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Dogecoin has increased 2.44% today, climbing from $0.083 to $0.085. Its momentum has significantly grown in the last three hours, accompanied by anticipation of a higher-time-frame upswing.
Other meme coins are also showing strength, with the Meme Kombat presale recently surging past $9.1 million, leaving just $900K until its IEO.
Dogecoin Shows Strength as Analyst Calls for $1
A prominent analyst has provided a $1 target for Dogecoin as its price breaks a descending triangle.
The move was enabled by bullish market conditions, with the broader crypto market seeing a 1.4% increase today, according to CoinGecko data.
On top of its 2.44% increase, DOGE is up 3.93% this week and 9.21% this month but down 3.12% this year. It also remains down 88% from its May 2021 all-time high (ATH) of $0.73.
The distance from its ATH illustrates lagging momentum compared to other top cryptos. For instance, Bitcoin, Ethereum, and Solana are down 24.9%, 41.8%, and 56.6%, respectively.
However, its price chart is starting to show strength, recently breaking above a weekly resistance level and retesting it for support. This trajectory indicates a shifting momentum from bearish to bullish, laying the way for further upside.
As the Dogecoin chart below shows, it is swiftly approaching the $0.11 resistance level, and its RSI indicator is in the oversold region, providing a viable bull case.
However, taking a longer-term outlook, analyst Anup Dhungana anticipates a move toward the $1 mark in the coming months.
Anup highlights that Dogecoin has broken above and retested a descending triangle, a pattern that formed before its two previous bull market rallies.
Still, traders must remember that Dogecoin presents risk. According to analyst Alan Santana, Dogecoin is losing momentum and could pull back to a lower support level.
The trader anticipates resistance between $0.086 and $0.081, leading to a selloff toward $0.075-$0.065.
Alan also highlighted that Dogecoin is underperforming against other altcoins, illustrating the importance of diversification.
With that in mind, let’s take a look at a promising Dogecoin alternative, Meme Kombat, which is soaring in its presale as it nears the hard cap.
Just $900K Left Until Trending Meme Kombat Presale Ends
Meme Kombat is a multi-purpose meme coin that offers users several ways to play and earn crypto.
Its central premise is a gamified battle arena where users can gamble on AI-generated fights between meme coin characters. Several game modes are available, and the project leverages traditional odds mechanics for a fair and realistic gambling experience.
Staking is another attractive feature within its ecosystem. The mechanism is already live, offering users a 104% APY. However, this will decrease as the staking pool grows.
Within the gambling arena, users will bet with the $MK token. This presents a demand stream that separates Meme Kombat from most meme coins, generally driven solely by hype and speculation.
In a bid to further its legitimacy, the Meme Kombat team is doxxed, with its founder’s information available on its website. Meanwhile, third-party security firm Coinsult conducted a smart contract audit, attesting to its transparency.
The combination of a compelling use case, robust tokenomics, and notable security efforts have drawn tremendous interest from market participants.
As well as raising over $9.1 million, Meme Kombat has been backed by top analysts, with ClayBro speculating it “could have huge potential.”
But with just $900K left until its hard cap, time is running out to buy $MK at its discounted presale price.
