Dogs Price Aiming For A Breakout

The Dogs price is in a downtrend, characterized by a series of lower highs and lower lows since early September. The falling wedge pattern drawn on the chart reinforces this downtrend.

The price of popular meme coin Dogecoin (CRYPTO: DOGE) dropped 6% over the last 24 hours to trade at $0.0006754 at 00:31 a.m. EST on trading volume that surged 51% to $281 million.

Here's what happened

The price of DOGE has declined sharply from early September, forming a falling wedge pattern on the chart. This technical formation is usually associated with a downtrend.

However, toward the right side of the chart, we see that the price is now consolidating in a sideways range within the $0.000690 zone, which could indicate the formation of a potential reversal pattern or accumulation phase, according to data from GeckoTerminal.

The price of DOGE now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), affirming the recent downtrend.

On the Relative Strength Index (RSI), the 14-day indicator shows a reading of 43.26, which is in the neutral to slightly bearish zone (30-50 range). This suggests that the asset is not oversold or overbought, but it’s leaning toward bearish momentum.

If the bears win the struggle for dominance at this level, the price of DOGE could plunge further back to the $0.00055 support zone.

Conversely, If the price breaks above the top of the rectangle and gains momentum, it could aim for the 50-day SMA at 0.0006876 or possibly higher, as the bulls target $0.0012.

Elsewhere, investors looking for new opportunities might want to consider the new meme coin Crypto All-Stars (STARS), which is now up for grabs.

According to ClayBro, a prominent crypto analyst with over 130K subscribers, STARS has the potential to soar 26X after its launch.

Presently, Crypto All-Stars is sucking in about $260,000 as investors buy into the industry’s first unified meme coin staking platform.

It allows the top meme coins in the space, including Dogecoin ($DOGE), Shiba Inu (SHIB), and Pepe ($PEPE), to be staked together, enabling their holders to earn a singular reward—the native $STARS token—through its innovative MemeVault protocol.

In all, it will be possible to stake 11 meme coins on the platform. The other eight include Floki, Brett, Mog Coin, Milady, Turbo, Toshi, Coq Inu, and Bonk. More will be added in the coming months.

You can also earn passively through the project’s native staking mechanism, which offers a humongous 691% annual percentage yield (APY).

You can buy the token now for $0.0014887. But the price will increase in just minutes, so act fast to lock in the best deal.

Purchase $STARS from its official website here using BNB, USDT, or a bank card.