The meme coin market continues to face extreme volatility, with Dogecoin (DOGE) and Shiba Inu (SHIB) seeing significant price swings.
Both DOGE and SHIB saw a steep drop over the past 72 hours, leaving investors in a state of uncertainty.
However, one coin defying the trend and continuing to garner attention is Meme Kombat (MK) – which has now raised almost $600,000 during its limited-time presale event.
Dogecoin Struggles as Price Nears Crucial $0.057 Support Zone
DOGE has struggled in recent weeks, with its price down over 9% since the start of October.
The world’s largest meme coin faced rejection at the $0.063 resistance level for the second time, with colossal selling pressure pushing its value lower.
Traders are unsure whether DOGE can reverse its downtrend, believing further declines may be on the cards.
Currently, DOGE is trading around the $0.058 level – directly above a strong support zone at $0.057.
This support zone has been tested repeatedly since mid-August, with the latest rejection coming on October 9.
Given that Dogecoin has closed bearishly in three out of the last four days, there’s a growing belief that the coin might test the $0.057 support level again.
Further declines could be in store if it fails to hold this support.
With the Dogecoin sentiment tracker plummeting over the last 48 hours, it looks like a challenging period ahead for DOGE bulls.
Shiba Inu Headed for Further Downside as Trading Volumes Drop
The price of Shiba Inu is also facing increased pressure, with the token dropping to $0.00000673 over the past three days.
SHIB is trapped in a falling wedge pattern on the daily chart, creating lower highs and lower lows, showcasing the ongoing selling activity.
The 50-day Exponential Moving Average (EMA) is acting as a dynamic resistance level for SHIB, indicating that the token may need strong buying momentum to break above this barrier and reverse the current downtrend.
Unfortunately for SHIB holders, this scenario appears increasingly unlikely as the price has broken below the minor support zone at $0.00000680.
SHIB last broke this zone in mid-June, falling as low as $0.00000600 – which would represent a further 10% drop from the token’s current value.
With trading volume down 7% in the past 24 hours and signs of declining investor interest, the prospects of a near-term recovery for SHIB appear slim.
Which Meme Coin Could Be Next to Pump?
While Dogecoin and Shiba Inu face an uncertain outlook amid declining prices, some alternative meme coins are bucking the trend and look primed for growth.
One coin particularly gaining traction is Meme Kombat – a new entrant in the meme coin space that boasts innovative features and a rapidly growing community.
GameFi Token Meme Kombat Gains Traction as Limited-Time Presale Nears $600k Milestone
Meme Kombat (MK) has emerged as a standout project in the low-cap crypto space, combining the excitement of battle arenas with the appeal of hilarious memes.
Launched with an initial fundraising goal of $1 million, the project has already raised over $580,000, highlighting strong investor interest.
MK tokens are currently priced at $0.1667 during the presale, with the option for investors to participate in the built-in staking protocol, which offers an attractive APY of 112%.
Meme Kombat has attracted attention due to its GameFi approach, allowing players to bet on exciting meme battles using MK.
Players can win large prizes by betting on these battles, a feature that complements the staking protocol’s passive income.
Meme Kombat’s first season features 11 meme characters duking it out in AI-powered battles, with more characters and game modes set to be released in upcoming seasons.
As outlined in Meme Kombat’s whitepaper, the project’s tokenomics support this ecosystem, with 50% of the MK supply allocated to the presale and 30% for staking and battle rewards.
Set for an official launch later this year, Meme Kombat looks primed for growth and has even been endorsed by high-profile crypto influencers like Michael Wrubel.
As such, with DOGE and SHIB struggling for momentum, Meme Kombat emerges as a compelling alternative as 2023 comes to a close.
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