After Coinbase was recently announced as a partner for multiple Bitcoin spot ETFs, crypto prices began to pump. Dogecoin was among the best performers, climbing 6% to $0.07 shortly after the news broke. 

However, the price has now pulled back slightly, consolidating around 0.68. Therefore, many investors want to know whether now is the right time to buy Dogecoin. With that in mind, let’s consider whether DOGE is ready to pump or if a pullback is imminent.

Dogecoin has traded beneath a long-term resistance of $0.095 since May 2022. The price broke above then quickly returned to its previous range three times. 

This shows a relative lack of strength from Dogecoin, which is up 2.84% in the last year but down 33% against Bitcoin in the same period. Let’s look at the Dogecoin price chart below to forecast its direction.

Despite its 6% pump, DOGE has recently broken below a long-term bullish trendline. For Dogecoin to continue to climb, it must immediately retake this line.

Zooming in on the 4-hour Dogecoin chart, we can see that the trend line is acting as resistance. This indicates bearish momentum since there are not enough buyers despite Dogecoin trading at a discounted price.

Therefore, Dogecoin may be gearing for a move to the downside, potentially touching the $0.049 resistance line before bouncing.

On the other hand, if Dogecoin reclaims the trendline, it will likely be headed towards the $0.095 resistance level. If this occurs, we may see a breakout for Dogecoin, although this may be difficult until a broader market bull run commences.

Elon Musk also continues to influence the token’s price also, having earlier tweeted that “Dogs rock” in response to a tweet from a graphic designer at Dogecoin, showing continued support for the project.

A New Meme Coin is Being Backed to Explode – Could it be the Next Dogecoin?

While Dogecoin’s price is struggling, the new presale meme coin Wall Street Memes looks set to explode. The project has enjoyed a wildly successful presale, and several traders are backing it as the next Pepe or Dogecoin once it launches on exchanges.

Wall Street Memes is a presale meme coin launched by the Wall Street Memes social media brand, which boasts over one million followers across all platforms. The project has proven immensely popular within the community, raising $100K within minutes of its launch and recently surpassing the $11 million raised mark.

Meme coins are built on community; this means Wall Street Memes has an immediate advantage since it launched with a massive following. The project was inspired by the Wall Street Bets Reddit group in 2021 and began by posting stock and crypto memes to social media.

During 2021, the project embarked on its first crypto endeavour – launching the Wall St Bulls NFT collection that sold out in 32 minutes and raised $2.5 million. This was a testament to the team’s ability to work successfully in crypto and illustrates the community’s support for Wall Street Memes.

Another exciting thing about Wall Street Memes is that Elon Musk has retweeted and engaged with the project on multiple occasions. Musk’s support can bear lots of weight for a meme coin due to his impact on the price of Dogecoin. Therefore, Wall Street Memes gaining his blessing this early provides it with huge potential.

Visit Wall Street Memes Presale