Dogecoin has been on a bearish trend in the last 24 hours after dropping by 3.5%. At the time of writing, DOGE was trading at $0.0748, according to CoinGecko. The token has been retreating as the hype surrounding Elon Musk’s Twitter takeover fades.
Dogecoin drops 3.5% today
Dogecoin has traded between $0.070 and $0.077 in the last 24 hours, indicating mild volatility. The token has reported trading volumes of $874 million in the last 24 hours, which could largely be attributed to the selling pressure.
The DOGE selling pressure could persist as the broader cryptocurrency market shows signs of consolidation. In the last 24 hours, the total crypto market cap has not recorded any significant changes, as it stands at around $844 billion.
If the bearish pressure persists, DOGE will likely lose support at $0.70, and the token will plunge to the $0.68 level. On the other hand, traders that want to accumulate at the current prices could ignite a slight bullish momentum that will propel Dogecoin’s price toward $0.078.
Dogecoin has a Relative Strength Index (RSI) of 53, showing a neutral level between the buyers and the sellers. If the token maintains this RSI, it is likely that the price will not report any significant changes. The same neutrality can also be seen in the Moving Average Convergence Divergence (MACD) line, which is currently moving at par with the signal line.
DOGE’s bullish gains are fading after Elon Musk’s possible resignation as the Twitter CEO. Musk recently posted a Twitter poll asking his over 100 million followers if he should step down from the platform. The majority of the respondents agreed with him stepping down.
Dogecoin made a significant uptrend after Musk’s Twitter takeover due to speculations that he would integrate DOGE payments into the platform. However, there have been no solid plans to have the meme coin used as a means of payment on the social media platform.
Three altcoin alternatives to buy for 10x gains
If you are weary of DOGE’s steady downtrend, you might consider investing in some of the best presales today.
One of the best token presales happening today is for FightOut. FightOut is a move-to-earn platform allowing people to pursue their fitness journey in the Web3 world. On FightOut, users will have avatars with attributes that reflect their fitness journey in the real world.
The FightOut presale is in the initial stage. There is a 50% bonus for early investors, ending after $5 million is raised. The presale has already raised more than $2.18 million.
Dash 2 Trade
Crypto investors have been aggressively buying the Dash 2 Trade presale to take advantage of the robust fundamentals of the project. Dash 2 Trade is an intelligence platform that allows new and experienced crypto investors to increase their chances of making profits.
The Dash 2 Trade presale is in the last stage, and only 17 days are left before the presale ends. After the presale closes, the D2T token will be listed on exchanges in early 2023. The Dash 2 Trade presale has raised more than $10.26 million.
The other token presale that you should consider investing in today is for C+Charge. The platform introduces carbon credits to the EV industry by allowing EV drivers to earn them each time they charge their vehicle.
The CCHG token will provide utility as every time a driver uses the token to pay to charge their EV, the tokens will be taken out of circulation. The CCHG presale is in the first stage, with the price increasing gradually at each new stage.
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