Dogecoin (DOGE) Bulls Target Key Resistance – But Here’s Why You Should Watch This Low-Cap Meme Coin

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Dogecoin price analysis shows mixed signals, but it targets higher levels if the key resistance is broken.

Galaxy Fox integrates Web3 gaming, NFTs, and staking, with the goal to create a play-to-earn model despite early security challenges.

DOGE’s technical indicators suggest mixed signals, with resistance at $0.175 and strong support at $0.12.

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If anybody asked you what’s the hot story of this bull cycle, your answer would probably be “meme coins”. Dogecoin, the king of this sector, has started to show signs of recovery after a sluggish few weeks. 

Meanwhile, Galaxy Fox is a new, low-cap meme coin that offers web3 gaming, NFTs, and staking.

Dogecoin (DOGE) Price Forecast and Analysis

According to Coingecko, at press time, the price of DOGE trades at $0.148 with a high daily volume too. This marks an 8.71% rise in the last day. 

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We took a look at the DOGE price chart, and several critical levels emerge based on Fibonacci retracement and historical price action. The key resistance level is approximately $0.228851, representing the peak before the price reversed. On the downside, there is strong support at around $0.120473, the lowest point reached after the recent downward movement. 

The Fibonacci retracement levels are drawn from the low of $0.120473 to the high of $0.228851, with significant levels at 0.786 (0.205658), 0.618 (0.187451), 0.5 (0.174662), 0.382 (0.161873), and 0.236 (0.145050).

DOGE daily price chart Source: TradingView

The price tested the critical resistance at $0.228851 in March, but failed to break through, indicating intense selling pressure at that level. Conversely, the support at $0.120473 has been tested a few times, but held, confirming it as a robust support zone. 

The retracement levels, especially the 0.618 level at $0.187451, act as crucial support and resistance zones. Historically, the 0.618 level often serves as a strong resistance during a retracement, making it a critical level to watch.

If DOGE breaks above the 0.618 retracement level ($0.187451), it could head towards the previous high of $0.228851. This would mark a bullish trend, potentially attracting more buyers and increasing trading volume. 

Conversely, if DOGE falls below the support at $0.120473, it could indicate further decline, possibly reaching new lows. Traders should monitor this support level closely for any signs of weakness.

Technical Indicators Insights

We also analysed some Technical indicators that can further provide insights into the DOGE price analysis. The upper Bollinger Band is around $0.175, acting as resistance, while the lower Bollinger Band is around $0.120, aligning with the support level. 

The middle Bollinger Band (20-day EMA) is around $0.157, currently a dynamic resistance. The 200-day EMA stands at approximately $0.132, providing a long-term support level. 

DOGE daily price chart Source: TradingView

The MACD line is below the signal line, indicating bearish momentum. Still, the decreasing bearish momentum in the histogram suggests a potential trend reversal if the MACD line crosses above the signal line. The RSI at 45.88 indicates that DOGE is neither overbought nor oversold, suggesting a neutral zone with potential for a trend change.

Volume trends reveal spikes around key price movements, with recent upward movements increasing, indicating strong buying interest at lower levels.

Sustaining above the 20-day EMA and the middle Bollinger Band could push DOGE towards the upper Bollinger Band around $0.175.

However, DOGE faces resistance at the 0.618 Fibonacci level ($0.187451) and the previous high ($0.228851). Breaking above these levels would confirm a bullish trend. Conversely, falling below the 200-day EMA ($0.132) and the support level ($0.120473) could signal a further decline, with the next support level potentially much lower.

Why You Should Watch Galaxy Fox (GFOX)

Galaxy Fox (GFOX) trades at $0.0004575 , reflecting a 3.89% uptick in the past day, according to CoinGecko’s data. This project offers the combination of meme coin culture and Web3 gaming. Current market cap is just around $500k.

Galaxy Fox is a Web3 platform that integrates various elements, including a native token (GFOX), NFTs, a staking feature, and a play-to-earn gaming ecosystem. The core of this ecosystem is a Web3 endless runner game designed to offer traditional gaming experiences.

Players can earn GFOX tokens based on their in-game performance. The top 20% of players each season receive rewards that can be exchanged for GFOX tokens, creating a compelling incentive structure that rewards skill and engagement. The team announced the beta version of this game on May 12th.

Moreover, the game incorporates NFT assets that players can purchase, providing temporary attribute boosts and adding a strategic element to the gaming experience. These NFTs offer a tangible avenue for potential financial rewards, enhancing the gaming experience with a blend of strategy and economic opportunities. 

In addition to gaming, Galaxy Fox offers a staking feature. Staking rewards vary depending on the duration of the stake, with high annual percentage yields (APYs) for longer lock periods.

Despite its approach, Galaxy Fox faced challenges early on. On May 10, 2024, the Galaxy Fox token experienced an exploit on the Ethereum Mainnet due to a smart contract vulnerability, leading to a loss of assets worth approximately $330,000. However, the team reacted well following this and managed to keep the community and holders safe.

Anticipated Web3 Endless Runner Game Launch

Galaxy Fox represents an +intersection of meme coins and web3 gaming, offering a play-to-earn model that combines gaming, NFTs, and cryptocurrency staking. Despite early security issues, its development and launch have attracted attention within the crypto community.

The Galaxy Fox ecosystem features a marketplace where users can acquire coveted NFTs that embody cosmic energies. These NFTs can unlock powerful attributes and conquer challenges with celestial finesse. The ecosystem also includes a merchandise shop where customers can purchase captivating products. 

Profits from these sales fund the treasury for sustainability and growth, further enhancing the ecosystem. The Galaxy Fox project is preparing to release an innovative game that combines blockchain technology with an endless running gameplay experience. 

In fact, this game introduces a system where players can acquire GFOX tokens as rewards for their in-game achievements. 

At the end of each season, the top 20% of players, based on their performance, will receive prizes that can be exchanged for GFOX tokens on the blockchain network. So, GFOX is really a meme coin with huge utility, which is not something you see every day in this sector.

Conclusion

All in all, the meme coin sector is still hot. Dogecoin investors are waiting for the “king” to break key resistance levels and continue its uptrend towards new ATHs.

On the other hand, Galaxy Fox offers an interesting mix of gaming, NFTs, and staking, making it a potential meme coin to watch this summer.

Learn more about $GFOX here:

Visit Galaxy Fox Presale | Join the Community

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