Dogecoin Price Prediction: DOGE Drops 3% As Analyst Says Rally To $10 Still Possible And This Innovative Crypto Index Might Be The Best Meme...

Dogecoin Price Analysis

In the past 24 hours, the Dogecoin price has declined over 3%, trading at $0.2508 at 10:46 p.m. EST. This drop is attributed to investors shifting their focus to other cryptocurrencies.

Despite this setback, renowned trader and analyst Ali Martinez believes the meme coin could still rally towards $10. In a February 6 post to his followers, he noted that "momentum is building" for Dogecoin and that the bullish scenario remains possible as long as the crypto holds above $0.19.

Dogecoin Price Hovering Above Support

4-hour chart for DOGE/USD (Source: GeckoTerminal)

According to GeckoTerminal data, the Dogecoin price is currently hovering above a key support level at $0.2443. If DOGE falls below this level within the next 8 hours, it could potentially drop further to $0.2232.

On the other hand, a rebound from $0.2443 could lead to an attempt at challenging the resistance level at $0.2720. Overcoming this obstacle could push the meme coin as high as $0.2945.

Technical Indicators Suggest a Potential Rise

4-hour chart technical indicators for DOGE suggest a bullish scenario is likely to unfold in the coming trading day.

• Moving Average Convergence Divergence (MACD): The MACD line is positioned above the MACD Signal line, indicating positive momentum.
• Relative Strength Index (RSI): The RSI has shown an increase in buyer strength. While it's below 50, the positive slope suggests a bullish shift.

Traders should note that the RSI has fluctuated between 30 and 50 in recent days. Confirmation of buyer control would come with an RSI rise above 50.

Note on Promotional Content

The mention of Meme Index (MEMEX) and its high staking rewards appears to be promotional content and has been filtered out.