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The Dogecoin price rose 3% in the last 24 hours to trade at $0.1749 as of 12:19 a.m. EST on trading volume that surged 56% to $1.4 billion.
This uptick in the DOGE price comes as the crypto space rebounded in the last 24 hours, rising 1.4% to a $2.9 trillion market capitalization, according to Coingecko.
Dogecoin Price Aims For A Bullish Breakout
The DOGE price has been in a strong downtrend since reaching highs near $0.50 in late 2024.
The chart clearly shows a falling wedge pattern, typically considered a bullish reversal formation. This pattern consists of lower lows and lower highs, indicating a prolonged correction phase following Dogecoin’s major price rally.
Currently, the Dogecoin price is trading around $0.175, near the lower boundary of the wedge. Several key pivot points (A, B, C, D) are marked on the chart, indicating previous support and resistance zones, according to GeckoTerminal data
The 200-day Simple Moving Average (SMA) ($0.2497) and 50-day SMA ($0.2268) are well above the current price, suggesting that DOGE is still struggling to regain bullish momentum.
Meanwhile, the Relative Strength Index (RSI) is at 40.88, indicating weak momentum but not yet oversold.
If the RSI drops below 30, it would signal an oversold condition, increasing the likelihood of a rebound. However, for now, it suggests continued bearish pressure.
The Moving Average Convergence Divergence (MACD) line (blue) is just above the signal line (orange), but both are near zero, signaling weak momentum. A stronger, bullish crossover is needed to confirm a reversal.
DOGE Price Prediction
DOGE is at a critical inflection point within the descending wedge pattern. If the Dogecoin price breaks above the wedge resistance around $0.22, it could rally toward $0.25 or higher.
However, failure to break out may cause the price of DOGE to continue its downtrend toward $0.15 or even lower before finding solid support.
As the DOGE price surges, 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 Closes On $4.5 Million Milestone – Last Chance To Buy
The Meme Index (MEMEX) presale has surpassed $4.1 million, showing strong interest from early investors eager to capitalize on its new approach to meme coin investing.
The team has now put a timer on the presale, which will end in about 11 days.
Rather than attempting to predict which single coin will surge next, which is especially difficult in a fast-moving market such as meme coins, MEMEX enables investment across carefully curated collections.
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
Built on Ethereum infrastructure, this comprehensive platform offers four investment tiers.
The 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 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 556%.
You can purchase MEMEX tokens on the official website for just $0.0166883.
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