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Dogecoin Price Dips 10% While New Dog Meme Coin Rival Prepares For April IEO

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The Dogecoin price has crashed over the last 24 hours, dropping from a two-year high of $0.222 to $0.185. The meme coin saw a drop of over 10% in the last day, as the wider crypto market suffered a bearish wave that made most major cryptos trade in the red.

While the DOGE price is currently seeing a dip, this could potentially change very soon. April is a special month for Dogecoin, as April 20 is ‘Doge Day’ — a day when members of the crypto industry around the world will celebrate the original meme coin.

With that being the case, many in the crypto sector expect to see DOGE price go up as April 20 draws near, and continue its overall macro uptrend – rising 30% in the past 30 days.

While the community remains optimistic about the expected DOGE pump, with some even expecting it to push the coin to $1, this may be unlikely to happen for the time being. 

But a strong bounce is very likely, especially considering the funding reset after this recent price drop. It is likely only a matter of time before meme coin traders move in to buy the dip and start another surge that would bring DOGE back up.

April Dogecoin Price Prediction

As the DOGE price dips, traders are turning to technical indicators to try and determine when the market sentiment might turn. Knowing that is the key to knowing when to buy, and technical indicators might hold the answer. 

However, it is also worth remembering that they can be misleading or provide inconclusive data. The Dogecoin price chart below is a good example of this. The coin’s Bollinger bands, for example, have seen extreme widening in the past few hours — larger than anything seen in the past several days.

Wide bands are typically considered as a bullish signal, but this time, that is clearly not the case. The price is close to the lower and, and it continues to drop quite sharply, heading toward a support at $0.180.

TradingView: DOGE/USDT 30-Minute Chart

On the other hand, the top meme coin’s Relative Strength Index (RSI) value has dropped deep into the oversold zone, currently at 27.59. This suggests that DOGE could soon see its price go up. The reason for that is that traders tend to move in to buy the dip once the RSI drops to such low levels, believing that this is the right time to buy the coin at a discount.

In doing so, they would make the price turn around and start a pump. The only problem with this line of thinking is that the current bearish trend is market-wide, meaning that the bears are pushing most cryptos down. As such, the bearish sell pressure will likely persist until the industry finds its bottom, and that includes DOGE.

Given that the coin has seen a sharp price increase in the past week, a correction does not come as a surprise. The big question is how far will DOGE sink before it finds a strong enough support to stop further losses. 

Last week, the Dogecoin price found a strong support at $0.175, but earlier in March also traded as low as $0.13. While the DOGE price will likely not drop that low again, it is worth considering it as a possibility.

A New Dog Meme Coin Heads To IEO

While some may be waiting for DOGE to hit its bottom before they start buying it again, others are ready to turn to a safer alternative. 

One project that fits that description is Dogecoin20 (DOGE20) — a brand-new Ethereum-based meme coin that seeks to combine traditional and modern Doge themes.

The traditional part comes from DOGE itself, as the token is heavily influenced by the original Dogecoin. However, it runs on Ethereum as an ERC-20 token, which opens the door to things like staking, a limited total supply, and eco-friendly conditions.

In fact, this is one of the project’s strongest selling points — the fact that it is more environmentally friendly than the original Dogecoin. Best of all, the project is still in presale stage, meaning that its price is currently still immune to the current crash in crypto prices.

The presale was a major success so far, raising over $10 million and currently selling DOGE20 at a price of $0.00022. Investors can buy Dogecoin20 with ETH, USDT, or fiat currencies by using a credit or debit card. 

The new meme token has scheduled its initial exchange offering (IEO) for April 20 on Doge Day as its launch day, aiming to capitalize on the rising retail trader interest in meme coins.

*Cryptonomist did not write the article or test the platform.