Dogecoin jumped 2.6% in the last 24 hours, marking an upside shift after the world’s largest meme coin slid more than 25% in the last month. The move comes after many smaller meme coins have made bullish moves of 10% or more, so traders are wondering if the latest price increase in $DOGE could be the start of a sustained rally.
We’ll take a closer look at Dogecoin’s potential momentum in July and highlight another doge-themed meme coin that could offer far more explosive returns.
Dogecoin Posts 2.6% Gain, But Lacks Momentum for Larger Move
Dogecoin’s 2.6% gain comes after other top 10 meme coins like $PEPE, $WIF, $BRETT, $BONK, and $BOME all posted gains of more than 10% in the past week. For days, there has been a meme coin surge going on, but $DOGE has been left out.
The upside move could indicate that $DOGE is finally joining in the rally and making a push higher—but unfortunately for meme coin traders, the chart tells a different story.
Looking at a technical chart for $DOGE, it’s clear that the current price level of $0.128 is a significant area of support and resistance for Dogecoin. The token bounced off this level in March and May, then broke below it earlier this week.
The breakdown is a warning sign that Dogecoin could have farther to fall. Today’s small upward movement appears to be a retest of the $0.128 price level, which could now act as resistance and bounce the $DOGE price downward following the test.
Dogecoin’s woes are exacerbated by extremely low trading volume in the token. Trading volume in $DOGE today is just $650 million, down from $2.6 billion in March and $1.3 billion in May. That means traders are unlikely to step in and propel $DOGE back above the $0.128 resistance level, instead leaving the token to continue its slow slide.
None of this analysis suggests that Dogecoin is dead forever—far from it—but the near-term outlook is much more bearish than the frenzy in the rest of the meme coin market might suggest.
In a worst-case scenario for $DOGE, the token could drop all the way to its next support level around $0.084 in July. That’s a potential 35% drop from today’s price, compounding Dogecoin’s recent slump.
PlayDoge Offers Doge-themed Alternative with 10X Potential
Even though Dogecoin is faltering, traders will still want to watch the meme coin market closely. Dozens of major meme coins are surging and new meme coins are launching with explosive potential.
One of the hottest tokens to watch is PlayDoge, a doge-themed alternative to Dogecoin that analysts think could rocket 10x or more when its $PLAY token hits exchanges. This meme coin presale has raised more than $5.2 million in just a few weeks and looks like it will sell out ahead of schedule.
PlayDoge is building a play-to-earn game modeled on the 1990s hit Tamagotchi. Players will earn $PLAY tokens for taking care of a virtual doge companion and bringing their doge on video game-inspired side adventures.
The catch is that in order to earn in PlayDoge, players must already own some $PLAY. That’s created a surge of demand for $PLAY during the presale since it’s available at a discounted price.
The $PLAY token promises to be one of the biggest meme coin launches of the year. Analysts like Jacob ‘Crypto’ Bury have called it the next 10x meme coin, and it’s also been praised by influencers like Matthew Perry and Crypto Gains.
Early investors in the PlayDoge presale can fill their bags with 121% APY rewards for staking $PLAY. Don’t miss this chance to buy $PLAY at a discount and get in on a summer of profits in the meme coin market.
