Dogecoin’s price is bearish today after dropping by 5.1% in the last 24 hours. At the time of writing, DOGE was trading at $0.13, according to Coingecko. Dogecoin is still up by more than 100% over the past week.
Dogecoin price forecast
Yesterday, DOGE made a massive bull run that saw the coin test $0.155 before being rejected. Since being rejected at this price, DOGE has retreated lower. The downtrend has again led DOGE to testing support at $0.13, but the bearish pressure could see the meme coin dropping lower.
The broader cryptocurrency market has traded in the red in the last 24 hours. Bitcoin and Ethereum have been trading sideways as traders wait to see the Fed’s decision on interest rates. Meanwhile, the global cryptocurrency market is still above $1 trillion.
DOGE is the worst performer among the top ten largest cryptocurrencies by market cap. After a massive rally over the weekend and earlier this week, DOGE managed to overtake Cardano’s and Solana’s market caps, and it is now the eighth-largest cryptocurrency.
DOGE has traded between $0.128 and $0.145 in the last 24 hours, indicating mild volatility. The trading volumes have also dropped and stand at around $5.55 billion.
Despite the recent decline, DOGE is yet to be oversold, as seen in the Relative Strength Index at a neutral zone of 47. Therefore, DOGE could continue trading between $0.12 and $0.13 in the short term.
Dogecoin’s rally might not end soon
Despite the current pullback, DOGE will likely continue to rally higher. DOGE started a massive bull run after Elon Musk completed the deal to buy Twitter on Friday last week. Musk is expected to integrate DOGE payments on Twitter, as he had done in other companies such as Tesla and SpaceX.
While Musk is yet to announce any plans to add DOGE as one of the supported cryptocurrencies that will be used for payments on the platform, he has said that Twitter users will pay $8 monthly to be verified. This could create a massive utility for DOGE, and if DOGE is among the accepted payment methods, a new all-time high is likely on the way.
Altcoins that could rally 10x
If you want to diversify your portfolio from meme coins, you might consider participating in some of the best presales of 2022.
One of these presales is for Dash 2 Trade, which has already raised more than $4 million. Dash 2 Trade is a platform targeting crypto investors who want to make profitable traders by giving them trading signals and various tools and features.
The IMPT presale is worth checking out and has already raised more than $11.93 million. IMPT powers the IMPT.io project that is focused on lowering carbon emissions. The IMPT token is ideal for ESG investors that want to buy green crypto.
The Calvaria presale is also selling out. RIA could be the next token to explode in the play-to-earn gaming ecosystem because of its novel approach to bringing traditional and blockchain gamers together. The RIA presale has raised over 1.14 million USDT.
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