Dogecoin has continued its bull run, gaining 5% in the last 24 hours. At the time of writing, DOGE was trading at $0.128. Over the past week, the largest meme coin is up by more than 50%.
Dogecoin losing bullish momentum
The price of Dogecoin seems to be losing the bullish steam that saw it make major gains. In the last week, DOGE rallied to $0.15, but it was rejected at this price and instead traded lower. Nevertheless, its market cap is still high at $17.57 billion and ranks as the eighth-largest cryptocurrency by this metric.
Dogecoin could head higher in the short term as the broader market has turned bullish. The global market cap is up by 2.5% in the last 24 hours to $1.1 trillion, and most cryptocurrencies are trading in the green zone. Dogecoin seems to be benefiting from this uptrend, as it goes back to mimicking the broader market.
The movement of the Moving Average Convergence Divergence (MACD) line shows that the bullish pressure is cooling. The MACD line is moving in tandem with the signal line as the bears and bulls fight for control. The price chart also shows that the volatility has cooled down, in which case DOGE will trade between $0.11 and $0.12 in the short term.
Dogecoin seems to be losing the buying pressure that saw the DOGE community buying the token amid news of Elon Musk’s purchase of Twitter. The community expects that DOGE payments will be added to Twitter. Musk has already said that Twitter verification will cost $8 monthly but has not announced whether users can use DOGE to make payments.
Adding DOGE payments on Twitter could trigger significant gains and take DOGE to $1. However, as the DOGE community eagerly awaits this announcement, DOGE could continue following the broader market’s performance.
This meme coin can rally 50x
As DOGE shows signs of consolidation, Tamadoge (TAMA), a new meme coin, could rally higher. In the last 24 hours, TAMA has outperformed Dogecoin after making gains of over 10%. At the time of writing, TAMA was trading at $0.0308.
TAMA is the native token for Tamadoge, one of the best play-to-earn meme coin projects that has attracted much attention from investors. The project allows players to buy non-fungible tokens (NFTs) linked to digital pets. Players can nurture and use these pets to battle with other players and receive rewards in TAMA.
The Tamadoge gaming platform is in the testing stage as developers test several critical features of the metaverse gaming world, such as Doge Desert and Tama City. The Tamadoge Arcade is expected to be launched soon.
The launch of the Tamadoge gaming platform could be a major catalyst for TAMA’s gains. As meme coin investors look for gains, TAMA is uniquely positioned to deliver gains in the short-term and long-term because of its robust fundamentals. By focusing on utility, Tamadoge has differentiated itself from other meme coins.
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Author: Ali Raza
Follow @ali_r1272
Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master’s degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, InsideBitcoins, BeinCrypto, and more. …
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