Top Meme Coins: Trader Recommends Dogecoin Could Rebound from $0.20
Dogecoin (DOGE) has shown a significant recovery this year, with a recent 35.5% surge in the past 30 days. Despite a decline in trading volumes by 21.3% over the past 24 hours, DOGE currently stands at around 22 cents per token. Market movements have been erratic recently, especially with the anticipation of the Federal Reserve’s FOMC meeting where nearly 97% of analysts predict that the U.S. central bank will maintain the federal funds rate.
Market observers are closely watching for any hints from Chairman Jerome Powell regarding potential rate cuts, as the economic environment appears to have stabilized compared to previous months. Amid a slight decline of 1.3% in the meme coin market in the last 24 hours, Dogecoin has only retreated by 0.4%. While DOGE’s dominance in this niche has decreased slightly to 46%, other meme coins like Bonk (BONK) and Pudgy Penguins (PENGU) have seen significant gains ranging from 90% to 154% over the past 30 days.
Trader Tardigrade, a popular figure in the crypto world with a substantial following, suggests that the crucial support level for DOGE to watch is at $0.20. Multiple confirmed trend lines converge at this level, increasing the likelihood of a strong positive response from market participants. This convergence of trend lines has been respected on multiple occasions, indicating a potential upward movement for DOGE that could lead to a 45% gain, with a target price of at least $0.29.
The daily chart also highlights the significance of the $0.215 – $0.20 price range, which has been a key battleground over the past few months. This level coincides with the 200-day exponential moving average (EMA), adding further support to its importance. As the price approaches this critical area, traders are advised to monitor price action closely as it may signal a bullish breakout and potential explosive move in either direction.
Additionally, the Relative Strength Index (RSI) has dropped below the 14-day moving average, indicating a recent pullback after hitting extreme overbought levels of 84. Despite lagging behind some of its counterparts, DOGE remains popular among investors as the ‘Genesis’ meme coin. A new project, Maxi Doge (MAXI), aims to capitalize on DOGE’s reputation by launching a new version that embodies the current bullish sentiment in the market.
Maxi Doge (MAXI) has quickly gained traction, approaching $100k in funds raised within its first day. This token represents the exuberance of the crypto market during bullish cycles, promoting a ‘up only’ mentality with no red candles allowed. As the market continues to evolve, DOGE and projects like Maxi Doge reflect the vibrant and speculative nature of the crypto space, appealing to investors who seek high-risk, high-reward opportunities.
