Investors positive sentiment towards Dogecoin is fading. In addition, DOGE is stuck in a bearish pattern, which promises a significant drawdown for the altcoin price. Meanwhile, KangaMoon (KANG) has been showing a very good performance in the presale market, it has been having a very good growth rate. Unlike the majority of memecoins, this coin has a unique combination of GameFi and SocialFi elements, which give users a chance to get some rewards by taking part in the battle contests and speculating on the betting.
Bullish sentiment among Dogecoin holders is fading
Given the lack of support from large holders, the Dogecoin price correction may come faster than expected. The chart below shows that since the beginning of the month, addresses with a balance of 10 million to 100 million DOGE have sold more than 300 million coins worth about $55 million. Their growing pessimism could lead to significant losses among retail investors.
The behavior of the latter cannot be called bullish either. About 6% of the total circulating supply of the asset has moved into their wallets, bringing this figure to 13% over the past ten days.
Short-term HODLers typically hold tokens for one to three months. Accordingly, the DOGE in their wallets is potentially at risk of being sold off.
Dogecoin (DOGE) Forecast: Expect a Bearish Trend
The Dogecoin trend is extremely bearish at the moment. Additionally, the meme coin is currently stuck in a rising wedge. A breakdown of the lower line of the pattern will serve as a signal for a further downward movement, during which the asset price risks falling by more than 40% from current values and testing the $0.105 mark.
However, if this altcoin holds within the pattern, the recovery will gradually lead DOGE to a breakout of the $0.20 level. If $0.220 is confirmed as support, the bearish scenario will be canceled.
KangaMoon (KANG) memecoin project is stealing the spotlight
KangaMoon (KANG) has been making significant strides in the presale market, showcasing remarkable growth rates. What sets this meme coin apart is its innovative blend of GameFi and SocialFi components, rewarding users through engaging battle contests and speculative betting.
This phase of KangaMoon presale puts forward its SocialFi features, which allow users to earn KANG tokens by engaging in the social interactions of the platform such as commenting and sharing posts. This special feature, in addition to helping in community engagement, also contributes to the loyalty of the members and as a result, the community bond is strengthened.
KangaMoon Presale Takes Off
As of now, KangaMoon has progressed to its 5th presale stage, amassing an impressive $4.4 million in funding. The token’s value has surged from an initial price of $0.005 to $0.0196, providing early investors with a remarkable 290% return on investment (ROI).
KangaMoon presale success is accompanied by a vibrant community of over 20,000 registered members, which has more than 6,000 KANG token holders. In the next few days, KangaMoon will be able to raise $5 million and is expected to reach $6 million by the end of the month. Also, the KangaMoon’s community is expecting that the token will experience a huge growth of 1000% once it gets listed on the major exchanges in the forthcoming days.
