Tamadoge price has been in a strong bearish trend in the past few weeks. After peaking at $0.1885 early this month, TAMA has collapsed by more than 87% to the current $0.0245. Its market cap has crashed to about $25 million, which is much lower than its all-time high.
What is Tamadoge and why is it crashing?
Meme coins became extremely popular in 2021 after Elon Musk endorsed Dogecoin. This was an important thing since Musk is one of the most admired people in the world. Many young people admire his wealth and the companies he has built.
Since then, several meme coins like Shiba Inu, Floki Inu, Baby Doge, and Dogelon Mars have come up. Tamadoge is one of the newest meme coins in the industry. According to its website, Tamadoge will make it possible for users to mint, breed, and train their NFTs.
Tamadoge currently exists as an NFT collection that users can buy in OpenSea. It is a collection of 21,100 NFTs that can be bought in the next two days.
In the future, Tamadoge will have a pay-to-earn arcade game that people can play. All these features will be housed in what is known as the Tamaverse, which will be a metaverse platform. TAMA, the coin for the ecosystem is used to pay for purchases and to buy special items in the Tamaverse.
So, will the Tamadoge price bounce back? TAMA price surged shortly after launch as investors rushed to buy the newest game in town. As it happens often, it then erased most of its gains as it entered its distribution phase.
Drawing from lessons from other popular meme coins like Shiba Inu and Dogelon Mars, there is a likelihood that Tamadoge will remain under pressure for long.
Tamadoge price prediction
The two-hour chart shows that the TAMA price has been in a strong bearish trend in the past few days. Along the way, it moved below the important support level at $0.03, which was the lowest level on October 12 of this year.
Tamadoge has moved below all moving averages and invalidated the double-bottom pattern by moving below the support at $0.03. The Relative Strength Index (RSI) has continued to drop to the oversold level.
Therefore, Tamadoge price will likely continue falling as sellers target the next key support level at $0.015. The bearish view will be invalidated if the coin moves above the resistance level at $0.03.