The Dogecoin price has had an up and down morning, falling to $0.068998 as the wider market also suffers a small dip.
This latter price represents a 1.5% loss in 24 hours, although the meme token is still posting a 15% return in a fortnight.
But with DOGE falling by 42% in the last 12 months, the altcoin remains oversold and undervalued.
This means it remains a good time to buy the dip, with DOGE set to rally again if the market continues its upwards trajectory in the next few weeks.
Dogecoin Price Prediction as DOGE Drops Below $0.07 – Time to Buy the Dip?
Dogecoin may have dipped today, but its indicators still suggest that it could enjoy additional rises in the very near future.
The meme token’s 30-day average (yellow) is rising strongly towards its 200-day (blue), a move which can often signal an imminent breakout rally.
At the same time, its RSI (purple) remains high at just under 70, which also suggests strong buying momentum.
It’s also encouraging to see that DOGE’s support level (green) has risen steadily over the past few days.
This implies that, even if the token does fall again, it’s not likely to drop very far.
Another positive sign is that DOGE’s 24-hour trading volume remains elevated compared to where it was in September, at around $500 million.
This indicates that interest remains strong, with data showing that whales have made some big purchases recently.
🚨 97,000,000 #DOGE (7,234,272 USD) transferred from #Robinhood to unknown wallethttps://t.co/TXdtKRNlub
— Whale Alert (@whale_alert) October 26, 2023
Based on all of this, DOGE could return to $0.080 in the next few days, before hitting $0.90 in December.
Such movements will largely depend on investor sentiment, with positive Bitcoin ETF news recently buoying the entire cryptocurrency market.
However, if bad (or no) news emerges, DOGE is likely to fall harder than many other major tokens.
Part of the reason for this is that DOGE’s fundamentals remain very weak, with the token’s community still resting its hopes on whether X (formerly Twitter) will introduce Dogecoin payments in the not-too distant future.
Elon Musk Says X Could Replace Banks Next Year
Elon Musk is steering X to become a comprehensive financial hub aiming to replace traditional bank accounts by the end of 2024. During an internal call, Musk expressed ambitions to encompass all monetary transactions on X’s… pic.twitter.com/JQIWjapowk
— The Wolf Of All Streets (@scottmelker) October 29, 2023
And while X is certainly planning to introduce payments in some form, it has given no indication that such payments will include crypto, let alone Dogecoin.
As such, traders shouldn’t be surprised if DOGE begins falling again in the event of a sideways market, with the coin potentially sticking to the $0.070 level for several weeks.
New Meme Tokens With Stronger Fundamentals
Traders uncertain about DOGE be better off looking elsewhere, with a number of new meme tokens emerging in recent weeks.
While many new meme coins are risky as investments, there are some which actually possess actual utility, increasing the chances they’ll provide strong returns.
One such token is Meme Kombat (MK), an ERC-20 cryptocurrency that has raised more than $900,000 in its presale.
The $MK presale has passed $900k raised🙌
LFG fighters! We are so back! pic.twitter.com/Wb4Wi3T78c
— Meme Kombat (@Meme_Kombat) October 31, 2023
Set for launch towards the end of the year, Meme Kombat is an online betting platform that features an assortment of viral memes.
It will enable users to bet on AI-generated battles between popular meme characters, something which should help attract attention and a strong userbase.
Indeed, its Telegram channel already counts several thousand members, which is a good sign for a platform that hasn’t even launched yet.
Users who place successful bets will receive rewards in the form of the MK token, which will have a hard cap of 120 million.
🔥 #MemeKombat UPDATE 🔥
Staged Presale = ON
▪️ NOW: 0.1667 USD
▪️ Nov 2nd: JUMPS to 0.1833 USDThe timer is set! Secure your $MK before the rise! ⏰ pic.twitter.com/LMreT8M2Ce
— Meme Kombat (@Meme_Kombat) October 23, 2023
50% of this supply is going to the presale, with another another 30% of this supply to battle and staking rewards.
Not only does this make MK a decentralized cryptocurrency, but the existence of staking rewards means that users can earn a passive income from the coin.
They can buy some early as part of the presale by going to Meme Kombat’s official website, where 1 MK currently costs $0.1667.
This will rise to $0.1883 on November 2, while the token’s listing on trading platforms could send it much higher soon enough.
Visit Meme Kombat Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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