The Dogecoin price is up almost 7% in the last 24 hours to trade at $0.07543 at 1:50 AM EST.
Trading volume is up 65% in the same period, as investor appetite for meme coins continues to grow.
Meanwhile, two recent entrants into the meme coin space, MK and WSM, are making headlines, with experts anticipating huge growth potential. The two tokens feature among the best five meme coins to buy in 2023.
Meme coins have taken the emerging “bull market” by the horns, pun intended, seizing the opportunity to rise after months of consolidation. Dogecoin, the leading meme coin by market capitalization, has climbed almost 30% since the purported bull market commenced.
— FutureMan (@crypto202WIN) November 7, 2023
DOGE rallies alongside the broader market, outperforming most altcoins, with analysts identifying how Elon Musk’s favourite coin broke out before climbing to the current market value.
— Ashish Gautam(Money Guru Digital) (@Moneygurudigi) November 7, 2023
Today, Dogecoin features among the top gainers, soldiering on despite Bitcoin (BTC) price showing weakness. This has some traders anticipating that the DOGE market value will reach the $0.28 to $0.30 range soon if bullish momentum increases.
— HBMIC (@hbmic_official) November 7, 2023
Meanwhile, after Dogecoin price managed to breach the $0.0730 resistance level to record a high of $0.0760, analysts say the next target will be $0.0905 if its manages to retain the gains.
Will Dogecoin Price Hold Above $0.07300?
Dogecoin price is coiling up for a correction, indicated by the Relative Strength Index (RSI), which is just about to cross below the 70 level. The move could act as a sell signal, which if traders heed, could result in DOGE falling to lose all the ground covered in the November 6 climb.
It comes as the price of the world’s top meme coin faces a supply barrier extending from $0.07677 to $0.08070. This order block, termed the supply zone, is defined by aggressive selling because it is heavily populated by the bears. Selling pressure from this zone appears to be overpowering buyer momentum.
With the above outlook, Dogecoin price could correct to test the 200-day Exponential Moving Average (EMA) at $0.06860. Further south, the slump could extend for DOGE to tag the support confluence between the 100- and 50-day EMAs at $0.06576 levels. If this buyer congestion level fails to hold, the price could spiral further, potentially revisiting the support floor at $0.05694. Such a move would constitute a 25% drop below current levels.
Notably, this assumption comes as the broader market shows signs of a short-term correction before an extended move north. The RSI adds credence to this thesis, with its trajectory hinting at a possible sell signal that will be activated once the RSI crosses below the signal line (yellow band).
On the flipside, increased buying pressure could see Dogecoin price extend, with the possibility of the supply zone flipping into a bullish breaker still on the cards for DOGE. This comes as the Awesome Oscillator (AO) and the Moving Average Convergence Divergence (MACD) indicator are in the positive territory. Their respective histogram bars are also green-soaked, showing bulls still have a strong presence in the DOGE market.
For a confirmation of the primary trend, which is the uptrend, Dogecoin price must break and close above the mean threshold at $0.07862. Further north, the gains could extend for Dogecoin price to shatter past the $0.08153 before collecting sell-side liquidity (SSL) that resides above as the leading meme coin heads towards the $0.09000 psychological level.
Meme Coin Alternatives For Dogecoin
First in line is MK, the ticker for the Meme Kombat ecosystem, an innovative platform designed for gaming enthusiasts. It uses a stake-to-earn mechanism, with stakers getting up to 112% in Annual Percentage Yields (APY) for staking. The MK token is currently selling for $0.0183 but will increase to $0.0189 in just about two days. This means now is the time to buy MK at a low price.
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
Participants reserve the right of choice, choosing whichever meme coin they want to represent them in the battle arena. This choice can be based on the playing odds or the meme coin you like the best.
— Meme Kombat (@Meme_Kombat) November 7, 2023
MK features among the top three ICOs to buy in 2023, so investors should not ignore this crypto presale while it remains affordable. It is also among the top five altcoins to buy for high returns in November 2023, promising 10X growth potential.
Wall Street Memes
Wall Street Memes is the other contender, with its native token, WSM, selling for $0.02194 on tier-one exchanges such as OKX. Notably, the exchange introduced margin trading for WSM with USDT perpetual swaps
WSM token holders have access to exclusive token holder communities, with the opportunity to receive bonuses in the WSM Casino, and have the chance to earn rewards by staking your $WSM tokens.
The project also has a buy-back function, intended to reduce the circulating supply of the token in the market, thereby enhancing demand pressure. This gives WSM price more leverage for a value surge.
Even after launch, Wall Street Memes continues to be one of the biggest meme coin presales of 2023, having sprinted to the $25 million target in record speed.
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