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The Dogecoin price soared 6% in the last 24 hours to trade at $0.22 as of 02:52 a.m. EST on trading volume that rose 261% to $3.6 billion.
This DOGE price increase comes as the leading meme coin’s chart teases a possible formation of a Golden Cross pattern. Will the crypto to soar to $0.5 soon?
Dogecoin Price Analysis: Looming Golden Cross Might Push DOGE Up
The DOGE price recently broke out of a prolonged downtrend, as evidenced by the descending parallel channel that guided price action for several days.
The Dogecoin price had been consistently making lower highs and lower lows until it found support and surged sharply upward.
This breakout resulted in a massive price spike, which momentarily took DOGE above $0.24 before pulling back to the $0.22 range, according to GeckoTerminal data.
A notable pattern visible on the chart is the parabolic move that led to the breakout, followed by an equally sharp correction.
Additionally, the price of DOGE has now flipped the 200-period Simple Moving Average (SMA) on the hourly chart into support, a critical development that could indicate a trend reversal from bearish to bullish.
The 50-period SMA is also close to the 200-period SMA, meaning a golden cross could form soon, further strengthening the bullish case.
The Relative Strength Index (RSI) is currently at 49.74, indicating that DOGE is neither overbought nor oversold.
However, given that the RSI was much higher before the price correction, it suggests that the earlier rally pushed DOGE into overbought conditions, leading to the recent pullback.
Can DOGE Rally To $0.5?
Given the current structure, the Dogecoin price appears to have transitioned from a bearish trend to a more neutral or potentially bullish phase.
If the price holds above the $0.2130–$0.2140 support zone, DOGE could consolidate before attempting another push higher toward $0.23–$0.24.
Sustained buying pressure could push DOGE to $0.5 in the coming months.
However, if it fails to hold above the 200-period SMA, the price of Dogecoin may retest lower levels near $0.20, where buyers could step in again.
As the DOGE price soars, 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 Mark – Last Chance To Buy
Meme Index is transforming meme coin investing with an ETF-like approach.
Investors can gain exposure to multiple meme coins with a single token, simplifying portfolio diversification and reducing the complexity of managing multiple tokens.
Instead of the usual chaos native to the meme coin market, the project offers four curated indexes covering a wide range of tokens from Dogecoin and Pepe to newly launched coins.
These indexes are Meme Titan, Moonshot, Midcap, and Meme Frenzy. Each basket caters to varying risk appetites, from relatively safer options like Meme Titan to the highest-risk index Meme Frenzy, which features emerging and highly volatile meme coins for those seeking a thrilling investment experience with potentially huge rewards.
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
This unique approach has captured the attention of investors, who have already pumped over $3.9 million into the project’s presale.
MEMEX holders also have a voice in governance, voting on which new meme coins should be included in the index. This feature gives investors direct influence over the asset composition, ensuring that the index adapts to market trends.
MEMEX holders can also participate in its presale staking pool, which currently provides a stratospheric annual yield of 583%.
To participate in the presale, you can purchase MEMEX tokens on the official website for just $0.0166883.
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