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The Dogecoin price plunged 5% in the last 24 hours to trade at $0.1743 as of 05:11 a.m. EST on trading volume that jumped 161% to $2.3 billion.
This comes despite the token experiencing a 34% surge in active addresses in the last 24 hours to reach 157.19k, according to data from IntoTheBlock.
Dogecoin Price Analysis Shows A Continued Bearish Trend
Looking at the daily timeframe, the DOGE price is currently trading at $0.1743, down 5%. The chart shows that the Dogecoin price has been in a downtrend since hitting a peak near $0.48 in late 2024.
A clear descending channel (marked in green) has formed, indicating a prolonged bearish phase.
The price of DOGE has recently bounced near a critical support zone, highlighted in yellow. This area, ranging between $0.08 and $0.10, has historically acted as a strong accumulation level. If the price of Dogecoin respects this zone, we may see a potential reversal in the coming weeks.
Meanwhile, the 50-day Simple Moving Average (SMA) is currently at $0.2621, acting as a near-term resistance. The 200-day SMA sits at $0.2469, another key resistance level.
The Dogecoin price is trading below both SMAs, which confirms the prevailing bearish trend. However, if DOGE reclaims these levels, it could confirm a bullish trend shift.
Meanwhile, the Relative Strength Index (RSI) is at 31.91, which is very close to the oversold territory (30 level). Historically, when DOGE’s RSI reaches this level, a price rebound often follows. This suggests a possible bullish reversal if buying pressure increases.
DOGE/USDT Chart Analysis (Tradingview)
Can the DOGE Price Still Rebound?
According to the Dogecoin price analysis on the 1-day timeframe, DOGE is at a critical turning point. If the support zone around $0.08-$0.10 holds, the price of DOGE could initiate a strong rebound, targeting the $0.26-$0.30 range in the medium term.
A breakout from the descending channel and a move above the 200-day SMA ($0.2469) would further validate bullish momentum. In this scenario, DOGE could rally towards $0.40 and potentially retest $0.48 in the longer term, representing a 145% increase from current levels.
Popular crypto analyst on X, Ali Martinez, supports the upward trajectory, predicting that DOGE could surge to the $2 level in the coming days.
Conversely, if DOGE fails to hold its current support zone, a further drop toward $0.08 or lower before finding new buyers could be possible.
As the DOGE price plunges, investors are shifting 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 Million – Last Chance To Buy
The Meme Index offers diversified meme coin investing for the first time and there are now only 21 days left in its presale.
Despite the current market downturn, the presale has surged past $3.9 million in funding.
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
The project brings together different meme coins into four main indexes: the Meme Titan Index, Meme Moonshot Index, Meme Midcap Index, and Meme Frenzy Index, each catering to different levels of risk and potential reward.
MEMEX holders can also take part in its presale staking pool, which currently provides a stratospheric annual yield of 574%.
You can purchase MEMEX tokens on the official website for just $0.0166883.
Buy MEMEX before it’s too late.
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