Despite a sharp decline of $360 million in trading volume, the dogecoin price jumps a 4% rise in its price and is trading at $0.109 at the time of writing.
The coin is counted in the top 10 cryptocurrencies with a trading volume of $475.72 million and encountered a 10.06% decline in the current market scenario. Although the trading volume is declining, 73% of Doge traders are in profit, according to the data of IntoTheBlock.
On July 29, the token witnessed a major sell-off, and the price declined from $0.13 and reached a support level of $0.081 by August 5. The bearish trend of the coin can‘t hold it long as the bull takes over the charge and boosts the price to a 4% gain.
The bullish momentum in the price aims to sustain the upward trend in the Doge price. By surpassing the price in the 50-day moving average, the coin can reach the immediate resistance level of $0.117, wiping out the bearish clouds from the token. The 200-day moving average is also indicating a strong trend within the moving price cycle.
In last week’s trading, the Relative Strength Index indicates a figure of 30. This shows the over-selling pressure on Doge, now recovering to 55 is a good sign for the token as it is showing that the investors are back to Doge and putting their assets to boost its price.
The market cap of Doge also sees a significant gain of 4.32% reaching a total of $15.91 billion. In this case, if the bear takes over the charge, Dogecoin can drop its price and touch the immediate support level of $0.095.
The official website of Dogecoin also posted a status by praising the coin for its immediate breakout from the Bear trend.
As the Dogecoin price is rising gradually, Play Doge, a new meme coin is set to benefit its audience by its game “play to earn”. According to 99Bitcoins, a YouTube channel for crypto, the price of the token can surge up to 100X after listing on an exchange.
PlayDoge: A Compelling Alternative
PlayDoge is a mobile game where players can transform their Doge meme into a virtual pet and earn a PLAY token by confirming their pet gets enough support from the audience. The toke also provides a staking option through which the users can earn by locking their token to earn a 77% yearly reward.
The PLAY token is already popular among players due to its game and raised almost $6 million in its presale. Currently, the token can be bought for $0.00528 per token, the early buyers get benefit as the price spikes every 72 hours.
