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The Dogecoin price plunged 10% in the last 24 hours to trade at $0.156 as of 3.30 a.m. EST on trading volume that plummeted 11% to $116.63 million.

The DOGE price has been fairly sluggish throughout the summer compared to other major meme coins by market cap. However, the oldest meme coin made up for it with a significant price surge during the second half of October, going from a support at $0.10 to a resistance at $0.18.

Now, however, with October, historically one of the crypto industry’s most profitable months, being over, the coin suddenly lost its momentum and its price started tumbling back down. DOGE is already closing in on $0.150, which is a level that acted as a major resistance during the past two weeks.

If the bearish pressure continues to grow, DOGE might break this resistance-turned-support in the next few hours. Alternatively, if the level holds until the bulls return, DOGE will likely use it as a foothold to launch its recovery.

Dogecoin Price Prediction

The Dogecoin price is spiraling down and approaching a key support which may or may not stop it from descending further. For the moment however, there is a reason to expect that DOGE and the other meme coins might bounce back up in the hours to come.

The project’s Bollinger bands have remained consistently wide over the last 24 hours, even though the price fluctuated between the lower band and the neutral area for most of that time. Now with the major support approaching, DOGE might use it to start a recovery, which could send its price back up to the upper band.

Another reason to expect a recovery is that the coin is both undervalued and oversold after the correction seen in the last day. The project’s Relative Strength Index (RSI) value has been fluctuating between the oversold area and the neutral zone, similarly to the price’s performance when it comes to the lower band and the middle area between the two bands.

As for the RSI value, it just dropped under the value of 30, which is a line that, now that it was crossed, might mark the start of a new price surge. Dogecoin recovery is also expected as this is typically what happens after a sharp drop.

Traders often rush in to buy the dip, causing the price to surge back up as a result. However, with the highly volatile start of the new month, DOGE might be a risky purchase for many right now. It does offer a potential to make quick earnings if you play your cards right, but it also represents a big risk to buy at the wrong moment and lose the value of your investment if the trend takes another negative turn.

Promising Alternative To Dogecoin

With Dogecoin and many of its peers among the top-ranking meme coins falling, traders might consider presales that are sheltered from market forces.

One such crypto that’s gaining a lot of attention right now is Flockerz (FLOCK), which has blasted past $1.2 million in funds raised.

Flockerz is a project that focuses on community and working together to achieve a common goal. It is still a meme coin, but it is also a highly innovative project that has invented a new model meant to incentivize its token holders to join the governance process on a regular basis.

Flockerz Tweet

Flockerz created a Vote-To-Earn (V2E) model which rewards FLOCK token holders with more FLOCK each time when they vote on one of the decisions that need to be made. That way, it ensures that the community will use their right to vote, and maintain high levels of decentralization.

It is a simple but effective solution to a problem that many other projects have experienced, where their token holders lose interest in participating in the project governance, resulting in projects becoming more centralized.

Now, not only do the users have an incentive to vote, but the more they do, the better the project becomes.

Crypto analyst ClayBro, a YouTuber with over 130k subscribers, believes that this gives Flockerz a major advantage and that the project has the potential to see 20x gains after launch.