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The Dogecoin price soared 20% in the last 24 hours to trade at $0.2805 as of 11:22 p.m. EST on trading volume that plunged 29% to $6.5 billion.
Dogecoin Price Indicators Show A Rebound
The DOGE price analysis on the 1-day timeframe shows that the asset recently broke below a key support zone (marked in purple) after an extended period of sideways consolidation. This breakdown signals a shift in market sentiment from neutral to bearish.
Previously, the Dogecoin price saw a strong rally in late 2024, with prices surging from around $0.10 to a peak near $0.47, followed by a consolidation phase near the $0.30 – $0.46 range, according to data from GeckoTerminal.
The breakdown below $0.30 confirms that sellers have regained control, pushing the price down to $0.2805.
However, the price of DOGE has since recovered, showing signs of a rebound and now hovering near the 200-day Simple Moving Average (SMA) at $0.2265, which could act as a strong support level.
The Relative Strength Index (RSI) is currently 35.99, approaching oversold territory (below 30). This suggests that DOGE may be nearing a short-term bottom, and a potential bounce could occur if buyers step in. However, if RSI remains weak, further downside is possible.
DOGE Price Prediction
Based on the Dogecoin price analysis, DOGE is currently recovering from the recent breakdown below the lower boundary of the sideways pattern. A reclaim of $0.30 is crucial for a bullish recovery. A strong breakout above $0.34 (50-day SMA) would confirm a reversal and potentially lead to a retest of the $0.40 – $0.45 resistance zone.
With the Dogecoin price still trading below the crucial support zone, the asset could receive some bearish pressure, with a possibility of further downside if the $0.2265 (200-day SMA) fails to hold. If this support level breaks, DOGE could decline towards $0.20 or lower.
As the Dogecoin price soars, investors are also buying a new meme coin called Meme Index (MEMEX). According to crypto analyst and YouTuber Jacob Bury, who has over 55K subscribers, MEMEX has the potential to be the next 10x crypto.
Meme Index Presale Amasses Over $3.3 Million – Next Big Crypto?
Meme Index is the world’s first decentralized meme coin index and it’s already closing on $4 million raised in its presale.
The new project is building the first on-chain meme coin index investing platform, providing crypto users with a hassle-free way to get diversified exposure to the sector.
🚨 Meme Index is live in Upcoming Tokens! 🚨@memecoin_index presents the first-ever diversified meme coin platform, powered by $MEMEX, giving unparalleled access to the $120 billion meme coin market.
Meme Index offers exclusive access to indexes that cater to every risk… pic.twitter.com/GsiBBuZOzX
— Best Wallet (@BestWalletHQ) December 27, 2024
The MEMEX token offers four diversified investment baskets: Meme Titan Index, Meme Moonshot Index, Meme Midcap Index, and Meme Frenzy Index.
Each basket caters to varying risk appetites, from relatively safer options like Meme Titan to the highest-risk Meme Frenzy, which features emerging and highly volatile meme coins for those seeking high returns while willing to accept high risk.
MEMEX holders can also participate in the project’s presale staking pool, which currently provides a stratospheric annual yield of 689%.
You can purchase MEMEX tokens on the official website for just $0.0158443. Buy before a price hike in less than 24 hours to secure the best deal.
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