Dogecoin Price Falls 10% As Investors Flock To This ICO

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The Dogecoin price dropped 10% in the last 24 hours to trade at $0.2065 as of 3:35 a.m. EST on trading volume that skyrocketed 144% to $2.94 billion.

The DOGE price has seen two sharp drops in the past week, the first of which came on Feb. 21. After the price traded sideways for days just under $0.26, the price dropped sharply on February 21 to $0.24. After that, it made a slight recovery to $0.25, only to see another sharp drop yesterday.

With the recent drop, the DOGE price broke the support at $0.24, pushing the price down to $0.20. On a weekly basis, DOGE saw a drop of over 18% as its token holders continued to sell.

Dogecoin Price Prediction

Following its drop to $0.20, the Dogecoin price attempted a recovery but was rejected before even reaching $0.21. Its Bollinger Bands have seen several widenings and narrowings in the past day, each time when another support got broken and the price continued to dip further.

Most of the widening came from the price pushing the lower band further down, which is, of course, a bearish signal.

Dogecoin Price Prediction

On the other hand, the project’s Relative Strength Index (RSI) has been quite consistent with its performance, fluctuating between the oversold zone and the neutral value at 50. Given that the RSI has been moving from 50 to 30 and back again, rarely exceeding either of these two boundaries, it appears that traders have been using it as their main metric for making small gains several times per day.

Right now, the RSI is halfway between these two barriers, sitting at the value of 37.61 after a failure to reach 50 earlier. It remains to be seen whether it will accumulate enough buying pressure to go back up to the neutral value, or if it will simply sink back down to the oversold zone.

Either way, the RSI, as well as the Dogecoin price, are struggling right now, which could be an opportunity for long-term investors to buy DOGE at a discount. Those looking for short-term gains, however, should consider some DOGE alternatives.

Promising Alternative To Dogecoin

One of the most promising alternatives to Dogecoin is Meme Index (MEMEX) — a project that aims to make meme coin investing safer and more convenient by introducing baskets of cryptos that you can invest in.

These baskets, or indexes, all come with different levels of risk, but are generally safer to invest in than any individual meme coin, since the entire index’s performance depends on the performance of the majority of cryptos stored within. In other words, even if one or two of the meme coins inside are struggling, as long as the others are performing well, you can still expect gains.

MEMEX Tweet

The project introduces four indexes called Titan, Moonshot, MidCap, and Frenzy, where each comes with more risk than the previous one. Of course, with greater risk comes greater reward if things go well for the majority of meme coins. However, the risk of losing your entire investment also increases.

To invest in any of these baskets, you will need the project’s native token, MEMEX. Right now, MEMEX is still in presale, offering investors an opportunity to buy it at a low price of $0.0165556. Many have already jumped on the opportunity, allowing the project to raise over $3.84 million in the last few weeks.

ClayBro, a crypto YouTuber with over 136k subscribers, views it as a great buying opportunity now that the rest of the meme coin market is struggling. MEMEX might go live just in time when the recovery period starts, in which case its price could see a major surge after it launches.