Dogecoin Price Drops 19% In 24 Hours! But These Coins Can Earn You Profit

Dogecoin (DOGE) investors were in a tough spot over the past few days as the world’s largest meme coin witnessed a major setback. To be precise, the DOGE price today dropped by 19%, making it trade at $0.1316 with a market capitalization of over $19.5 billion. However, there is more meat to the story, as Dogecoin price might just be mimicking a historical trend, which might result in a massive breakout in the coming days. 

Dogecoin Price Mirrors 2017 Trend

Trader Tradigrade, a popular crypto analyst, posted a tweet revealing an interesting update. As pe the tweet, DOGE is undergoing its second retest of the Gaussian Channel. A similar pattern was seen back in 2017, after which Dogecoin price skyrocketed. 

Despite the bullish Dogecoin price prediction, it’s only time to tell whether history will repeat itself. Meanwhile, investors can rather turn to these cryptos to earn profits. 

Cardano (ADA)

Like Dogecoin price action, Cardano also witnessed a similar price decline of nearly 19% in the last 24 hours. After the latest plummet, ADA price is now sitting at $0.5239. Nonetheless, the chances of ADA making a comeback can’t be ruled out, as the token’s Relative Strength Index (RSI) was about to enter the oversold zone. If that happens, then buying pressure on Cardano might increase, which in turn can push its price up.

Apart from this, a falling wedge pattern appeared on ADA’s price chart and at the time of writing, it was testing the pattern’s support level—a sign of possible recovery. In case of a reversal, Cardano price might first target $0.65. Going forwards, Cardano price forecast suggests a move towards its March high if ADA moves above $0.65. 

Cobak Token (CBK)

Though Cobak Token’s market capitalization isn’t as substantial compared to top cryptos, it managed to outperform most of them by a huge margin. At a time when Dogecoin price struggled, CBK’s price surged by a staggering 33% in just the last 24 hours. This performance looks impressive, especially in a bear market. 

While CBK’s price increased, its supply on exchanges dropped, and the supply outside of exchanges increased sharply. This clearly suggested that investors were buying Cobak Token in anticipation of a continued price rise going forward. 

BNB

Despite following a similar path to that of Dogecoin price action, BNB might just be on the brink of a recovery if one condition is met. The coin’s daily chart revealed that BNB was about to test a crucial support near $530. 

In the event of a successful test of the support, BNB can surprise investors with a rebound soon. If that happens, BNB price might first reclaim $636. A breakout above that will allow a continued bull rally in the coming days or weeks. Additionally, Coinglass’ data revealed that BNB’s long/short ratio registered a sharp uptick. This means that there are more long positions in the market than short positions—a sign of a possible price hike.

To Sum Up

Despite the sharp 19% drop in Dogecoin price, historical trends hint at a possible rebound. Meanwhile, altcoins like CBK, ADA, and BNB show promising recovery signals, offering investors alternative opportunities for gains.