Dogecoin price fell 5% over the past 24 hours to $0.070500 as the cryptocurrency market reacted poorly to speculation that the SEC was delaying any decision on recent Bitcoin ETF applications.

DOGE is currently down 7% in a week and 8% in two weeks, with the meme token essentially flat since the beginning of the year, while many major cryptocurrencies (e.g. Bitcoin, Ethereum, XRP) have surged since the beginning of the year.

However, DOGE’s underperformance arguably puts it in an undervalued position where it could rebound significantly in the near future, especially if expected plans to bring cryptocurrency payments to Twitter make real progress.

Dogecoin Price Prediction, DOGE Drops 5% in 24 Hours – Is It Time to Buy the Dip?

There’s no doubt that DOGE is in the midst of a major sell-off, which means pain for anyone who bought the Meme Token near its recent highs, but it also presents a great profit opportunity for newcomers looking to buy the dip.

DOGE’s relative strength index (purple) has now dropped below 30, a clear sign that the coin is becoming oversold and could soon correct upwards.

Meanwhile, the cryptocurrency’s 30-day moving average (yellow) is about to fall below its 200-day moving average (blue), again suggesting that it may not be far from a bottom.

However, DOGE’s price broke below previous support (green) yesterday, causing the level to move further lower, which could mean a few more declines before the meme coin manages to recover.

To be fair, DOGE isn’t the only coin to have fallen in the past 24 hours, with yesterday’s news that the SEC would delay its decision on a Bitcoin ETF having a negative impact on the wider market.

Although there was actually no reliable source for the news, it was still widely circulated through social media, causing the market to fall.

It appears to have had a bigger impact on DOGE than many other major cryptocurrencies, with Bitcoin (BTC) falling 0.8% in comparison.

One of Dogecoin’s main weaknesses right now is that it has little future beyond the possibility that Twitter might one day introduce cryptocurrency and DOGE payments.

Because it has no updates or releases worth looking forward to, its price seems to be locked in a semi-death spiral with nothing stopping it from falling further, at least for now.

Still, considering Elon Musk’s long-standing support for meme tokens and his plans to turn the social network into some kind of “everything app,” it’s not entirely impossible that Twitter will eventually implement DOGE payments.

However, such plans may not come to fruition for another year or two, making DOGE look rather weak in the meantime.

It might even drop further, perhaps to $0.0650 or $0.060, in the coming weeks.