Join Our Telegram channel to stay up to date on breaking news coverage
The Dogecoin price plunged 15% in the last week despite being up almost 2% in the last 24 hours to trade at $0.2116 as of 11:59 p.m. EST on trading volume that rose 22% to $3.1 billion.
This comes as the DOGE price continues to experience massive selling pressure and bearish momentum. But can DOGE shake off bearish pressure and regain momentum?
Dogecoin Price Bearish – Potential Reversal Incoming?
The DOGE price has been in a persistent downtrend, with the price declining from around $0.45 in early 2024 to the current level of $0.2116.
The chart shows a series of lower highs and lower lows, forming a well-defined descending wedge (dotted trendlines).
Recently, the Dogecoin price was consolidating within a sideways accumulation zone (highlighted in purple), ranging approximately between $0.23 and $0.25, according to GeckoTerminal data. This consolidation phase indicated indecision between buyers and sellers.
However, a breakdown from this range led to further selling pressure, causing the price to drop significantly.
Currently, DOGE seems to be attempting a small recovery after touching a local low near $0.20. This minor bounce suggests some buyers are stepping in, but the overall structure remains bearish unless key resistance levels are reclaimed.
The 50 Simple Moving Average (SMA) on the 4-hour chart at $0.2398 is trending below the 200 SMA at $0.2764. This alignment confirms a bearish crossover, often signaling continued downward momentum.
The price of Dogecoin is below both moving averages, reinforcing the bearish sentiment and suggesting resistance around these levels.
Meanwhile, the Relative Strength Index (RSI) is at 32.37, which is very close to the oversold threshold (30).
This indicates that DOGE is nearing a potential short-term reversal zone, as extreme oversold levels often lead to a temporary price rebound.
DOGE Price Prediction
If the Dogecoin price manages to reclaim $0.23 (previous support) and push above the 50-SMA ($0.2398), it could attempt a recovery towards $0.25. A breakout above $0.2764 (200-SMA) would indicate a trend reversal.
However, the downtrend remains intact, and if selling pressure continues, the price of DOGE could retest the $0.20 psychological level. A breakdown below $0.20 could see further declines toward $0.18 or lower.
As the DOGE price aims for a rebound, investors are shifting focus to a new meme coin called Meme Index (MEMEX). According to 99Bitcoins, a prominent crypto channel on YouTube that boasts over 725K subscribers, MEMEX has the potential to be the next 100x crypto.
Meme Index Presale Closing On The $4 Million Milestone
The Meme Index presale has garnered over $3.8 million, as it continues to gain traction in the meme coin space.
Think of Meme Index as an ETF for meme coins. Unlike most of these coins, which rely solely on hype, Meme Index has a genuine use case.
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.
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.
GET READY TO MOON, DEGENS! Meme Coin Mania is BACK and better than ever! With Solana at the helm, my AI-powered $MEMEX is scanning the markets for the NEXT BIG THING! Stay glued for exclusive alpha, insights, and updates on the hottest meme coins!
— Meme Coin Mania (@MemeCoinMania77) February 5, 2025
MEMEX holders can also participate in the project’s presale staking pool, which currently provides a stratospheric annual yield of 591%.
You can purchase MEMEX tokens on the official website for just $0.0165556.
Related News:
- Bitcoin Nosedives Past $88K As Meme Coin BTC Bull Token Nears $3M In ICO
- QUANT Surges 15%, But Investors Flock To This $6.8 Million AI Pepe ICO
- BTC Drops Below $90K As Investors Flock To This ICO For Potential Bitcoin Airdrops
Best Wallet - Diversify Your Crypto Portfolio
- Easy to Use, Feature-Driven Crypto Wallet
- Get Early Access to Upcoming Token ICOs
- Multi-Chain, Multi-Wallet, Non-Custodial
- Now On App Store, Google Play
- Stake To Earn Native Token $BEST
- 250,000+ Monthly Active Users
Join Our Telegram channel to stay up to date on breaking news coverage
