Dogecoin Price Prediction – DOGE Drops 23%

That Dogecoin price forecast is bearish with increased selling in recent days, and a 23% decline over the past week. Still, DOGE’s trading activity has picked up, rising 128% to $668 million in volume. The current price of Dogecoin is $0.0740.

Why is Dogecoin Falling?

The most famous of all meme coins began to fall at the beginning of the week after Elon Musk said that he plans to leave Twitter as CEO. Elon Musk has been CEO of one of the largest social media platforms for less than three months, during which time he has hinted at integrating DOGE as Twitter’s cryptocurrency.

The price of Dogecoin was very sensitive to Elon Musk’s messages when he became the CEO of Twitter. This was seen in October when DOGE surged more than 178% to a value of $0.1596 after it was announced that Elon Musk would become president of Twitter.

Now that it looks like Elon Musk’s time on Twitter is coming to an end, Dogecoin’s price may take another drop. Still, the billionaire could stay with Twitter to help the company through the changes.

Investors buy the dip and Dogecoin forms a green light

Dogecoin price has fallen sharply following the news that Elon Musk could leave the platform as CEO, and DOGE continues its downward trend in December. The price is falling below its USD 0.0744 support, but at USD 0.0702 there were so many buyers that the price had not fallen much further.

DEAD/USD 8-hour chart - Source: TradingView
DEAD/USD 8-hour chart – Source: TradingView

A quick rise from this support caused the Dogecoin price to form a green light. DOGE rose to $0.0742 as bulls and bears tug of war.

The Moving Average Convergence Divergence (MACD) indicator points out that it is easier to rise than to fall. Traders wait for the MACD (blue chart) above the red signal chart before intervening again.

The expected rise from the $0.0702 support would indicate an uptrend for the Dogecoin price after breaking through the resistance from the higher charts.

To continue the current uptrend, Dogecoin price needs to break through the major moving averages, specifically the 50-day exponential moving average (EMA) at $0.0867, the 100-day EMA at $0.0892 and the 200-day EMA at $0.0893.

Investors could buy DOGE now that its value has fallen into the buy zone. According to the Market Value Realized Value (MVRV) of -11.65, the Dogecoin price is well below what it considers fair market value.

As a result, investors are hesitant to sell because they may suffer a significant loss. Market participants who are waiting may choose to buy Dogecoin at this lower price, increasing buying pressure and may lead to a rally. Until MVRV rises above 1, Dogecoin will remain undervalued.

Dogecoin MVRV
Dogecoin MVRV

Large holders, also known as whales, are taking advantage of the current situation to buy Dogecoin cheaply. Although the DOGE fell from its highs around $0.1596, the whales did not waver.

Santiment’s on-chain data shows that crypto addresses between 100,000 and 1,000,000 coins hold about 6% of all Dogecoins, up from 5.58% in August. In fact, addresses between 1 million and 10 million coins hold 7.4% of the total supply, which was 6.91% in August.

Distribution of Dogecoin Supply
Distribution of Dogecoin Supply

The recovery of the Dogecoin price depends heavily on the support of whales and ordinary investors. Therefore, the increase in purchases of the meme coin should eventually cause a large increase in price.

Altcoins with faster profits

The Dogecoin price could rise again at any time after the 23% drop this week. If you’re considering buying into the dip, it might also be a good idea to explore newer crypto projects with the potential for a lot of profit.

The crypto tokens below are currently available in pre-sale where you can buy tokens before they hit the exchanges. Because these presales are doing so well, they are some of the best altcoins to invest in now.

FightOut (FGHT) – Presale is now live

FightOut is a new crypto project that uses Web3 to transform the fitness industry. It is a move-to-earn (M2E) app and fitness chain that makes a healthy lifestyle a game. Platform users are rewarded for completing specific workouts and challenges. They can also earn badges and ranks in the community for participating.

With a tokenized economy, users can earn FGHT tokens on the ecosystem by performing M2E tasks. As FightOut aims to transform the fitness industry with Web3 features, users can create accounts and claim their own NFT avatar for use in the metaverse.

The native FGHT token is available in presale at 60.06 tokens per 1 USD. The presale has already raised almost $2.3 million in about 2 weeks and is in its first phase where investors will get up to 50% bonus tokens based on the number of tokens and lock period.

Dash 2 Trade (D2T) – final pre-sale phase

Dash 2 Trade is a promising choice for investors looking for a new crypto trading platform. The crypto analysis and trading platform expects to transform the crypto trading industry with its useful features and tools

The features of the platform include a strategy back-testing tool, notifications for new cryptocurrency listings, social media sentiment analysis, a unique scoring system to assess pre-sales, and signals for popular cryptocurrencies.

The native D2T token serves as the heart of the Dash 2 Trade ecosystem. To access most of the platform’s tools, the user must pay D2T tokens in the form of a monthly subscription, which is expected to increase the demand for the token quite a bit.

The D2T token is currently available in pre-sale for $0.0533 and has already raised over $10.4 million for the platform. The dashboard will go live soon as the Dash 2 Trade team is at the forefront of development. After the presale, the D2T token will be added to BitMart, Changelly Pro and LBank Exchange.

C+Charge (CCHG) – Pre-sale is now live

C+Charge has created a powerful peer-to-peer payment network for electric vehicle (EV) charging using blockchain. Users have an individual crypto wallet that they will use to pay for charging their EV with the native CCHG token.

The number of electric cars continues to grow, which is why there is a great demand for more charging stations. Yet the electricity industry is also struggling to standardize charging. C+Charge solves this problem using the dynamic CCHG token.

In addition to offering CO2 credits as a reward to network users, CCHG tokens are used to pay for EV charging. The CCHG token is currently available in presale at 0.013 USDT each, this price will increase to 0.0165 USDT in the next presale phase.

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