Join Our Telegram channel to stay up to date on breaking news coverage
The Dogecoin price dropped over 3% in the last 24 hours to trade at $0.2508 as of 10:46 p.m. EST as investors shift focus to other cryptos.
Despite the drop in the DOGE price, renowned trader and analyst Ali Martinez believes that the meme coin could still rally towards $10. In a Feb. 6 X post to his 123.3K followers, he said that “momentum is building” for Dogecoin, adding that the bullish scenario remains in play as long as the crypto holds above $0.19.
As long as #Dogecoin $DOGE holds above $0.19, the setup for a parabolic rally toward $10 remains strong! Momentum is building. Let’s see if #DOGE takes off! pic.twitter.com/aEwutCnaDV
— Ali (@ali_charts) February 6, 2025
Dogecoin Price Hovering Above Support
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price is hovering above a key support level at $0.2443, data from GeckoTerminal shows. Should the largest meme coin by market cap drop below this technical crutch within the next 8 hours, it might end up falling to the next support at $0.2232.
On the other hand, a rebound from the $0.2443 support within the next 8 hours could lead to the Dogecoin price attempting a challenge at the closest resistance level at $0.2720. Overcoming this technical obstacle might then lead to the meme coin climbing to as high as $0.2945.
Technicals Suggest The Dogecoin Price Might Rise Soon
Indicators on DOGE’s 4-hour chart suggest a bullish scenario is more likely to play out through the course of the next trading day. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show positive signs.
The MACD line is positioned bullishly above the MACD Signal line, and the gap between the two technical indicators has started to grow. This could be interpreted as an indication that DOGE’s bullish momentum is starting to pick up steam, which might then result in a price increase in the next few hours.
Meanwhile, the RSI suggests there has been an increase in buyer strength over the last couple of hours. While the current RSI reading at 39, below the neutral 50 level, shows sellers still have the upper hand, the positive slope of the RSI line suggests a bullish change in power might be in the cards.
Traders and investors will just want to note, however, that the RSI has oscillated between 30 and 50 in the last 48 hours. Therefore, traders looking to enter into a long position for the meme coin might want to wait for the RSI to rise above 50 to confirm that buyers have taken control of the Dogecoin price before executing their trade.
As Dogecoin traders prepare for a potential rally, investors are rushing to buy Meme Index (MEMEX) to simplify their meme coin investing experience. In a recent video for his more than 54.9K subscribers, crypto YouTuber Jacob Bury said that MEMEX has the potential to be the next 10X crypto to enter the market.
Giving Investors Diversified Exposure To Meme Coins
Meme Index is the first crypto index focused specifically on meme coins. There has been a lot of hype around these lighthearted tokens in the last few months. As such, opportunistic developers have flooded the market with their own tokens, looking to capitalize on the meme coin euphoria.
With so many tokens to choose from, investors are finding it difficult to find the next crypto gem and maximize their meme coin earnings potential without taking on too much risk.
This is where Meme Index comes in. The project offers 4 investment baskets that each focus on a group of meme coins. Additionally, each basket caters to a different risk profile, giving investors the opportunity to buy into meme coins with a level of risk that they are comfortable with.
The baskets offered by Meme Index are Meme Titan, Moonshot, Midcap, and Meme Frenzy. The relatively safe option is the Meme Titan index, which only focuses on the top 10 meme coins by market cap, while the riskiest basket with the highest growth potential is the Meme Frenzy basket, which focuses on emerging tokens.
To gain exposure to any of the meme coins in Meme Index’s baskets, investors simply need to purchase MEMEX tokens. Additionally, holding the project’s native token gives investors a say into which cryptos should go in each basket.
High Staking Rewards Pull Investors In During MEMEX’s Presale Stage
MEMEX has raised over $3.4 million through its ongoing presale so far, as investors bet big on the project’s future. Besides its appeal to meme coin fans, there is also a 668% APY that might be pulling investors in at this early stage.
To unlock these rewards, investors simply need to purchase and stake MEMEX via the project’s website. Selling for $0.0159077, MEMEX can be bought with either ETH, USDT, BNB or bank card.
Buy MEMEX here before a price hike in 4 hours.
Related Articles:
- MicroStrategy Rebrands To ”Strategy,” Records $670M Loss In Q4
- Arthur Hayes Says US Bitcoin Reserve Could Be “Net Negative”
- Top Crypto Gainers Today Feb 6
Newest Meme Coin ICO - Wall Street Pepe
- Audited By Coinsult
- Early Access Presale Round
- Private Trading Alpha For $WEPE Army
- Staking Pool - High Dynamic APY
Join Our Telegram channel to stay up to date on breaking news coverage
