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The Dogcoin price surged 164% in the last 24 hours to trade at $0.004271 as of 2.30 a.m. EST on trading volume that soared 162% to $5.41 million.
Dogcoin (DCOIN) is a new meme coin that only launched on January 22. Since going live, the project saw a massive price surge that took it from $0.000534 to an all-time high of $0.01889. However, after reaching this level five days ago, the project also saw a considerable decline to $0.0008243 yesterday.
But, the last 24 hours brought a major recovery, allowing the token to hit $0.0050 before seeing a slight correction to its current price.
Dogcoin Price Prediction
The question on most traders’ and investors’ minds is what will happen next. The project has seen a massive widening of its Bollinger bands in the last 24 hours, as its price kicked off a recovery, but the bands have since then narrowed again. The price spent the last four hours fluctuating between the lower band and the middle line between the two bands.
This suggests that the optimism regarding the price has dropped, and that the project might be ready to stabilize at its current levels.
The Dogcoin Relative Strength Index (RSI) value somewhat confirms this. Yesterday, the RSI spent the second half of the day fluctuating between the neutral value of 50 and the overbought zone, venturing up to 90 several times.
However, as the price faced a rejection from a resistance at $0.0060, the RSI dropped to 50 again and then continued spiraling down to 35. The last four hours have been spent in fluctuations between these two levels, suggesting that traders are not willing to pump the token beyond the neutral value of 50.
On the positive side, they are also careful not to push the token too hard into the oversold zone, which allowed DCOIN to maintain a fragile balance with small fluctuations in the past few hours. However, this is not surprising given that DCOIN is still a new cryptocurrency, and a small-cap token, at that.
Furthermore, the largest cryptos such as Bitcoin and Ethereum are also trading in the red right now, which is likely a major contributor in Dogcoin’s hesitance to grow further.
Promising Alternative To Dogcoin
Traders looking for new investments might want to consider the presale for Meme Index (MEMEX), which gives the first ever opportunity to invest in diversified baskets of meme coins.
There are four baskets, each with its own degree of risk, including Titan (top-ranking meme coins), Moonshot (meme coins just below the top-ranking ones), MidCap (meme coins with a market cap between $50m and $250m), and Frenzy (new and experimental projects).
Titan, which holds established meme coins, is considered a low-risk option, while the risk increases with each consecutive index, letting you pick the level of risk you are comfortable with.
But, to invest in any of them, you will need to buy MEMEX, the project’s native token, which currently sells for $0.0156557.
The ICO has already raised over $3 million and ClayBro, a crypto YouTuber with over 135k subscribers, says it’ll see ”big gains” after launch.
Visit the official MEMEX website here.
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