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In the past week, DOGE has posted a 0.7% gain, while in the last 24 hours, the meme coin is down by 0.1%.
Low trading volumes are behind the lack of significant price movements. In the last 24 hours, DOGE trading volumes have plunged by around 18% to $138 million. The low trading volumes also point to a bearish sentiment.
Dogecoin Bounces From Support Levels In Weak Bullish Signal
Dogecoin has bounced from the $0.0621 support severally, with the level serving as an entry price for buyers. A slight gain to $0.0625 is likely if more buyers accumulate at these levels.
Selling pressure will likely be seen when the price plunges below $0.0616. In this scenario, DOGE will plunge to the September 11 level of $0.0597.
The low trading volumes show indecisiveness between buyers and sellers as they await the price to hit these crucial levels.
Dogecoin’s price trend appears to have formed a death cross, with the 50-day simple moving average (SMA) crossing below the 100-day SMA. While this chart pattern might appear ominous, it is usually followed by a near-term rebound.
A look at the Moving Average Convergence Divergence (MACD) line indicates that bears have the upper hand. However, its histogram bars are green, making the case for an upcoming rebound.
The Relative Strength Index (RSI) at 39 points to selling activity. The RSI line is stagnating, indicating buyers and sellers are refraining from making trades.
Weak Community Engagement Behind DOGE’s Stagnating Trend
The self-proclaimed DOGE father, Elon Musk, has remained relatively quiet about Dogecoin. Dogecoin usually rallies after mentions by the Tesla CEO, but Musk’s refrain from talking about the recent meme coin contributes to DOGE stagnating.
Dogecoin’s creator, Billy Markus, also recently called the DOGE community “dead.” Meme coins largely depend on community engagement to rally. However, in a recent Twitter exchange, Markus said the DOGE community had been “dead” for over a year.
the community has been dead in my opinion for over a year
the most active people just make drama and attack people
F-tier community
— Shibetoshi Nakamoto (@BillyM2k) September 14, 2023
This Presale Has Hit $2.5M Barely Two Weeks After Launch
BitcoinBSC is currently in the hottest presale in the crypto space, with more than $2.5 million raised barely two weeks after launch. The presale has a soft cap of $3.96 million that will be attained soon, given the rate at which early investors rush to buy the presale tokens.
BitcoinBSC draws some inspiration from Bitcoin as BTCBSC sells at $0.99, which is Bitcoin’s price in 2011. However, it has also distinguished itself from Bitcoin as it has been created on the more sustainable BNB Chain.
BitcoinBSC also leverages a stake-to-earn model. The staking feature is also gaining momentum, with over $1 million staked. The staking platform offers an APY of 260%.
Attention #CryptoCommunity!
Here’s some exciting news for you!
Over 1 Million $BTCBSC #Tokens are now staked!
Join the #BitcoinBSC #Presale and start #Staking now with a current APY of 260%!https://t.co/oM0YP8IlbV pic.twitter.com/PhtfvT52ML
— Bitcoinbsc (@Bitcoinbsctoken) September 15, 2023
BitcoinBSC’s tokenomics are similar to those of Bitcoin. The token has a capped supply of 21 million coins, with 29% available during the presale. 69% will be allocated to staking rewards and 2% to exchange liquidity.
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