Dogecoin price has seen great volatility in the past week, first reaching $0.0928 and then falling back to $0.0786, before rallying to highs around $0.0936. The bulls look very aggressive and are looking to push the cryptocurrency towards $1.00. However, DOGE is still trading below $0.10, and the next few days could determine its direction.
Dogecoin price is approaching a major inflection point
After a dramatic rise, the price of Dogecoin is holding very close to $0.10 – a key level for DOGE's future trajectory: the cryptocurrency itself could either reach $1 or enter a new phase of consolidation, as investors are seeing early gains. For now, DOGE is holding above all major moving averages, starting with the 50-day exponential moving average (EMA) (in red) and forming confluent support with the 100-day EMA (in blue). ) around $0.0811.
Dogecoin price is also hovering above the 200-day EMA (purple) and holding at $0.0847. Support is also provided by two ascending trend lines, as seen on the chart.
A bullish outlook is expected in the coming sessions, which may be enough to lift the price of Dogecoin above $0.10. Investors seem to be driven by FOMO (Fear of missing out), which has pushed prices higher.
According to the Money Flow Index (MFI), the price of Dogecoin has seen more funds flow into its markets, relative to the volume of outflows. The MFI is a momentum indicator like the RSI (Relative Strength Index), but it incorporates volume to measure the speed of entry and exit. When trending up, it indicates positive momentum which increases the chances of price going higher – the reverse is also true.
For now, investors should focus on keeping Dogecoin price above the upper support, especially if the resistance at $0.1 (in the lower yellow band) remains intact. New buy orders can be placed when DOGE bounces off the 200-day EMA support or, if the situation calls for it, the confluence support at $0.0811. Alternatively, a move below the accelerating trendline could trigger a drop to the lower trendline around $0.07. The Moving Average Convergence Divergence (MACD) indicator which gives a buy signal on the same chart daily also supports the bullish outlook for Dogecoin. Note that the MACD line (in blue) holds above the signal line (in red), while maintaining an upward direction. At the same time, the green histogram above the middle line (0.00) suggests that momentum favors the bulls, at least for now.
What are the obstacles to DOGE progressing to $1?
As mentioned, the MFI indicator measures the inflows and outflows of funds. Over the past three weeks, most volumes of Dogecoin were positive, which to a large extent pushed the price higher.
However, the MFI indicator fell from the overbought region at 59.40 on Monday, suggesting that more money is leaving the Dogecoin markets, suggesting a spike in profit taking among investors. Therefore, it would be prudent to prepare for the possibility of a correction before another sharp move above $0.10.
Alternatives to Dogecoin
Pre-sale tokens are currently among the most attractive assets in the market, due to their availability at very favorable prices.
Meta Masters Guild (MEMAG)
Investors interested in emerging play-to-earn (P2E) cryptocurrencies should follow the Meta Masters Guild (MMG) project closely. Billing itself as the first web3 gaming guild on mobile, the ecosystem hopes to introduce high-quality blockchain-based gaming.
Meta Master Guild sets itself apart from existing P2E platforms such as Axie Infinity, The Sandbox and Decentraland by offering fun games that offer community members many opportunities to earn money, including providing in-game resources, creating content and participating in events.
Players in the first mobile-focused Web3 gaming guild will earn a currency called Gems. These tokens are versatile as they can be exchanged for MEMAG, the platform's native token, which can be stakingd for more rewards. They can also be used to buy NFTs in-game or exchanged with other cryptocurrencies like ETH.
Meta Master Guild is currently in the second stage of its pre-sale and has raised $651,000. The purchase price of 1 MEMAG is currently $0.01.
Fight Out is a new crypto project that hopes to redefine the fitness lifestyle through Web3. Fight Out is a Move-to-Earn (M2E) app with a chain of gyms that "gamifies" the fitness lifestyle. Ecosystem users are rewarded for completing pre-determined workouts and challenges while earning badges within a vibrant community.
An incentive system will operate the ecosystem where users earn FGHT tokens by completing M2E tasks.
Unlike existing Move-to-Earn crypto ecosystems such as STEPN, FightOut users will not need expensive NFTs. Instead, FightOut uses simple technology solutions with digital avatars to make it easier for Web2 audiences to access the metaverse.