The Dogecoin price plummeted more than 11% over the past 24 hours to trade at $0.1315 as of 9:05 a.m. EST as investors dump their holdings amid a meme coin market slump.

The Dogecoin Price Loses A Key Support

4-hour chart for DOGE/USDT (Source: TradingView)

The Dogecoin price broke below the key support level at $0.13797 over the last 24 hours, as it continues to trade within a medium-term descending price channel. Should this sell pressure continue, the meme coin could soon retest the next support at $0.11571. In an extremely bearish scenario, DOGE may plummet to as low as $0.10088 in the short term.

This bearish thesis could be invalidated if the Dogecoin price manages to close a 4-hour candle back above $0.13797 within the next 24 hours. Not only will this result in the crypto reclaiming a critical support, it will also place DOGE above the aforementioned price channel. As such, the altcoin could have the foundation needed to attempt a challenge at the $0.15477 barrier before potentially soaring to as high as $0.17508.

Technicals Suggest The Dogecoin Price Is Not Done Dropping

Technical indicators on DOGE’s 4-hour chart point to a continuation of the meme coin’s descent in the short term. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators show that overwhelming sell pressure is being exerted on the Dogecoin price.

The MACD line is positioned below the MACD Signal line, which indicates that DOGE has entered a bearish cycle. Traders may also see the MACD line currently breaking away below the MACD Signal line as a signal that the negative trend shows no signs of cooling down just yet.

DOGE is also extremely oversold at the moment, as the RSI is below its Simple Moving Average (SMA) line at just over 29. Values lower than 30 are generally seen as a buy opportunity since the crypto’s upside potential is far greater than its downside potential. However, it is not unusual for a crypto’s RSI to remain below 30 for sustained periods when the crypto is dumping.

While the Dogecoin price tries to fend off sellers, a new meme coin by the name of Dogecoin20 is inundated with buyers who have pushed its presale past $3 million in just 5 days.

Once again, #DOGE20 is exceeding all expectations! 🚀💰

Raising over $3,000,000! 💵

Wow! 😲

Who’s thinking of $4M tomorrow? 📈 pic.twitter.com/V0fHpsbpbZ

— Dogecoin20 (@DOGE_COIN20) March 19, 2024

Looking To Overtake DOGE

Dogecoin20 marks the first major upgrade to the Dogecoin brand and technology ever since the legacy meme coin was launched in 2013 as a joke.

Following its launch, Dogecoin quickly became a crowd favorite and built a community of loyal followers, even piquing the interest of tech billionaire Elon Musk. Now, Dogecoin20 aims to lead DOGE’s transition to a more sustainable future by introducing several upgrades.

The improvement that stands out the most is the differing consensus mechanism that Dogecoin20 implements. Instead of using the outdated and computationally-expensive Proof of Work consensus that DOGE uses, Dogecoin20 relies on the more eco-friendly Proof of Stake consensus. 

It has also been launched as an Ethereum token, meaning that it complies with the ERC-20 token standard.

This not only makes it compatible with the expansive Ethereum ecosystem, it also opens up the potential for investors to earn a passive income through staking their tokens.

Investors who buy the meme coin during the presale phase also gain access to up to 278% in annual staking rewards.

🚀 #DOGE20 isn’t just another Shiba Inu-inspired derivative.

Upholding Dogecoin’s ethos to Do Only Good Everyday, it offers passive rewards through on-chain staking. 🌱🌟

Embracing a greener, more sustainable future with the most widely loved #Memecoin in the world! 🐶 pic.twitter.com/zqlONodRPB

— Dogecoin20 (@DOGE_COIN20) March 14, 2024

The second major difference between Dogecoin20 and Dogecoin is that the prior has a fixed token supply, while DOGE’s supply is uncapped. Up until now, this has hindered the legacy meme coin’s price potential, as the increased supply is not always matched with an equal increase in demand.

Dogecoin20’s limited supply introduces a degree of scarcity into the mix, which could lead to massive gains for investors in the near future.

Investors Can Not Get Enough Of This Dogecoin Spinoff 

Crypto analyst and YouTuber Jacob Bury says Doge20 has the potential to 10 to 100X on launch, and notes that it’s already half way to reaching its $6 million hard cap.

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The process to purchase the crypto is fairly straightforward. Investors just need to navigate to the project’s official website, connect their Web3 wallet, specify how many tokens they would like to buy and complete the purchase with one of the available payment methods.

Anyone looking to buy Dogecoin20 will need to act fast though, as the meme coin’s price is set to increase in less than three days, assuming it isn’t sold out by then. 

Selling for a steal at just $0.000201, the meme coin can be purchased using either ETH, USDT, MATIC, BNB or bank card.

Dogecoin20’s token, DOGE20, can be purchased here.

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• Source: https://insidebitcoins.com/news/dogecoin-price-prediction-doge-slumps-11-as-this-dogecoin-upgrade-in-ico-blasts-past-3m-in-5-days