Dogecoin Price Prediction as DOGE Falls 5% in 24 Hours – Time to Buy the Dip?

cryptonews.com:

The Dogecoin price has dropped by 5% in the past 24 hours, falling to $0.070500 as the cryptocurrency market reacts badly to speculation that the SEC has delayed all decisions on recent Bitcoin ETF applications.

DOGE is now down by 7% in a week and by 8% in a fortnight, with the meme token basically flat since the beginning of the year, in contrast to many major cryptocurrencies (e.g. Bitcoin, Ethereum, XRP) which have gained substantially since January 1.

However, DOGE's underperformance arguably puts it in an undervalued position from which it may rally massively in the not-too distant future, especially if real progress is made on expected plans to bring cryptocurrency payments to Twitter.

There's no doubt that DOGE is in the middle of a significant selloff, which means pain for anyone who has bought the meme token near recent tops, but which also provides a nice profit opportunity for newcomers looking to buy the dip.

DOGE's relative strength index (purple) has now dropped below 30, a clear sign that the token is being oversold and may correct upwards soon.

At the same time, the cryptocurrency's 30-day moving average (yellow) is just about to sink below its 200-day average (blue), which again signals that it's not too far away from hitting a bottom.

However, DOGE's price crashed through its previous support level (green) yesterday, sending this level even lower as a result, something which could mean that a few more drops are in order before the meme token manages to mount a recovery.

To be fair, DOGE isn't the only token to have fallen in the past 24 hours, with the wider market having been negatively affected by yesterday's news that the SEC will be delaying its decisions on Bitcoin ETFs.

While there is actually no