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The Dogecoin price dropped over 1% in the last 24 hours to trade at $0.1723 as of 3:12 a.m. EST on trading volume that surged 55% to $1 billion.
This pullback in the DOGE price comes just a few days after the leading meme coin flipped Cardano to become the eighth biggest cryptocurrency by market cap.
Dogecoin Price Shows Breakout Potential Amid Golden Cross Formation
The DOGE price has been trading within a descending wedge pattern, a bullish reversal setup that often results in an upside breakout.
As the meme coin approaches the critical breakout point, traders are eyeing key technical indicators that may support a significant rally.
One of the most compelling signals is the formation of a golden cross, where the 50 Simple Moving Average (SMA) crosses above the 200 SMA at $0.1735.
This event, which happened on the hourly chart, often marks the beginning of bullish momentum, reinforcing speculation that DOGE could be gearing up for a major rally.
Additionally, the 50 SMA at $0.1728 is acting as a short-term resistance level, while the 200 SMA at $0.1698 provides strong support, suggesting that Dogecoin is gaining strength, according to GeckoTerminal data.
Further technical indicators point to the possibility of an imminent move. The Relative Strength Index (RSI) stands at 53.74, indicating neutral momentum and leaving ample room for a price surge.
DOGE Price Prediction – Is $1 Possible?
According to the DOGE/USDT analysis, the descending wedge pattern and the Dogecoin price nearing the breakout point, the asset is likely to see a breakout soon.
If the price of DOGE successfully moves above $0.173, the next major resistance is around $0.20. On the downside, strong support remains at $0.1698, backed by the 200 SMA on the hourly chart.
If bullish momentum prevails, DOGE could see an 18% rally in the coming days. A continued push could also see the price of Dogecoin push to the $1 level.
However, a failure to break out could result in further consolidation within the wedge. The support at $0.150 provides a cushion against downward pressure.
As traders continue to place their bets on DOGE’s potential, investors are shifting focus 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 Smashes $4M – 14 Days Left To Buy
What do you do if you want to own the best meme coins but don’t know how to choose between them?
That’s a question Meme Index answers, which has led to investors pouring into the project. Its presale has already garnered over $4.06 million, with only 14 days left before the opportunity closes.
The new project is building the first on-chain meme coin index investing platform, which will provide crypto users with a hassle-free way to get diversified exposure to the sector.
The MEMEX token offers four diversified investment baskets: the Meme Titan Index, the Meme Moonshot Index, the Meme Midcap Index, and the Meme Frenzy Index.
Each basket caters to varying risk appetites, from relatively safer options like Meme Titan to the highest-risk Meme Frenzy, which features emerging and highly volatile meme coins for those seeking high returns while willing to accept high risk.
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
MEMEX holders can also participate in the project’s presale staking pool, which currently provides a stratospheric annual yield of 562%.
You can purchase MEMEX tokens on the official website for just $0.0166883.
Buy MEMEX on its official website.
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