Dogecoin Price Prediction - Is The Rally Over? Meanwhile, New Meme Coin Love Inu Hits $3.5m
Following a Musk-boosted recent rally, the dogecoin price has dropped . The meme coin is facing extremely bearish sentiments as $DOGE has sunk by 14% in the last 10 days. $DOGE is currently priced at $0.089.
$DOGE prices skyrocketed on April 3 as Elon Musk mysteriously replaced Twitter’s popular blue bird logo with the dogecoin logo. It was priced at $0.105 by the end of the day. Twitter and Tesla CEO Elon Musk is a vocal supporter of the meme coin and his support has frequently resulted in a massive surge in the token’s price.
However, as Twitter reverted back to its old logo, the meme coin plummeted to hit a low of $0.080. Despite the bearish conditions, Dogecoin still has a market capitalization of $12.5 billion, meaning it’s the largest meme coin by total market cap.
While $DOGE may be cooling off, investors are seeing an explosive price surge from the Love Hate Inu meme coin. $LHINU has already raised over $3.5 million in its pre-sale. Experts believe that $LHINU could outperform larger meme coins such as Dogecoin and Shiba Inu.
Why is the Dogecoin price struggling?
The Dogecoin price chart shows that the meme coin enjoyed positive sentiments from the start of 2023. $DOGE started the year with a price of $0.069 and has surged by 28% to the current price of $0.089. This bullish sentiment is a result of the increasingly positive economic outlook as well as Elon Musk’s support.
However, recently the $DOGE rally is beginning to fade. The token has plummeted by 14% as Twitter reverted back to its old logo. A technical analysis of Dogecoin’s recent price movement also paints a slightly bearish outlook.
$DOGE is currently struggling just above the critical support of the 200-day Exponential Moving Average, which it broke above during the bull run in early April.
Meanwhile, the Hull Moving Average at $0.0828 and the Volume Weighted Moving Average at $0.088 are giving buy signals for Dogecoin in the 1-day time frame.
The 10-day exponential moving average also points to a negative price movement.
Dogecoin faces much tougher prospects in the 4-hour time frame. Technical Analysis platform TradingView gives a “SELL” signal to the meme coin. However, Dogecoin is also still above the critical support level of the 50-day Exponential Moving Average on the Daily timeframe.
Similarly, both the 30-day and 20-day Exponential Moving Averages give a buy signal for $DOGE.
The Moving Average Convergence/Divergence indicator is currently hovering around 0.00 in the 4-hour time frame. Therefore, the Dogecoin price prediction right now could be bullish or bearish - only time will tell.
Why Is The Long-Term Dogecoin Price Prediction Still Bullish?
Despite the recent struggles, the dogecoin price model predicts that the sentiments surrounding $DOGE can still turn positive. In spite of a few bad indicators, TradingView gives a “BUY” signal to the meme coin on the Daily time frame.
In a month-long time frame, the 100-day Exponential Moving Average still acts as a strong support for Dogecoin.
Dogecoin is also expected to surge as the macroeconomic conditions are expected to turn favorable for the crypto market. The latest Consumer Price Index highlights cooling inflation levels in the US economy.
As such, the US Federal Reserve is expected to turn dovish as inflation cools off. Risk assets such as Dogecoin could become more attractive as a result.
Furthermore, Dogecoin is expected to receive continued support from Elon Musk. Doge enthusiasts continue to believe that Doge will soon become a payment method for Twitter services. Musk has previously supported $DOGE as a payment method for various Tesla services.
Musk also tweeted on April 12th that he would offer one million $DOGE to anyone who could prove that his family had previously owned an emerald mine in Africa. Rumors regarding this mine have followed Musk around for years, with nobody yet able to link him to a specific location.
Following this tweet, the $DOGE price did surge by around 6%, as retail investors piled into the market due to the “hype” surrounding the coin. Notably, many Dogecoin enthusiasts now believe that $DOGE could surge to $1 in a strong crypto rally.
However, as is often the case, the $DOGE trading volume died down almost instantly after the initial price surge. It appears retail investors are more interested in the latest upgrade of the Ethereum network, which saw the “Shapella” hard fork finally completed. This means ETH stakers can now withdraw their holdings from the Beacon Chain - drawing the attention away from $DOGE.
Why $LHINU can be a better alternative?
Dogecoin is currently struggling to continue the momentum of its latest rally. Elon Musk’s continued struggles with Twitter also raise concerns regarding Doge’s growth prospects. Therefore, there is a growing demand for an alternate meme coin with an exciting use case.
$LHINU, the native token of Love Hate Inu, is catching the eyes of investors due to its strong pre-sale. Love Hate Inu is an Ethereum-based vote-to-earn platform. It allows users to vote on trending topics and celebrities, with an opportunity to earn $LHINU in the process.
Donald Trump, Elon Musk, Cristiano Ronaldo, Kim Jong Un, Andrew Tate, etc. are some of the most popular celebrities that users can vote for on the Love Hate Inu platform. Users can also vote on a wide range of topics from politics, sports, movies, etc.
The platform is also extremely useful for businesses. Businesses can create custom polls and measure the public sentiment for their product.
Love Hate Inu’s viability lies in its use of blockchain technology. For example, polls on Twitter are often unreliable as they are susceptible to spam, bots and trolls. However, Love Hate Inu protects its polls from such nuisances due to its stake-to-vote mechanism. Users will have to stake a small amount of $LHINU to vote on its platforms.
Furthermore, every vote is recorded on the blockchain and therefore, is completely immutable and transparent. Use of the blockchain technology also protects it from any interference of a centralized entity. This preserves the integrity of the polls.
$LHINU is currently showing a strong performance during its pre-sale. It has currently raised $3.74 million USDT and is close to meeting its target of $4.2 million. The token is currently priced at $0.000105.
However, the $LHINU price will surge to $0.000115 in a little over a day. It will launch at the price of $0.000145.
Interested users can easily purchase by connecting their wallets to the Love Hate Inu platform. $LHINU can be purchased through ETH, BNB or USDT. Users can easily choose the amount of LHINu they want to buy, confirm the gas fees and complete the transaction to purchase the token. Alternatively, users can also swap ETH, BNB or USDT for LHINU.
