Meme Index ($MEMEX) Isn't Just Another Dog-Themed Meme Coin. It's the OG.

$DOGE isn't just any ol' dog-themed meme coin. It's the OG, the first meme coin ever, and today the one with the highest market capitalization ($24.2B).

Dogecoin price is showing signs of strength on monthly and weekly timeframes as it takes support at the 0.618 Fibonacci level.

The 20 EMA is also still above the 50 EMA on the weekly timeframe, which could be a bullish indicator.

On the 2-hour timeframe, $DOGE is at the bottom of a symmetrical triangle pattern and a crucial support/resistance zone.

However, in the short-term, all key trend indicators are sloping downwards on the daily, 12-hourly and 4-hourly timeframes.

The post Still bullish on Dogecoin (CRYPTO:DOGE)? Here's how a concept like Meme Index (CRYPTO:MEMEX) presale could be the best strategy in the current market scenario appeared first on Benzinga.

Dogecoin (CRYPTO: DOGE) is the first-ever meme coin and the one with the highest market capitalization. At the moment, it’s ranked no.10 largest cryptocurrency with a market cap of $24.2 billion. Naturally, meme coin lovers keep an eye on $DOGE for clues to the larger meme coin market’s direction.

Recently, there have been some interesting developments in $DOGE’s price action that could be hinting at further gains. Here are the key reasons to be cheerful and cautious about the token’s future, and how a concept like Meme Index (CRYPTO:MEMEX) presale could offer the best strategy in the current market scenario.

Reasons To Be Bullish On $DOGE

On the monthly and weekly charts, Dogecoin is taking support at the crucial 0.618 Fibonacci level. This is a huge buy signal, as it suggests the token has had the perfect amount of correction and is now ready to continue its long-term bullish trend.

Also, on the weekly timeframe, the 20 EMA (Exponential Moving Average) is still above the 50 EMA. This confirms a long-term bullish direction.

Another reason to feel good about $DOGE is that it’s currently trading at the bottom of a symmetrical triangle pattern (on the 2-hour timeframe).

The token is also at a crucial support/resistance zone – indicated by the blue box in the image below. As you can see, this zone has seen numerous reversals in the past.

If $DOGE does follow a long-term bullish trend, we could see it regain its recent high of $0.48.

$DOGE's Short-Term Trend Signals Caution

Although Dogecoin’s larger picture is bullish, its short-term trend has been bearish for some time now. Indeed, the $DOGE price has been falling since the 1st week of December.

Also, all key trend indicators, such as the 200, 50, and 20 EMAs, are sloping downwards on important short-term timeframes like the daily, 12-hourly, and 4-hourly.

It’s always worth noting what’s happening in the larger meme coin market, which isn’t really rallying, either.

Apart from $DOGE, prominent tokens such as SHIB (CRYPTO: SHIB), PEPE (CRYPTO: PEPE), TRUMP (CRYPTO: TRUMP), and BONK (CRYPTO: BONK) have all been red in the last seven days.

But when the meme coin market is down, presales prevail. As they’ve yet to be listed publically, crypto presales can provide a haven from the current volatility.

Indeed, if you’re looking to invest in $DOGE, and a basket of other top meme coins, you can’t go wrong with an instrument like Meme Index.

What Is Meme Index?

$MEMEX is the first-ever provider of meme coin indexes. We’ve all come across the golden stock market investment strategy of putting our money in indexes like the S&P 500.

Well, $MEMEX brings the same concept (that of risk-averse investing) to the meme coin space.

Meme Index has four indexes, each carrying a different amount of volatility and risk. $MEMEX’s beauty, therefore, lies in the fact that you can choose any one of the four indexes depending on your risk appetite and desired gains.

Why Is Meme Index The Next Crypto To Explode?

By allowing investors to diversify their total investment across multiple high-potential meme coins, $MEMEX reduces their total risk exposure.

To really understand $MEMEX’s future potential, you must remember meme coins are a rapidly-growing investment niche. Thanks to the success stories of $DOGE and $PEPE – and more recently, TRUMP and BROCCOLI (CRYPTO: BROCCOLI), investors from all around the world are finally noticing the potential of the best meme coins.

Meme Index offers perhaps the best investment avenue for new meme coin