Dogecoin Price Tries To Escape A Consolidation Channel

The Dogecoin price jumped over 4% in the last 24 hours to trade at $0.2632 as of 9:57 p.m. EST as investors start to accumulate the largest meme coin by market cap.

Investors are starting to accumulate Dogecoin (CRYPTO: DOGE), the largest meme coin by market cap, and the price of the meme coin has responded with a 4% increase in the last 24 hours to trade at $0.2632 as of 9:57 p.m. EST.

As a result of the 24-hour gain, the DOGE price has been able to push its weekly performance into the green to over 1%.

Dogecoin Price Trying To Escape A Consolidation Channel

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

The Dogecoin price is trying to escape above a medium-term consolidation channel between $0.2428 and $0.2647, GeckoTerminal data shows. Should the meme coin close a 4-hour candle above the upper boundary of this sideways range within the next 8 hours, it could start to climb towards the next major resistance at $0.2832.

On the other hand, failure to establish a position above $0.2647 might lead to the continued oscillation within the sideways channel. In this alternative scenario, the Dogecoin price could end up testing the $0.2428 support. DOGE might then either rebound slightly or drop below this level to the subsequent support at $0.2199.

Technicals Suggest The Dogecoin Price Might Keep Climbing

From a technical perspective, indicators on the 4-hour chart suggest the Dogecoin price could keep climbing through the course of today. More specifically, the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are showing bullish signs.

RSI readings have risen from the low 40s to the low 50s to suggest an increase in buyer strength over the last couple of hours. Recently, the RSI line has started to level off, which could indicate an upcoming bearish shift in power. However, the current reading above the neutral 50 mark indicates that buyers still have slightly more control of the Dogecoin price.

Meanwhile, the MACD line has started breaking away above the MACD Signal line on the 4-hour chart. The current alignment of these two technical indicators might suggest that the Dogecoin price is in a bullish trend, while the growing gap between them could be seen as a sign of DOGE’s bullish momentum picking up steam.

As the Dogecoin price tries to keep its bullish move going, the presale for innovative crypto index token Meme Index (MEMEX) is approaching the $4 million milestone. According to popular YouTuber and crypto analyst Jacob Bury, who has over 54.9K subscribers, MEMEX has the potential to soar 10X after its launch.

Giving Investors Access To Diversified Meme Coin Investing

Meme Index is the first crypto index that focuses on meme coins. In recent months, the hype around these tokens has surged and continues to soar as investors try to find the next crypto gem that could make them a millionaire. Developers are also trying to profit from the hype and are deploying new tokens on a daily basis.

As more meme coins continue to make their way into the crypto market, it is becoming increasingly difficult for investors to pick which tokens to buy into. This is where Meme Index, with its investment baskets, or indexes, comes in. The project gives investors access to diversified meme coin exposure.

Meme Index offers 4 indexes, each of which focuses on different meme coins and caters to different risk appetites. By simply purchasing MEMEX, investors are able to track and potentially profit from the movements of the multiple meme coins in each basket.

These baskets are the Meme Titan, Moonshot, Midcap, and Meme Frenzy. The relatively safer option is the Meme Titan basket that focuses on the largest meme coins by market cap, while the highest-risk index is the Meme Frenzy, which features emerging and highly-volatile meme coins.

To join any of these baskets, investors need to buy some MEMEX. With the project’s native token in hand, holders will also be able to help decide which meme coins should be featured in each basket.

Investors Rush To Buy MEMEX At Presale Prices

Meme Index’s ongoing presale is pulling investors in, with its total raise so far standing at more than $3.6 million.

Anyone that wants to participate in the project’s ICO and buy into MEMEX before it hits the mainstream market can do so through the simple buy widget embedded on the project’s website. Selling for $0.0160993, MEMEX can be bought with either ETH, USDT, BNB, or a bank card.

After acquiring some MEMEX, investors can also put their tokens to work for high passive crypto rewards from the get-go. Anyone that buys and stakes MEMEX during this presale stage will unlock access to a 634% APY.

Buy MEMEX tokens here before a presale price hike