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The Dogecoin price has shown impressive bullish strength over the past month, surging by more than 35%.
However, key indicators suggest that a local top could be near, which could see the meme coin market leader test crucial support levels over the weekend.
There are also growing concerns about whether DOGE will even hit a new all-time high this bull cycle, considering it is facing stiff competition from new low-cap meme coins. Projects like SPX6900, GOAT and Crypto All-Stars remain in high demand, with some even calling STARS the next 100x crypto.
Dogecoin Price Rallies, But Is A Local Top Already In?
After breaking out of its multi-month downward trendline, the Dogecoin price secured another breakout on Friday, resulting in a 15% green candle before facing the key $0.14 resistance.
Prominent crypto investors are bullish on DOGE. For instance, Bluntz, one of the top traders on Bybit, anticipates the meme coin reaching $0.17 in the coming days, using Elliot Wave Theory for his projection.
However, the likelihood of another rejection cannot be underestimated. For instance, the Dogecoin RSI now stands at 75 – both in the daily and 4-hour timeframe – which is typically considered ‘overbought’.
While the RSI could stay over could stay overbought for an extended period in a bull market, the Dogecoin price typically shows a strong correction every time this indicator flashes red.
Similarly, the market intelligence platform Santiment reveals that Dogecoin is now seeing the highest social media discussion rate since May as investors are doubling down on meme coins after Bitcoin’s recent show of strength.
With BTC poised to hit new all-time highs, the speculation about $1 DOGE has skyrocketed. However, such chatter typically results in a local top.
Prominent crypto trader CrediBULL Crypto is also anticipating a strong correction in the Dogecoin price after it completes its impulsive move to $0.18. In fact, his projection has the meme coin plummeting to below $0.05 in the coming weeks.
Is It Too Late To Invest In Dogecoin?
Despite the speculation regarding a potential ‘meme coin supercycle’ right around the corner, Dogecoin has continued to disappoint holders with its lacklustre price action.
Despite being up by nearly 35% over the past 30 days, DOGE is down by nearly 80% in the past month. This has led to concerns about whether it is too late to earn attractive returns from the top meme coin.
However, sidelined investors would be well advised to buy a Dogecoin ‘moon bag’. After all, it remains Elon Musk’s favourite cryptocurrency. If Donald Trump wins the US Presidential Elections in November, Musk could be tasked with leading a government efficiency department, which he is calling DOGE – the Department of Government Efficiency.
Therefore, a Trump victory could trigger major upside volatility in Dogecoin, potentially even a push towards a new all-time high. However, it may very well be too late to earn anything beyond 6x to 7x returns this cycle.
Could Crypto All-Stars Be The Next 100x Crypto?
Not only has Dogecoin shown lacklustre price action this year, it does not offer any additional utility to its holders. DOGE isn’t the only meme coin with this flaw. Pepe and other top projects also do not offer any value to investors.
Crypto All-Stars (STARS) tackles this issue. With its first-ever multi-chain staking protocol MemeVault, meme coin holders can stake their coins and earn attractive passive income. MemeVault accepts 11 meme coins, including top projects like Dogecoin, Shiba Inu, Pepe and Bonk.
The project’s native token STARS is also in high demand during its Initial Coin Offering, having already raised nearly $2.5 million in just a few weeks. STARS holders can also stake their coins in MemeVault and earn thrice the rewards.
In fact, they can already take advantage of a secondary staking protocol, which is offering a reward rate of over 600%.
Prominent crypto investors are also bullish on STARS, with some calling it the next 100x crypto. Considering that it is a low-cap meme coin and will likely launch in the middle of a bull market, the projections may not be far off.
Visit Crypto All-Stars Presale
Source: https://finbold.com/is-it-too-late-to-buy-dogecoin-as-key-indicators-signal-local-top/