As a seasoned researcher with over two decades of experience in the crypto market, I’ve seen trends come and go, but the resilience and adaptability of the Dogecoin community never cease to amaze me. The recent news about the upcoming Web3 gaming community on Dogecoin is an exciting development, one that could significantly increase DOGE‘s utility if executed well.
As a researcher observing the Dogecoin (DOGE) market, I’ve noticed an attempt at a rebound following Monday’s significant plunge; however, the momentum seems to be waning. Despite promising indications of an upcoming Web3 gaming community on the network, the price recovery appears to be faltering.
Gaming is Coming on Dogecoin
As reported by Jordan Jefferson, founder and CEO of MyDoge Dogecoin wallet, gaming is set to debut on the most prominent meme coin network. In an unexpected move, Shytoshi Kusama, the main developer of Shiba Inu, criticized the upcoming Web3 game, highlighting the “Shiba Eternity” game within the SHIB ecosystem. However, Jefferson countered by stating that both communities can engage in competition within this game across both blockchains.
**Laughs in Shiba Eternity**
— Shytoshi Kusama (@ShytoshiKusama) August 9, 2024
Migrating Dogecoin into web3 gaming might boost its practical value, even though Kusama appears amused by this notion. Similar to Shiba Eternity, the upcoming game on the network could raise demand for DOGE prices, which have been finding it difficult to sustain above the recently regained $0.1 support level.
Dogecoin Price Risks a 23% Drawdown
The current Dogecoin price is slightly above its short-term support at around $0.1. This increase came after it was supported at $0.08 and rejected at $0.108. Investors aim to drive DOGE towards the significant goal of $0.2, but a ‘death cross’ pattern in the daily chart indicates potential downward pressures that should not be disregarded.
Keep in mind that a ‘death cross’ pattern emerges when a brief moving average (for instance, the 50-day Exponential Moving Average in Dogecoin) falls beneath a prolonged one (like the 200-day EMA), suggesting possible downward trends.
According to the predicted Dogecoin price trend, traders might interpret it as a warning to sell or secure their stop-loss orders by confirming the bearish theory with additional indicators.
Currently, the Moving Average Convergence Divergence (MACD) hasn’t bounced back following its sell signal, potentially exerting pressure on Dogecoin’s price and preventing it from rising.
Traders need to understand that while they’re gearing up for the potential effects of the ‘death cross’, they should also observe the emerging bullish pattern known as a ‘falling wedge’ in the daily chart range of Dogecoin. This optimistic reversal pattern took shape during Dogecoin’s price correction from its peak at $0.2288 in March, where it established three successive higher bottoms and lower tops.
Connecting these price points with trend lines creates a descending triangle, potentially propelling DOGE 58% upward to reach $0.2 – this goal is calculated by taking the vertical distance between the initial high and low swing points, then adding that value above the breakout level. To control risks, place the stop loss just below the breakout point.
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2024-08-10 16:58