Department of Government Efficiency Price Challenging Resistance as Investors Go Long on the Meme Coin

The Department of Government Efficiency price soared over 32% in the last 24 hours to trade at $0.177 as of 6:11 a.m. EST as investors go long

The price of DOGE soared over 32% in the last 24 hours to trade at $0.177 as of 6:11 a.m. EST Monday. Investors are going long on the meme coin after its latest bullish move.

Despite the recent surge, the DOGE price is still down more than 65% from its all-time high of $0.5154 that it set on Nov. 13.

DOGE Price Challenging Resistance

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

The DOGE price is attempting to overcome the resistance level at $0.1777. Should the meme coin close a 4-hour candle above this barrier within the next 12 hours, it might prompt traders to enter into long positions for the crypto. With this potential buy volume, DOGE could end up rising to the next major resistance level at $0.2123.

On the other hand, the DOGE price failing to clear the $0.1777 barrier within the next 12 hours could bring an end to the crypto’s bullish move. Sellers might start to take over in this alternative case, which could lead to a test of the $0.1442 support. Continued bearish pressure should the crypto reach this point might lead to a drop to $0.1052.

Buyers Starting To Cash In Profits From DOGE Price Surge

Momentum seems to favor bulls on DOGE’s 4-hour chart. However, there was a substantial drop in buying power in the last few hours, which could be followed by a pull back in the coming 24 hours if bulls don’t identify the crypto’s current price as a buy opportunity.

Relative Strength Index (RSI) readings dropped in the last 12 hours. This could suggest that buyers have lost some of their control of the DOGE price or have exited the meme coin’s charts. While the current reading above 70 signals bullish strength, the negative slope of the RSI line warns that sellers are trying to slowly take back control.

The Moving Average Convergence Divergence (MACD) line has started to collapse towards the MACD Signal line in the last few hours as well. Traders generally see this breakdown of the MACD line towards the MACD Signal line as an indication of waning bullish momentum.

Should the gap between the two lines keep shrinking, it could lead to a bearish crossover that will signal the DOGE price has entered a negative short-term cycle.

As the DOGE price tries to break resistance, investors are turning their attention to new meme coin presale Meme Index (MEMEX).

Giving Investors A Simple Way To Capitalize On Meme Coin Gains

Meme coins were the best-performing assets in the crypto space in 2024. As the new year kicks off and the market prepares for pro-crypto Donald Trump to enter his second presidential term, talks of a meme coin supercycle are on the rise.

With the strong hype around these tokens, many developers are trying to capitalize on the euphoria by launching their own meme coins. This makes it difficult for retail investors to find the best crypto to invest in. Meme Index, the world’s first decentralized index for meme coins, aims to make it easier for investors to maximize their returns from the anticipated market surge.

Unlike other projects that focus on a single crypto or token, Meme Index offers MEMEX holders access to various investment baskets, including the Meme Titan Index, the Meme Moonshot Index, the Meme Midcap Index, and the Meme Frenzy Index. Each basket comes with varying levels of risk.

For investors with a high risk appetite, the Frenzy Index targets emerging and highly volatile meme coins. Conversely, the Meme Titan Index focuses on well-established meme coins with capitalizations greater than $1 billion. All of the baskets are responsive to market trends and curated through community votes.

Investors Rush To Buy MEMEX During Its Ongoing Presale

Meme Index has already raised more than $1.5 million through its ongoing ICO, as investors bet big on the project’s future. Given how easy the project makes it for investors to position themselves ahead of the next meme coin supercycle, it’s easy to see why investors are rapidly accumulating the token at this early stage.

Popular YouTuber ClayBro said in a recent video for his more than 135K subscribers that MEMEX could achieve 26X growth during the meme coin supercycle as well.

There is also a 1,484% staking APY on offer that might be one of the factors behind the buying frenzy. To get in on these rewards, investors will need to acquire MEMEX through the simple widget on the project’s website using either ETH, USDT, BNB or bank card.

Once purchased, investors can lock up the tokens through the staking page. Buy before a price hike in about