The Dogecoin price has increased by 3.2% in the past 24 hours to trade at $0.072 as of 4:27 a.m. EST.
The daily trading volume for Dogecoin (DOGE) experienced a significant increase, soaring by 119% to reach $650.84 million. This substantial uptick in trading activity suggests heightened interest.
Despite the value surge, the Doge Godfather, Elon Musk, has recently clarified his stance on cryptocurrencies with respect to his businesses, declaring via X that none of his companies intend to develop their crypto token.
To be super clear, none of my companies will ever create a crypto token
— Elon Musk (@elonmusk) November 4, 2023
Investors and holders of Dogecoin may now be reassessing their positions in light of Musk’s statement.
Dogecoin Price Breaks Over the Falling Wedge
DOGE price has recently broken free from a year-long bearish trend, during which the bulls faced significant losses. Fortunately, they found solid support around the $0.058 zone, which has proven resilient and prevented further gains for the bears.
The price action for DOGE indicates a rebound in its value, as it bounced back from the support zone at $0.058.
This shows the bulls’ control over the price is strong, pushing the price above the $0.06 resistance level.
Although facing resistance at $0.075, the bullish momentum has remained robust, leading to a rebound at the previous support level of $0.066.
This rebound has further empowered the bulls to break out of the falling wedge pattern formed during the bearish trend. The retest of this breakout coincided with the 200-day simple moving average.
Dogecoin Price Indicators Remain Bullish
Furthermore, the bullish signal is strengthened by the price crossing above the 50-day and 200-day simple moving averages (SMA). Currently, these moving averages are offering vital support to the price, particularly the 200-day SMA.
The relative strength index (RSI) has displayed a continuous upward trend, transitioning from the oversold region around the 30-level to approximately 68. This signifies a surge in strength and momentum for DOGE. Should the bullish trend persist, there’s potential for the RSI to reach the overbought zone.
The daily RSI and the simple moving averages confirm the positive DOGE sentiment. If the upward momentum persists, the bulls could propel the price to $0.12, indicating a potential 70% gain.
However, there is potential for a downward trend, as the bears may try to recoup their losses. In this situation, it might lead the bulls to fall back to the $0.06 support level.
Dogecoin holders can still consider increasing their positions as the bullish sentiment persists.
However, following Musk’s comments, the emergence of this new meme coin, which is being touted as having the potential for a ’10X explosion’ in value, could be a tempting prospect for those looking for substantial gains.
Meme Kombat Poised for a 10X Increase: 3 Days Left, Buy Fast
Investors in Meme Kombat (MK) are rushing to acquire additional presale tokens as the deadline approaches for an impending price hike.
With less than three days left, the presale is pushing to achieve the target of $1.5 million.
As of the time of writing, the presale has amassed a total of $1,248,532. Investors have a limited window of opportunity left to purchase tokens at the current rate of $0.1833 per token before the presale concludes.
MK Presale price is now $0.183!
Learn more about our staged approach to presale in this brilliant breakdown from @BuryCrypto 👏
— Meme Kombat (@Meme_Kombat) November 2, 2023
The token price will soon increase to $0.189, progressively increasing with each subsequent presale round, culminating in the final listing price of $0.274 scheduled for January 2024.
Get MK, Join the Kombat, Enjoy 112% APY
During the presale phase, Meme Kombat offers automatic staking options, a wide array of betting choices, and a robust tokenomics model to ensure long-term sustainability.
Investing in MK tokens at this stage allows one to enjoy a significant Annual Percentage Yield (APY) of 112%. Moreover, 30% of the token supply has been reserved for staking and as rewards for participants in meme battles.
— Meme Kombat (@Meme_Kombat) November 6, 2023
Meme Kombat empowers users to compete with fellow meme enthusiasts, enabling them to place bets on their favorite memes. Participation in these contests not only brings the excitement of competition but also rewards users for their knowledge of popular memes.
Users can stake a portion of the prize pool and share their winnings with others who wagered alongside them. This way, Meme Kombat offers users an avenue to showcase their meme expertise, have fun, and earn substantial rewards.
It’s gonna be a GOOD week memers🌅 pic.twitter.com/LFDCsEWDzc
— Meme Kombat (@Meme_Kombat) November 5, 2023
The support from the crypto YouTuber Alessandro De Crypto, who has 11.6k subscribers, further enhances the potential for Meme Kombat to experience a 10X increase in the upcoming weeks
Joining the Meme Kombat community and obtaining exclusive MK tokens is a simple process. Visit Meme Kombat’s official website, connect your Web3 wallet, and buy MK tokens using BNB, ETH, or USDT.
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