The Dogecoin price has fallen by 1% in the past 24 hours, dropping to $0.1522 on a disappointing day for the cryptocurrency market as a whole.
Despite this drop, DOGE is up by 5.5% in a week, although it does remain down by 9% in the past fortnight and has barely moved in a month.
Having said that, Dogecoin has gained by over 100% in a year, and with meme tokens potentially on course for their own season of out-performance, the coin could rally again very soon.
Dogecoin Price Prediction as $700 Million Floods In – $1 DOGE Possible in June?
DOGE looks ready to recover after a difficult day yesterday, with the coin’s indicators showing a return of some momentum.
After looking like it would fall below the 200-day average (blue), the 30-day average (orange) has flattened and may begin rising again, a sign of incoming gains.
Source: TradingView
Likewise, DOGE’s relative strength index (purple) has recovered from 30 yesterday to just over 50 as of writing, with this rise pointing to increased buying pressure.
What’s interesting is that DOGE’s trading volume has risen slightly today to $700 million, yet this is still low enough that a big buy from a whale could push the coin’s price up much higher.
Yet, at the moment, it seems that whales have been offloading DOGE rather than buying it, which could mean that we may have to wait a few more days for a rebound.
120,000,000 #DOGE (18,555,179 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/xojf8e81oe
— Whale Alert (@whale_alert) May 17, 2024
A rebound will certainly arrive, however, with Dogecoin remaining highly popular and also remaining in oversold territory.
Its biggest long-term hopes reside with Elon Musk and X, which finally switched to the x.com domain last week as part of its transition from a social network to a broader digital platform.
Such a transition will also include digital payments, which in turn may include DOGE transfers.
If so, there’s no doubt that the Dogecoin price will rocket, potentially breaking its all-time high of $0.7316, which it recorded three years ago now.
$DOGE keep an eye on #Dogecoin this week, has a potential inverted h&s pattern, if price can push back above $0.16 & take out the highs at $0.17, then could potentially go back to $0.20+
flips back to Bearish below 0.14 pic.twitter.com/bqPguuNpYi
— BlueCrypto (@BlueCrypto_) May 19, 2024
In the near term, it could reach $0.2 by the end of the summer, with an increasingly bullish market helping it up.
The Dogecoin price could rise even higher from September when economists expect the Fed to introduce rate cuts.
Alternative Meme Tokens with Strong Fundamentals.
Because DOGE may take some time to really get going, traders may prefer to look at newer meme coins in the meantime.
If so, one very promising candidate is WienerAI (WAI), a new Ethereum-based cryptocurrency that has now raised just over $2.3 million in its presale.
2 MILLION WIENERS!!!!
— WienerAI (@WienerDogAI) May 17, 2024
While it’s very much styled as a meme coin, WienerAI will primarily be a chatbot aimed at helping investors improve their trades and returns.
Based around the same generative AI tech that powers ChatGPT, WienerAI will answer queries from traders, helping them pick potential winners and also time their moves.
It will also feature two other important functions: an atomic swap capability (so that traders can act quickly on recommendations) and front-running protection, which helps traders make their trades ahead of arbitrage and front-running bots.
As a token, it will have a max supply 69 billion tokens, making it deflationary in theory, especially if it attracts rising demand.
It will also enable staking, meaning that a big percentage of its overall supply could exit circulation, thereby boosting its price over time.
Investors can join the coin’s sale by heading over to the official WienerAI website, where 1 WAI is selling for $0.000709.
This price will rise by $0.000001 with every stage of the sale up until it ends, at which point it will list – and potentially rally – on exchanges.
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