The Dogecoin price dropped 6% in the last 24 hours to trade at $0.2521 as of 2.15 a.m. EST on trading volume that jumped 8% to $1.48 billion.
Before the DOGE price drop, the crypto industry’s largest meme coin managed to reach the price of $0.2684. However, it corrected immediately after that, initially dropping to a support at $0.250 before seeing a slight recovery which brought it to $0.02521.
Over the last 12 hours, the coin has been fluctuating between $0.250 and $0.255, and it still remains between these two barriers.
Dogecoin Price Prediction
As Dogecoin saw its price surge to $0.27, its Bollinger Bands widened, with the price pushing the upper band further up. Once the price started to descend, it pushed the lower band down, which resulted in the bands remaining quite wide.
However, now that the price has mostly stabilized, the bands have tightened considerably, showing uncertainty among traders and investors.
The project’s Relative Strength Index (RSI) has been fluctuating between the neutral value of 50 and the overbought zone before the surge, only to then venture deep into the overbought zone as the price reached its peak, hitting the value of 83.69.
As the price started correcting, the RSI dropped to the oversold zone, all the way down to 21.97. At that point, some traders bought the dip, returning the RSI to the neutral value of 50, which led the price to stabilize.
For the time being, Dogecoin has seemingly reached stability on all fronts, with the narrow bands where the price is mostly at the middle line between the two bands, not pushing either one in either direction, and the RSI is balancing around the value of 50, showing that neither the bulls nor the bears are dominant in the current market.
Promising Alternative To Dogecoin
While Dogecoin managed to reach stability, the current sentiment is not very optimistic, as traders seemingly do not expect the coin to see a major price surge just yet. Instead, many are turning to alternatives like Catslap (SLAP) , which is closing in on a major event that could prove positive for its price action.
While Catslap itself saw a 3% price drop in the last 24 hours as a new bearish wave spread throughout the crypto industry, the project is less than two days away from a MEGABURN event.
In an announcement on X, the project explained that staking rewards are done, and that this is the last chance for community members to claim their leftover tokens. All unclaimed tokens will be burned on Feb. 14, making it its 18th token-burning event since its creation.
This could reflect positively on its price by reducing its supply further, although that has yet to be seen. In the meantime, the project remains as popular as ever due to its slapping game, which generated over 3 billion slaps in the past few months, showing that community engagement is still as high as ever.
This is largely why experts such as ClayBro, a crypto YouTuber who has over 136k subscribers, believe that Catslap holds at least 10x potential, and could see a massive price surge once the next big crypto bull run kicks off.
Buy SLAP here before the much-anticipated token burn event in less than 48 hours.
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