The price of Dogecoin fell by 10% over the last 24 hours, reaching $0.2065 as trading volume soared by 144% to $2.94 billion.
Dogecoin Price Decline
The Dogecoin price has experienced two sharp declines in the past week. The first drop occurred on February 21, when the price fell to $0.24 after trading sideways just below $0.26. A brief recovery to $0.25 was followed by another sharp drop to $0.20. Over the week, the price saw a decrease of more than 18% as token holders continued to sell.
Technical Indicator Analysis
After falling to $0.20, Dogecoin's price attempted a recovery but was unable to hit $0.21. Bollinger Bands have widened and narrowed several times as new supports were broken and the price continued to slip, indicating a bearish trend. The Relative Strength Index (RSI) has been fluctuating between the oversold zone and the neutral mark at 50, showing market struggles. The current RSI value is 37.61.
Alternatives to Dogecoin
One promising alternative to Dogecoin is the Meme Index (MEMEX), which offers investment in cryptocurrencies through index baskets. These baskets have varying risk levels and are generally safer than individual meme coins. The project offers four indices: Titan, Moonshot, MidCap, and Frenzy, each with differing risk and reward potentials. MEMEX is currently in presale with tokens priced at $0.0165556. The project has raised over $3.84 million.
Despite the recent drop in value, Dogecoin remains a focus for investors, while alternative projects like Meme Index offer new approaches to investing in meme coins.
