Home Dogecoin Price Aims for Recovery – Is It Time to Buy the Dip?

Dogecoin Price Aims for Recovery – Is It Time to Buy the Dip?

Over the past few days, Dogecoin has experienced a notable drop, prompting many investors to ask: is this a good time to buy Dogecoin?

In this article, we’ll analyze the current state of Dogecoin using technical analysis to help you make an informed decision.

We’ll also briefly cover a new presale called PlayDoge as an alternative investment opportunity.

DOGE price prediction

Let’s start by looking at Dogecoin’s daily market structure. Understanding this helps predict future price movements. For Dogecoin, we need to find confirmed higher low points, which act as support levels and confirm the trend.

Dogecoin is currently in a bullish trend, with the most recent higher low around $0.1265. This level is important because the price had a significant pullback here before rising again, confirming it as a higher low.

Despite recent dips, the price hasn’t broken this previous high, so there’s no new confirmed higher low yet. The $0.1265 level is key for Dogecoin’s bullish trend. Holding this support level would show continued bullish momentum.

If you’re thinking about buying Dogecoin, this level could be a good entry point. The last time Dogecoin bounced from this zone, it increased by about 39%. A similar bounce could result in a 19% increase, possibly pushing the price back up to the trendline.

Given the recent downtrend, some might see this as a buying opportunity. If Dogecoin drops further, around 13.3%, it could be a prime buying chance. A 19% bounce from this level is possible, but it’s essential to use proper risk management.

Dogecoin Price Graph

Staggering your take profits and moving stop losses to your entry point can help ensure a risk-free trade. There’s also potential for a significant breakout. Dogecoin has been testing a downward sloping trendline that has acted as resistance. A break above this trendline could lead to a substantial upward move.

The measured move from the support level to the resistance test point suggests a potential 29% increase. While this might not happen overnight, it could unfold over several weeks, which is healthier for sustained growth.

Despite the recent rough patch in the crypto market, and the potential for Dogecoin to experience more downside, there are still profitable opportunities. By focusing on key support levels and breakout potentials, investors can strategically navigate the market.

If you’re interested in exploring more top meme coins to buy in 2024, you can find our guide here.

Potential 10x returns with this alternative doge-themed coin

While the meme coin market is down, a new player called PlayDoge is gaining significant attention. This nostalgic play-to-earn (P2E) gaming project has already raised $4.7 million during its presale phase, despite recent market volatility.

PlayDoge combines the beloved Doge mascot with classic ’90s Tamagotchi-style gameplay, tapping into two powerful cultural forces. This blend resonates with retail investors, as shown by the project’s growing social media presence.

PlayDoge’s X (Twitter) account has over 5,000 followers, and its Telegram channel has around 5,000 members. Its popularity is driven by its innovative P2E gaming concept.

Players care for an 8-bit Doge pet, feeding it and playing mini-games. They earn $PLAY tokens based on how well they nurture their virtual pet, adding a fresh twist to earning crypto through gameplay.

PlayDoge also offers an integrated staking protocol with an estimated annual yield of 155%. Over 121 million $PLAY tokens have been locked up for staking. Players can earn tokens through gameplay and then compound their earnings by staking their tokens.

To support this, 1.1 billion $PLAY tokens (12% of the total supply) have been allocated for the staking rewards pool. Additionally, 940 million tokens (10% of the supply) are set aside for marketing initiatives, ensuring the project’s growth and visibility.

This combination of retro gaming, a lucrative staking model, and well-designed tokenomics sets PlayDoge apart from other meme coin projects. Despite market volatility, the $PLAY token presale remains in high demand and is performing well.

To take part in the $PLAY token presale, visit playdoge.io.


About ReadWrite’s Editorial Process

The ReadWrite Editorial policy involves closely monitoring the tech industry for major developments, new product launches, AI breakthroughs, video game releases and other newsworthy events. Editors assign relevant stories to staff writers or freelance contributors with expertise in each particular topic area. Before publication, articles go through a rigorous round of editing for accuracy, clarity, and to ensure adherence to ReadWrite's style guidelines.

Alvin Hemedez
Crypto Writer

Alvin Hemedez is a cryptocurrency analyst, finding a talent for the technical side of blockchain with his background and degree in Industrial Engineering. Hailing from Los Baños, Calabarzon in the Philippines, Alvin's work experience includes managing the eCommerce side of Shopee PH, Singapore and South East Asia's equivalent of Amazon with a base in the Philippines. Alvin's current news coverage on ReadWrite includes a special focus on emerging projects and new ICOs.

Get the biggest tech headlines of the day delivered to your inbox

    By signing up, you agree to our Terms and Privacy Policy. Unsubscribe anytime.

    Tech News

    Explore the latest in tech with our Tech News. We cut through the noise for concise, relevant updates, keeping you informed about the rapidly evolving tech landscape with curated content that separates signal from noise.

    In-Depth Tech Stories

    Explore tech impact in In-Depth Stories. Narrative data journalism offers comprehensive analyses, revealing stories behind data. Understand industry trends for a deeper perspective on tech's intricate relationships with society.

    Expert Reviews

    Empower decisions with Expert Reviews, merging industry expertise and insightful analysis. Delve into tech intricacies, get the best deals, and stay ahead with our trustworthy guide to navigating the ever-changing tech market.