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The Dogecoin price plunged over 11% in the last 24 hours to trade at $0.1853 as of 6:14 a.m. EST as investors offload their holdings in the meme coin on the market.
The drop in the DOGE price comes even after the US Securities and Exchange Commission (SEC) declared that meme coins are not securities.
Dogecoin Price Nearing A Key Support Level
4-hour chart for DOGE/USD (Source: GeckoTerminal)
The Dogecoin price is hovering above a key support level at $0.1825, data from GeckoTerminal shows. A drop below this technical safety net might lead to the largest meme coin by market cap plunging to the subsequent support at $0.1577 in the short term.
In a more bullish case, traders could end up identifying DOGE’s current price as a buy opportunity. Should this happen, the Dogecoin price will likely try to flip the resistance level at $0.2104 into support. Thereafter, a 4-hour candle close above this mark might lead to a surge to $0.2405.
Technical Indicators Warn The Dogecoin Price Could Keep Dropping
Looking at technical indicators on DOGE’s 4-hour chart, there are signs that suggest the meme coin’s price will continue to drop in the next few hours.
Relative Strength Index (RSI) readings have dropped from the high 40s to below 30, indicating that DOGE is currently oversold.
While the low RSI value suggests that the Dogecoin price’s upside potential is greater than its downside potential and could therefore be seen as a buy signal, it is not unusual for RSI readings to stay low for sustained periods of time when a crypto is being dumped.
The Moving Average Convergence Divergence (MACD) indicator on the 4-hour chart supports the bearishness shown by the RSI. In the last couple of hours, the MACD line crossed below the MACD Signal line. Traders usually see this technical event as a sign that a crypto has entered a negative trend.
The MACD line has also started to break away below the MACD Signal line. This could be a warning that DOGE’s bearish momentum is picking up steam.
As the Dogecoin price remains at the mercy of sellers, investors continue to flock to the presale for layer 2 Solana meme coin Solaxy (SOLX).
In a recent video, prominent YouTube channel 99Bitcoins, which has over 726K subscribers, said SOLX has the potential to surge 10X post-launch.
Solaxy To Address Solana’s Congestion
An investor-frenzy has erupted around SOL-based meme coins in the last few months, with the US President Donald Trump and First Lady Melania Trump even launching their own tokens on the network.
This hype has led to high levels of congestion on the Solana blockchain, testing the limits of the network’s layer-1 infrastructure and resulting in frequent transaction failures and inconvenient delays.
Solaxy, with its layer 2 sidechain and scaling technologies, will give Solana its biggest upgrade yet and address the overwhelming congestion levels.
The project will shift a large portion of Solana’s transaction processing work off of the layer-1 mainnet. It will then bundle SOL transactions before sending them back to the Solana blockchain for final validation.
This method of processing transactions has already been proven as a successful way to scale a blockchain and increase efficiency within the Ethereum ecosystem.
With Solaxy’s integration, Solana could regain its reputation as one of the best-performing networks in the Web3 space.
To further scale the Solana network, Solaxy will also bridge the blockchain with the Ethereum network.
With this move, the project will combine the strengths of two of the leading blockchains in the crypto market to create a new super Web3 ecosystem that can cater to the growing demands of decentralized app and meme coin developers.
Solaxy Presale Charges Toward $24 Million
Investors are rushing to buy SOLX during its ongoing ICO phase, with the project’s total raise at this early stage already standing at over $23.8 million.
With the bullish predictions from experts like 99Bitcoins and the project’s market positioning as the first Solana layer 2 project, it’s easy to see why investors are already betting big on the project’s future.
To participate in the presale, investors can acquire SOLX through the widget embedded on the project’s website. Selling for $0.001648, the meme coin can be bought with both crypto or bank card.
Interested investors looking to lock in the best deal will want to act fast because the token’s price will increase in less than 9 hours.
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