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The Dogecoin price plummeted over 9% in the last 24 hours to trade at $0.1552 as of 10:23 p.m. EST as investors decrease their exposure to the largest meme coin by market cap.
The recent drop in the DOGE price comes as the crypto market cap tumbled below $2.6 trillion in the last 24 hours, according to CoinMarketCap.
Dogecoin Price Bounces Off Of A Support – Upcoming Recovery?
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price bounced off of a support level at $0.1454 in the last few hours, data from GeckoTerminal shows. Should the meme coin start to rise, it might try to recover back above the $0.1610 mark. A 4-hour candle close above this price point within the next few hours could then give the crypto the foundation needed to potentially rise to as high as $0.1791 in the short term.
On the other hand, continued sell pressure on the Dogecoin price might lead to a retest of the aforementioned $0.1454 support. Breaking below this technical safety net could then expose the meme coin market leader to the risk of plunging to $0.1281.
Technicals Suggest Bears Are Easing Their Pressure On The Dogecoin Price
From a technical standpoint, indicators on DOGE’s 4-hour chart show that bears still have control of the Dogecoin price. However, they seem to have eased their pressure on the meme coin’s price. Bulls could soon start to chip away at bears’ grip on DOGE.
RSI readings have leveled off in oversold territory below 30. Traders often see low RSI values as an indication that a crypto’s upside potential is greater than its downside potential. However, there are instances where RSI readings remain low for sustained periods of time when a crypto is being dumped by investors and traders.
Should traders identify the oversold conditions as a buy opportunity, RSI readings might start to rise along with the Dogecoin price. A confirmation of this scenario playing out will likely be if the RSI breaks above 30 in the short term.
Momentum still favors bears, as suggested by the MACD line’s positioning below the MACD Signal line. In recent hours, however, the former has stopped breaking away below the latter. This could be an early sign of an upcoming bullish reversal of DOGE’s negative trend.
As bulls try to take control of the Dogecoin price, investors are FOMO buying a new meme coin called Meme Index (MEMEX) before its presale ends in 20 days. 99Bitcoins, a prominent YouTube channel with over 725K subscribers, predicted that MEMEX could be the next 100X opportunity to hit the crypto market.
A New, Safer Way For Investors To Buy Into Meme Coins
Meme coins have surged in popularity over the last few months. This buying frenzy has resulted in an influx in new tokens from developers looking to profit on the hype. Scammers have also started to re-emerge, with the number of meme coin rug-pulls on the rise.
Meme Index aims to offer investors diversified meme coin exposure through a new, safer way to buy into meme coins. Central to the project are 4 investment baskets, or indexes. They are Meme Titan, Moonshot, Midcap, and Meme Frenzy. Each of these baskets feature different meme coins that are grouped according to their perceived level of investment risk.
The safest option of the 4 indexes is the Meme Titan basket that focuses on established meme coins, while the highest-risk Meme Frenzy basket features new and emerging tokens that are highly-volatile but could lead to massive gains for investors.
By simply purchasing Meme Index’s MEMEX token, investors unlock exposure to the project’s baskets. Additionally, MEMEX holders can participate in the project’s governance to vote on decisions like which tokens should go in each basket, project upgrades and more.
Time Is Running Out For Investors To Get MEMEX At Presale Prices
Meme Index has managed to raise over $3.9 million through its presale so far. With just 20 days left, time is running out for investors to get in on this ground stage of the project.
Interested investors can head over to the project’s website and acquire MEMEX tokens via the widget embedded on the home page. Selling for $0.0166883, MEMEX can be bought with either ETH, USDT, BNB or bank card.
After getting a hold of some MEMEX, investors can then navigate to the staking page on Meme Index’s website and lock up their tokens for a 573% APY.
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