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The Dogecoin price dropped over 3% in the last 24 hours to trade at $0.2579 as of 9:57 p.m. EST as investors turn their attention to other cryptos.
With the 24-hour drop in the DOGE price, the largest meme coin by market cap is now down more than 36% on the monthly time frame.
Dogecoin Price Hovering Above Support
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price is hovering above the key support level at $0.2478, GeckoTerminal data shows. Should the meme coin drop below this mark within the next 12 hours, it could end up plunging to the subsequent support all the way down at $0.2289.
On the other hand, traders identifying the crypto’s current level as a buy opportunity might result in the Dogecoin price attempting a challenge at the $0.2676 resistance level. A break above this technical barrier could then lead to the meme coin rising to as high as $0.2865 in the short term.
Technicals Suggest The Dogecoin Price Might Start To Rise Soon
From a technical perspective, indicators on DOGE’s 4-hour chart suggest the meme coin’s price might start to rise soon. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are starting to show early bullish signs.
Over the past couple of days, RSI readings have plunged from 80 to below 40, which suggests a steep drop in buyer strength. However, in recent hours, the RSI line has started to level off. This could be the precursor to a bullish shift in power on DOGE’s 4-hour chart that might lead to the Dogecoin price rising if buyers are able to overpower sellers.
Meanwhile, DOGE’s bearish momentum seems to be cooling off as well, as suggested by the MACD line that is rising towards the MACD Signal line. Should these two technical indicators cross in the next few hours, it could be interpreted as an indication that DOGE has entered a new positive trend. Traders might react to this signal and enter into long positions for the crypto.
As DOGE tries to recover from its slump, investors rush to buy a new rival by the name of Meme Index (MEMEX) for diversified meme coin exposure. According to ClayBro, a popular crypto analyst with over 135K YouTube subscribers, MEMEX could surge 26X after its launch.
The First Meme Coin Index In The Crypto Market
The popularity around meme coins has surged in recent months, and continues to soar. With this heightened investor interest around these lighthearted tokens, many opportunistic developers have deployed their own meme coins with the hope of profiting from this hype. This has led to a tsunami of new meme coins flooding the crypto market in a short amount of time.
With so many tokens to choose from, the majority of investors are finding it difficult to select which meme coins to buy into for gains. Additionally, scammers are also leveraging the meme coin hype to trick unsuspecting investors into giving away their hard-earned capital.
Meme Index, the first meme coin index in the crypto market, aims to address these challenges and simplify meme coin investing. Central to the project are four investment baskets, or indexes, which each focus on different meme coins that are grouped according to their perceived level of risk. These baskets are: Meme Titan, Meme Moonshot, Meme Midcap, and Meme Frenzy.
By simply purchasing MEMEX, investors essentially buy into one or more of the baskets and unlock diversified meme coin exposure.
From the relatively safer Meme Titan index that focuses on the largest meme coins by market cap, to the highest-risk Meme Frenzy index that features highly-volatile emerging tokens, Meme Index offers investors a way to buy into meme coins while only taking on a level of risk that they are comfortable with.
What’s more, MEMEX holders also get to help pick which meme coins get featured in each basket. This, combined with how easy the project makes it to gain diversified meme coin exposure, makes Meme Index one of the best meme coin plays in the market.
With talks of a 2025 meme coin supercycle making the rounds in the market, investors are likely to flock to MEMEX to position themselves ahead of this anticipated market surge.
MEMEX Presale Charges Towards $4 Million
Investors are already piling into Meme Index’s ongoing presale, which has raised over $3.7 million so far.
Anyone that wants to get in on the ground stage of the project can do so by buying MEMEX through the widget on its website. Selling for $0.0162933, MEMEX can be bought with either ETH, USDT, BNB or bank card.
Buy MEMEX here before a presale price hike in 29 hours to lock in the best deal.
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