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The Dogecoin price rose by a fraction of a percentage in the last 24 hours to trade at $0.108 as of 03:40 a.m. EST on trading volume that dropped 20% to $465 million.
DOGE’s slight uptick comes after Elon Musk and Tesla Inc. won the dismissal of a lawsuit that claimed they pumped the price of the Dogecoin cryptocurrency in a $258 billion “pyramid scheme.”
Investors who lost big chunks of money faulted Musk for promoting the token to his millions of Twitter followers and then inflating the price by announcing that Tesla would accept Dogecoin as payment for merchandise.
However, a New York federal judge dismissed the claims, finding Musk’s statements were “aspirational” rather than factual.
Dogecoin Price Gearing Up For A Bullish Move
According to data from GeckoTerminal, the Dogecoin price, after breaking out of consolidation, has been on a downtrend from $0.1145. It now trades within a falling channel pattern.
The Relative Strength Index (RSI) seems to be rebounding from the 30-oversold region, currently at 40. Traders might see this as an indication that investors are adding to their positions.
Meanwhile, the Moving Average Convergence Divergence (MACD) is also bullish, as the MACD line rebounds towards the neutral line. Moreover, the blue MACD line is crossing above the orange signal line, which is an indication that the price of Dogecoin is currently in a positive trend.
The Dogecoin price analysis shows the token is gearing up for a bullish trend reversal over the falling channel pattern, as the bulls target $0.1153.
However, DOGE still trades below both the 50 and 200 Simple Moving Averages (SMAs) on the 4-hour chart, which may encourage the bears to push DOGE through a correction. In such a scenario, $0.0946 acts as the immediate support level.
As the Dogecoin gets ready for a potential rally, investors are rushing to buy the new meme coin Pepe Unchained (PEPU).
99Bitcoins, a prominent crypto channel on YouTube with more than 706K subscribers, says that PEPU could soar 100X after its launch.
Pepe Unchained Raises Over $11 Million– Best Crypto To Buy Now?
PEPU has raised over $11 million in presale funds, and it appears its bid to become the top Pepe token in the meme coin sector is not stopping.
Pepe, as it remains chained to Ethereum, is constrained by layer-1 network’s limitations. At times, it can be expensive and slow to transact with.
Pepe Unchained is set to be the superior alternative to PEPE, promising lower transaction costs and faster speeds for Pepe holders.
From its name, Pepe Unchained aims to free Pepe, a prisoner chained to his old, clunky layer-1 server room. The project will run on its own proprietary Ethereum layer-2 blockchain.
Its new proprietary blockchain will also serve as the launchpad for future meme coins and other tokens, leveraging the same cost-efficient transactions as PEPU.
Who needs some Brain Powder?
Pepe is gearing up for the official launch of his very own blockchain! 🚀 pic.twitter.com/kZC72UmxFy
— Pepe Unchained (@pepe_unchained) June 20, 2024
Token holders can also earn passively through the platform’s staking system, which offers an annual percentage yield (APY) of 180%.
You can buy PEPU tokens for $0.0093851 each. With a price hike coming in a day, this is a good time to buy the meme coin to lock in the best deal.
Buy PEPU from the official website here using ETH, USDT, or a bank card.
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