Meme Index (MEMEX) Price Plunges Over 5% as Investors Dump Their Holdings

The Dogecoin price plunged over 5% in the last 24 hours to trade at $0.1979 as of 10:33 p.m. EST as investors dump their holdings in the meme coin on the market.

The Dogecoin price dropped over 5% in the last 24 hours to trade at $0.1979 as of 10:33 p.m. EST.

The meme coin price fell below a support level at $0.1955 in the last few hours, and is now in danger of testing the next key support at $0.1902. A drop below this technical safety net could result in a plunge to as low as $0.1822 in the short term.

On the other hand, a move above the $0.1955 support could invalidate the bearish thesis. In a more bullish scenario, DOGE might try to overcome the resistance level at $0.2117. Breaking this barrier could then give the meme coin the room needed to keep climbing.

Dogecoin price technicals: EMAs and RSI

From a technical standpoint, indicators on DOGE’s 4-hour chart suggest the Dogecoin price might drop some more. Both Exponential Moving Averages (EMAs) and the Relative Strength Index (RSI) are showing bearish signs.

The 9 EMA crossed below the 20 EMA in the last couple of hours. This suggests that short-term momentum has turned in favor of sellers. If bears choose to capitalize on this, they may be able to overpower bulls and push the Dogecoin price down further.

Sellers already seem to have a slight upper hand against buyers, as suggested by the current RSI value below the neutral 50 mark. What’s more, the negative slope of the RSI line warns that sellers are still accumulating strength against their bullish counterparts.

If the technical flags presented by EMAs and the RSI on the 4-hour chart influence traders’ decision making, it could lead to the Dogecoin price falling below the aforementioned $0.1902 support.