- Dogecoin dropped 9% in the past 24 hours to $0.1552, finding support at $0.1454 amid broader market weakness.
- Technical indicators suggest a potential rebound, but investor interest is shifting toward Meme Index (MEMEX) as a new meme coin opportunity.
Dogecoin (DOGE) took a significant hit in the past 24 hours, plummeting over 9% to $0.1552, as investors reevaluate their positions in the top meme coin. The downturn coincided with the broader crypto market slump, which saw the total market cap drop below $2.6 trillion, according to CoinMarketCap.
Dogecoin Finds Support – Is a Rebound on the Horizon?
Despite the steep decline, DOGE found temporary support at $0.1454, according to GeckoTerminal data. If buying pressure returns, the meme coin could push back above $0.1610 in the short term. A decisive 4-hour close above this level may signal a move toward $0.1791.
Conversely, if bearish momentum persists, Dogecoin could retest $0.1454 and risk plunging further to $0.1281.
Technical Indicators Suggest a Potential Reversal
While DOGE remains in bearish territory, some technical indicators hint that selling pressure may be easing.
- RSI (Relative Strength Index): Currently in oversold territory below 30, which traders often interpret as a sign of an upcoming reversal. If RSI breaks above 30, it could confirm a shift toward bullish momentum.
- MACD (Moving Average Convergence Divergence): Although the MACD line is still below the signal line, the gap is no longer widening, suggesting that a bullish reversal could be on the horizon.
If bulls regain control, DOGE could rebound sharply in the coming days.
Investors Shift Attention to New Meme Coin Presale
As DOGE struggles, investor interest is shifting toward Meme Index (MEMEX), a new presale meme coin designed to provide diversified exposure to the meme coin sector. The project has already raised over $3.9 million in its presale, with only 20 days left before it closes.
MEMEX allows investors to gain exposure to different meme coin baskets based on risk levels, offering a unique approach to meme coin investing. With growing hype, some analysts predict MEMEX could be a 100x opportunity.
Dogecoin’s recent decline has put it in a critical position. While technical indicators suggest a potential bounce, the broader market sentiment will play a key role in DOGE’s recovery. Meanwhile, the rise of new meme coins like MEMEX highlights the evolving landscape of meme coin investing. Investors will be watching closely to see if DOGE can regain momentum or if new opportunities will take center stage.
