Dogecoin (DOGE) is fighting for life amid rock-bottom price action following a -3.5% drop last week – leaving some panicked bag-holders asking ‘is Dogecoin going to zero’?
This comes despite efforts by Dogecoin co-founder Billy Markus to trigger optimism in the DOGE community – with a play on Ferrari’s recent decision to accept cryptocurrency payments.
With the super-car manufacturer now working with payment processor BitPay, Ferrari is now accepting Bitcoin, Ethereum, Ripple and Dogecoin – potentially recasting the industry rallying call ‘wen Lambo’.
DOGE Price Analysis: As DOGE Fights for Life is DogeCoin Going to Zero?
At the time of writing Dogecoin is currently trading at a market price of $0.059 (representing a 24-hour change of +1.05%).
Dogecoin price action sank on October 9, in a dramatic tumble, following rejection from an iron-clad layer of resistance stemming from the 20DMA (which is currently sat at $0.06).
The 20DMA has formed a critical level to watch since a hopeful ‘golden cross’ broke-down to a ‘death-cross’ in just 4-days in mid-August – triggered a major -26% retracement move.
The sudden cascade has left Dogecoin price reeling at rock-bottom, with a baseline level of lower support established at $0.0575.
The 200DMA (stood at $0.07) remains high above the descendant upper trendline.
As for Dogecoin’s indicators, the RSI is showing signs of a steady heat-up despite price remaining below the 20DMA – suggesting a reclamation move could flip the RSI to a bearish over-bought signal.
This could imply a need for further consolidation below the 20DMA before pushing up.
This sentiment is mirrored by the MACD at -0.0001 (minor bearish divergence) – spotlighting dwindling momentum in current price positioning.
Overall, Dogecoin is fighting for survival here – with the underway consolidation representing a ‘last-stand’ before downside price exploration.
This leaves DOGE with an upside target above the 20DMA at $0.062 (a possible +3.56%).
While downside risk could see DOGE fall to lower support at $0.0575 (a potential -3.96%).
Dogecoin’s risk: reward ratio therefore stands at 0.9 – a risk dominated entry that could warrant patience with further consolidation at this level anticipated.
And while DOGE might not be going to zero just yet, the tumultuous price action clearly has investors worried, with a significant flow of smart money rotating into a fresher meme coin play: Meme Kombat.
Biggest Meme Coin Launch of H2 2023? Meet Meme Kombat as Presale Smashes $500K
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.
Delivering GameFi to Crypto Rivalries in Dramatic Fashion with Staking
The project isn’t just about excitement; it’s built on a foundation of trust – Meme Kombat’s commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn’t an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman’s open profile and the project’s physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors – Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena – this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss – so, don’t be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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