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The Dogecoin price plunged over 5% in the last 24 hours to trade at $0.1979 as of 10:33 p.m. EST as investors dump their holdings in the meme coin on the market.
Despite the recent drop, the DOGE price is still 3% in the green on the weekly time frame.
Dogecoin Price Drops Below A Support Level
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price dropped below a support level at $0.1955 in the last few hours, GeckoTerminal data shows, Now, the meme coin stands the risk of testing the next key support at $0.1902. A drop below this technical safety net could result in a plunge to as low as $0.1822 in the short term.
On the other hand, the Dogecoin price reclaiming the $0.1955 support within the next 12 hours could invalidate the bearish thesis. In a more bullish scenario, DOGE might try to overcome the resistance level at $0.2117. Breaking this barrier could then give the meme coin the room needed to keep climbing.
Technicals Suggest The Dogecoin Price Might Keep Falling
From a technical standpoint, indicators on DOGE’s 4-hour chart suggest the Dogecoin price might drop some more. Both Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) are showing bearish signs.
The 9 EMA crossed below the 20 EMA in the last couple of hours. This suggests that short-term momentum has turned in favor of sellers. If bears choose to capitalize on this, they may be able to overpower bulls and push the Dogecoin price down further.
Sellers already seem to have a slight upper hand against buyers, as suggested by the current RSI value below the neutral 50 mark. What’s more, the negative slope of the RSI line warns that sellers are still accumulating strength against their bullish counterparts.
If the technical flags presented by EMAs and the RSI on the 4-hour chart influence traders’ decision making, it could lead to the Dogecoin price falling below the aforementioned $0.1902 support.
As the Dogecoin price remains at the mercy of sellers, investors are FOMO buying a new meme coin called Meme Index (MEMEX) before its presale ends in 24 days. 99Bitcoins, a prominent crypto channel on YouTube that boasts over 725K subscribers, says MEMEX has the potential to be the next 100X crypto.
A New, Innovative Way For Investors To Gain Exposure To Meme Coins
Meme coins are among the most popular tokens in the Web3 space, and continue to pull investors in. Just over the last few months, there has been a flood of new meme coins in the market as developers try to capture some of the hype for a profit.
With the market now oversaturated, finding the next meme coin gem has become very difficult. There has also been an uptick in the number of meme coin rug-pulls.
To make meme coin investing safe and simple again, Meme Index is bringing 4 curated investment baskets, or indexes, to the market. These baskets are Meme Titan, Moonshot, Midcap, and Meme Frenzy.
Each basket focuses on different meme coins, from established tokens like Dogecoin and Shiba Inu, to emerging meme coins. The project’s indexes also cater to different risk profiles. The Meme Titan, which focuses on large-cap meme coins, is the safest option, while Meme Frenzy offers investors looking for a thrill a high-risk opportunity for gains.
By simply holding MEMEX tokens, investors gain exposure to the meme coins in any of the project’s baskets. Additionally, MEMEX holders get to vote on which tokens should be featured in each basket.
Meme Index Presale Offers Investors Last Chance To Buy
Meme Index has pulled investors in during its presale stage, which has seen it raise more than $3.9 million so far. Now, there are just 24 days left for investors to get in on this ground level before the potential 100X surge predicted by 99Bitcoins.
To participate in the presale, investors can utilize the simple buy widget embedded on the project’s website to acquire MEMEX tokens. Selling for $0.0166883, MEMEX can be bought with either ETH, USDT, BNB or bank card.
After acquiring some MEMEX, investors can start earning from the get-go through the project’s presale staking program. Anyone who buys and locks up MEMEX tokens now will unlock access to a competitive 577% APY.
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