Dogecoin Price Continues To Struggle, Analyst Thinks WienerAI Could be the Alternative to Watch

It’s been a challenging ride for crypto prices this week. Yet, meme coins have fared particularly sluggish, with top-dog Dogecoin down 9%.

However, traders are taking shelter with WienerAI, a new meme coin-AI crossbreed that is approaching the $6 million total raised mark at presale.

Dogecoin Dips as Macro Hickup Starts Crypto Capitulation

Crypto has been tormented by mass liquidations today, but Dogecoin’s 9% retracement places it among the worst-affected projects.

The total crypto market cap has slid by 2.3%, and most other top 10 cryptocurrencies are down less than 7%.

That’s except for Dogecoin.

Not only has it fared worse for wear today, but it’s also underwater this week, down 13%.

Its outsized losses illustrate traders derisking from higher volatility assets amid the broader market downturn.

The downturn is due to growing concerns over global macroeconomics, spearheaded by struggles in the United States.

Last Thursday, the U.S. held its Federal Open Markets Committee meeting, which occurs every six weeks and decides monetary policies.

Most importantly, the market was holding its breath about interest rates and whether they would be cut or remain unchanged.

To the dismay of many asset holders, the Fed kept rates unchanged, which led to a swift market selloff.

The bearish momentum has continued since, as Bitcoin ETFs saw net outflows last week and at the beginning of this week.

Proceeding capitulation has plummeted altcoin prices, with CoinGlass data revealing over $400 million of longs have been liquidated today.

Evidently, this is not a Dogecoin-specific issue. Crypto is grappling with slippery macroeconomics, but Dogecoin’s deeper selloff reflects its higher associated volatility.

Yet, looking specifically at Dogecoin, analysts are concerned because it is trading at a pivotal level.

According to CryptoJack, Dogecoin’s reaction to the $0.12 mark will have profound consequences.

The analyst suggests a break below could lead to a 50% pullback, while a bounce would enable an uptrend continuation.

I’m scared for $DOGE right now because it is at a decisive turning point.

If it breaks below $0.12 its price might drop by 50% at least…

I really hope it bounces from this major support and breaks the triangle to the upside@ pic.twitter.com/cobjgqNW1P

— CryptoJack (@cryptojack) June 17, 2024

Dogecoin’s market sentiment is apprehensive and uncertain. However, sentiment around the newly launched WienerAI is only improving as it nears the $6 million total raise milestone at presale.

Here’s Why WienerAI Presale Is Pumping as Other Cryptos Tumble

WienerAI’s early momentum reflects traders seeking a safe haven from adverse market conditions.

There are a handful of reasons for this. Mainly, its use case of a half meme coin-half AI trading bot is proving a fan favorite.

At its core, WienerAI is an AI-powered bot that provides predictive and seamless trade execution.

The project is in its presale, where it has raised almost $6 million to fund the bot’s development.

Its team describes the bot as “ChatGPT for trading” and explains that its interface offers automated trade execution while users can track their active and historical trades.

This is a giant leap forward in the DeFi domain, making on-chain trading easier and providing beginner users an edge.

Its early stage also contributed to its presale success. While projects like Dogecoin have already made astronomical gains over the years, WienerAI has yet to launch on the open market.

This means it will immediately enter price discovery after its IEO, which some analysts believe will translate to huge gains.

The current price is $0.000719, but this will rise throughout the presale. The next price hike will occur in 11 hours.

Visit WienerAI Presale

Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.

Readers are also advised to read CryptoPotato’s full disclaimer.

The post Dogecoin Price Continues To Struggle, Analyst Thinks WienerAI Could be the Alternative to Watch appeared first on CryptoPotato.