The Dogecoin Price Testing A Critical Support Level

The Dogecoin price dropped over 4% in the last 24 hours to trade at $0.1315 as of 11:45 p.m. EST as investors sell their holdings in the dog-themed crypto.

Dogecoin price dropped over 4% in the last 24 hours to trade at $0.1315 at 11:45 p.m. EST as investors sold their holdings in the dog-themed crypto.

Following the recent pullback, the crypto’s weekly and monthly performances both still remain in the green zone. The DOGE price is up more than 4% for the week and has risen over 7% in the last month.

The Dogecoin Price Testing A Critical Support Level

4-hour chart for DOGE/USD (Source: GeckoTerminal)

The Dogecoin price lost the key support level at $0.1376 in the last couple of days and is now testing the subsequent mark at $0.1290. A break below this next critical point could expose DOGE to the risk of falling to as low as $0.1165 in the short term.

However, the Dogecoin price maintaining a position above $0.1376 for the next 12 hours might invalidate the bearish thesis. In this alternative scenario, the meme coin could try to reclaim the $0.1376 support.

Closing a 4-hour candle above this threshold in the next 48 hours might then give DOGE the foundation needed to rise to the next major resistance level at $0.1451.

The Dogecoin Price Showing Technical Weakness

Technical indicators on DOGE’s 4-hour chart warn the altcoin’s price could continue to fall through the course of the next 24 hours. More specifically, both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators are showing bearish signs.

The MACD line crossed below the MACD Signal line in the last 24 hours. Traders usually see this as a sign that a crypto has entered a negative short-term trend. What’s more, the growing gap between the two technical indicators could indicate that DOGE’s bearish momentum is intensifying.

Meanwhile, RSI readings have been decreasing throughout the past day of trading as well. During this period, the indicator has fallen from 61 to below the 50. Oftentimes, 50 is considered a technical benchmark when traders and analysts examine the RSI. An RSI reading below this point is considered bearish, while a value higher than 50 is seen as bullish.

While DOGE shows technical weakness, the play-to-earn meme coin PlayDoge (PLAY) is showing nothing but strength as its presale quickly approaches $6 million in funds raised.

Bringing Back A Gaming Classic To Create The Next Meme Coin Sensation

PlayDoge is a dog-themed crypto that shares some similarities with the largest meme coin by market cap, Dogecoin. DOGE inspired a new wave of cryptos that rely mainly on their communities to generate a market impact. But investors are now turning their attention to tokens that offer more utility.

PlayDoge, with its meme coin appeal and play-to-earn gameplay, is looking to spearhead a new class of meme coins whose success is not primarily based on their following.

To achieve this, the project is introducing an upgraded version of the viral Tamagotchi game. Back in the 90s, the Tamagotchi pets were a hit, with millions of units sold around the world.

By combining blockchain and crypto technology, PlayDoge will launch a modern version of the gaming classic that is fit for the 21st century. One of the major upgrades that PlayDoge will introduce is the ability for players to earn crypto for looking after their pets.

By simply ensuring their digital companions get enough love, food and sleep, players stand to earn PLAY.

PlayDoge will also offer mobile support, meaning that players can interact with their pets on the move. This potentially opens up the opportunity for players to earn additional rewards.

PlayDoge’s meme coin roots and in-game rewards have caught the attention of an analyst from the 99Bitcoins YouTube channel, which has over 705k subscribers. In a recent video, the analyst said that PLAY “could be absolutely huge,” and added that it might be the next 10X crypto.

Investors Bet Big On PLAY’s Future

Over $5.8 million has already been sent to PlayDoge’s ongoing presale, signaling strong investor confidence in the project’s future. In addition to its 10X potential, there is also an attractive staking opportunity that might be another reason investors are rushing to buy PLAY.

Anyone who purchases and locks up the token at this early stage gains access to an 82% APY.

Becoming eligible for these rewards is simple, investors simply need to acquire the token via the easy-to-use buy widget embedded on the project’s website.

Selling for $0.00522, PLAY can be bought using either