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Dogecoin ($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). Naturally, meme coin lovers keep an eye on $DOGE for clues to the larger meme coin market’s direction.
In this article, we’ll unpack $DOGE’s current outlook, explain the reasons to be both cheerful and cautious about its future, and discuss how a concept like the Meme Index 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.
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
Though Dogecoin’s larger picture is bullish, its short-term trend has been bearish for some time already. Indeed, the $DOGE price has been falling since the first 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, $PEPE, $TRUMP, and $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 publicly, crypto presales can provide a haven from the current volatility.
Indeed, if you’re looking to invest in $DOGE, and a basket of other top meme coins, you can’t go wrong with an instrument like Meme Index ($MEMEX).
What Is Meme Index ($MEMEX)?
$MEMEX is a revolutionary crypto project that will help you cut on your losses when the market isn’t favorable and generate a hefty ROI when the market finally turns bullish.
That’s because it’s 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.
- Meme Titan Index: This is a collection of the top eight meme coins, each with a market cap of over $1B. You’ll find established cryptos like $DOGE, $SHIB, and $PEPE, which makes this Index ideal if you’d prefer to bet on tried-and-tested coins.
- Meme Moonshot Index: Also known as the Rising Stars Index, this contains eight emerging meme coins that are about to hit 1B in market cap and, therefore, enter the Meme Titan Index. It offers a balanced risk-to-reward possibility.
- Meme Midcap Index: The name probably gives it away. This Index contains meme coins with a market cap between $50M and $250M. It’s ideal for more aggressive investors, who are willing to take on the extra risk in order to chase the possibility of significant gains.
- Meme Frenzy Index: An assortment of highly volatile tokens that could either rocket to the moon or fall flat, Meme Frenzy is tailor-made for degens, i.e., meme coin investors who like to live life on the wild side.
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, investors from all around the world are finally realizing the potential of the best meme coins.
Meme Index offers perhaps the best investment avenue for new meme coin investors, which is why $MEMEX is at the top of our list of the next cryptos to explode.
Meme Index takes the legwork out of finding meme coins that can 10x or 100x, especially in a market that has thousands of tokens.
Additionally, $MEMEX’s indexes are community-driven. Holders will have a vote on which tokens each index includes. The four indexes will also be dynamic, meaning they’ll be regularly updated so that they only contain the cream of the crop at all times.
Such real-time portfolio management is an innovation in the meme coin market and could just be the edge you need.
How to Benefit from $MEMEX?
If you like the idea of buying into an index, then $MEMEX’s approach to meme coin investing could be for you.
Simply put, this is your last chance to buy $MEMEX for such a low price. Once it goes live, there’s a high likelihood it’ll pump to record highs – and you won’t get it for such a discounted price ever again.
For more technical information about the project, check out Meme Index’s whitepaper. Also, follow their X feed and Telegram channel for regular updates.
Even though all signs point towards the fact that $MEMEX could join the best low-cap coins after listing, it’s important to remember that nothing is guaranteed, especially when it comes to meme coins.
Therefore, we recommend only investing an amount that allows you to sleep soundly at night.
Last but not least, it’s crucial that you do your own research before investing. After all, this guide is merely an assortment of our opinions and insights – it’s not financial advice.
