{"id":631370,"date":"2025-02-28T12:19:36","date_gmt":"2025-02-28T12:19:36","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=631370"},"modified":"2025-02-28T12:19:36","modified_gmt":"2025-02-28T12:19:36","slug":"dogecoin-price-prediction-doge-plunges-11-even-as-sec-says-meme-coins-are-not-securities-while-this-solana-layer-2-nears-24m","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/sponsored\/dogecoin-price-prediction-doge-plunges-11-even-as-sec-says-meme-coins-are-not-securities-while-this-solana-layer-2-nears-24m","title":{"rendered":"Dogecoin Price Prediction: DOGE Plunges 11% Even As SEC Says Meme Coins Are Not Securities, While This Solana Layer 2 Nears $24M"},"content":{"rendered":"

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.<\/span><\/p>\n

The drop in the DOGE price comes even after the US Securities and Exchange Commission (SEC) declared<\/a> that meme coins are not securities.<\/span><\/p>\n

Dogecoin Price Nearing A Key Support Level<\/span><\/h2>\n

\"DOGE<\/p>\n

4-hour chart for DOGE\/USD (Source: GeckoTerminal)<\/span><\/p>\n

The <\/span>Dogecoin<\/span><\/a> price is hovering above a key support level at $0.1825, data from <\/span>GeckoTerminal<\/span><\/a> 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.<\/span><\/p>\n

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.<\/span><\/p>\n

Technical Indicators Warn The Dogecoin Price Could Keep Dropping<\/span><\/h2>\n

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.<\/span><\/p>\n

Relative Strength Index (RSI) readings have dropped from the high 40s to below 30, indicating that DOGE is currently oversold. <\/span><\/p>\n

While the low RSI value suggests that the <\/span>Dogecoin<\/span><\/a> 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.<\/span><\/p>\n

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.<\/span><\/p>\n

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.<\/span><\/p>\n

As the Dogecoin price remains at the mercy of sellers, investors continue to flock to the presale for layer 2 Solana meme coin <\/span>Solaxy (SOLX)<\/span><\/a>.<\/span><\/p>\n

In a recent video, prominent YouTube channel 99Bitcoins, which has over 726K subscribers, said SOLX has the potential to surge 10X post-launch.<\/span><\/p>\n