term.

This bearish theory could be invalidated if Dogecoin price closes a 4-hour candle above $0.13797 within the next 24 hours. This will not only allow the cryptocurrency to regain important support, but also place DOGE above the aforementioned price channel. Therefore, the altcoin could potentially have the ground needed to challenge the $0.15477 barrier before soaring to $0.17508.

Technical experts suggest that Dogecoin price has not yet fallen.

Technical indicators on DOGE’s 4-hour chart indicate a continuation of the meme coin’s downtrend in the near term. Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators show that there is overwhelming selling pressure on the Dogecoin price.

The MACD line is below the MACD signal line, indicating that DOGE has entered a bearish cycle. Traders may also view the MACD line breaking below the current MACD signal line as a sign that the negative trend is not showing any signs of cooling off yet.

viceroy It is also currently extremely oversold as the RSI is below the simple moving average (SMA) line, which is just over 29. Values ​​lower than 30 are generally considered buying opportunities, as the cryptocurrency’s upside potential is much greater than its downside potential. However, it is not uncommon for a cryptocurrency’s RSI to consistently remain below 30 while the cryptocurrency is being dumped.

While Dogecoin price attempts to defend sellers Dogecoin 20 There was an influx of buyers, with pre-sale amounts exceeding $3 million in just five days.

yet again, #DOGE20 It’s exceeding all expectations! 🚀💰

More than 30 million won raised! 💵

wow! 😲

Who’s thinking about $4 million tomorrow? 📈 pic.twitter.com/V0fHpsbpbZ

— Dogecoin20 (@DOGE_COIN20) March 19, 2024

Trying to overtake DOGE

Dogecoin20 is the first major upgrade to the Dogecoin brand and technology since the legacy meme coin was launched as a joke in 2013.

After launch, Dogecoin quickly gained mass popularity, building a community of loyal followers and even piqued the interest of tech billionaire Elon Musk. Now, Dogecoin20 aims to transition DOGE towards a more sustainable future by introducing several upgrades.

The most notable improvement is the various consensus mechanisms that Dogecoin20 implements. Instead of using the outdated and computationally expensive proof-of-work consensus used by DOGE, Dogecoin20 relies on a greener proof-of-stake consensus.

It was also released as an Ethereum token. This means it complies with the ERC-20 token standard.

Not only is this compatible with the broader Ethereum ecosystem, but it also opens up the possibility for investors to earn passive income through token staking.

Investors who purchase MEM Coins during the pre-sale phase can also earn up to 278% in annual staking rewards.

🚀 #DOGE20 It’s not just another offshoot inspired by the Shiba Inu.

In keeping with Dogecoin’s ethos of doing only good things every day, it offers passive rewards through on-chain staking. 🌱🌟

Our most widely loved products embrace a greener, more sustainable future. #memecoin oh my god! 🐾 pic.twitter.com/zqlONodRPB

— Dogecoin20 (@DOGE_COIN20) March 14, 2024

The second major difference between Dogecoin20 and Dogecoin is that while the former had a fixed token supply, the supply of DOGE is unlimited. So far, this has hindered the price potential of legacy meme coins, as supply growth does not always match demand growth.

The limited supply of Dogecoin20 creates a degree of scarcity in the mix, which could result in massive profits for investors in the near future.

Investors Can’t Get Enough of This Dogecoin Spinoff

Crypto analyst and YouTuber Jacob Bury says Doge20 has 10-100x potential at launch and is already halfway to reaching its $6 million hard cap.

The process of purchasing cryptocurrency is very simple. Investors just need to go to the project’s official website, connect their Web3 wallet, specify the number of tokens they want to purchase, and complete the purchase using one of the available payment methods.

Anyone looking to buy Dogecoin20 should act fast. If it is not sold out by then, the price of the meme coin is scheduled to increase within 3 days.

Selling for just $0.000201, MEM Coin can be purchased using ETH, USDT, MATIC, BNB or bank cards.

You can purchase DOGE20, the token of Dogecoin20. here.

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• Early Access Presale Now Live – greenbitcoin.xyz
• Profit Forecast – Cointelegraph Feature
• Staking Rewards and Token Bonuses
• More than $6 million raised