Dogecoin Price Fluctuates Amidst Trading Volume Surge

Over the past 24 hours, the Dogecoin price has plummeted by 10% to trade at $0.2065 as of 3:35 a.m. EST. This decline coincides with a 144% spike in trading volume, reaching $2.94 billion.

Recent Price Swings and Support Break

The DOGE price has endured two significant drops within the past week. The first occurred on February 21, when the price fell from $0.26 to $0.24. After a partial recovery to $0.25, the price experienced another sharp decline yesterday.

This latest drop has breached support at $0.24, driving the price down to $0.20. On a weekly basis, DOGE has shed over 18% as holders continue to sell.

Dogecoin Price Prediction

Following the decline to $0.20, the Dogecoin price attempted to rebound but failed to reach $0.21. Its Bollinger Bands have exhibited widening and narrowing movements, indicating further support level breakages and price declines.

The RSI has remained consistent, fluctuating between the oversold zone and a neutral value of 50. This suggests that traders have been relying on it for short-term gains. The current RSI value of 37.61 indicates a delicate balance between buying pressure and downward momentum.

Promising Alternative: Meme Index (MEMEX)

Amidst the volatility in the meme coin market, Meme Index (MEMEX) presents itself as an attractive alternative. MEMEX seeks to enhance the safety and convenience of meme coin investing by offering baskets of cryptos for investment.

These baskets, or indexes, come with varying risk levels. Investing in an index is generally safer than investing in individual meme coins, as the index's performance depends on the majority of the constituent cryptos.

MEMEX offers four indexes: Titan, Moonshot, MidCap, and Frenzy, each with increasing levels of risk and reward potential. To invest in these baskets, MEMEX's native token, MEMEX, is required.

MEMEX is currently in presale, offering investors the opportunity to acquire it at a discounted price of $0.0165556. The project has raised over $3.84 million thus far.