DOGE Price Prediction As ‘Kabosu’ Dog Dies
The last 24 hours saw Dogecoin record an increase of 0.50% in its price. It was trading at $0.16659, which is a bullish sign.
This comes after the death of ‘Kabosu’ at the age of 18. It was the Shiba Inu dog that was behind the iconic ‘Doge’ meme.
The Dog
Kabosu inspired the famous ‘Doge’ meme and passed away at the age of 18 on May 24th. The Shiba Inu dog was known for her iconic internet presence and had been battling liver disease and leukemia.
Atsuko Sato, the dog’s owner, shared the news of the death on her blog. She also revealed that Kabosu had passed away peacefully. The owner had adopted Kabosu in 2008 as a rescue dog.
Sato had posted a picture of her dog in 2010 on the sofa with crossed paws. This had become a viral meme on Reddit.
The image was used to symbolize the inner thoughts of Shiba Inu in broken English. The meme was converted into an NFT later and was sold for $4 million.
It ended up inspiring the meme token Dogecoin, which has now become a popular cryptocurrency. The valuation of the token is now $23 billion.
Price Movements
After consolidating for 36 days, the price of Dogecoin surged and managed to break the range. Due to this price action, lower lows and higher highs have been recorded.
This suggests that bears have become exhausted and bulls may be taking over now. On-chain data also shows that bulls have taken control and are in the accumulation phase.
This could lead to a potential for DOGE. On May 20th, the price of the largest meme token in the market broke out.
It recorded a rally of 6% from a consolidation range of 36 days of $0.162 and $0.118. This saw it produce a higher high and higher low.
It also managed to get support at the 50-day Exponential Moving Average (EMA), which was around the $0.155 level.
Price Prediction
There could be a 10% bounce in the price of DOGE if the 50-day EMA manages to hold. This would see it reach $0.186.
Other technical indicators, such as the Awesome Oscillator (AO) and the Relative Strength Index (RSI) have managed to break above their mean levels of 0 and 50, respectively.
This suggests that the market is strong and it supports the bounce. There could be a 20% bounce in the price of the meme coin to reach $0.20 and $0.210.
It is a possibility if the broader crypto market is bullish and the bulls remain aggressive. This would see Dogecoin reach a bearish order block.
This is where market participants, like institutional traders, have placed a number of sell orders. The AO and RSI have surpassed their mean levels, which points towards bullish momentum.
Data from IntoTheBlock shows that almost 89,240 addresses purchased 7 billion DOGE tokens. These were purchased between the price range of $0.163 and $0.167.
This makes it an important support zone. If there is a price retracement, these investors may expand their holdings.
