Dogecoin bucks the trend with a significant price increase- Here’s how

ambcrypto.com:

Over the last few days, Dogecoin has defied other cryptocurrencies’ price movements by charting a different course. Although the reason for this sudden upswing is not apparent, its effect on other indicators is undoubtedly intriguing.

Read Dogecoin [DOGE] Price Prediction 2023-24

Dogecoin (DOGE) has witnessed a remarkable surge in value over the last 72 hours, posting an almost 11% increase, with the highest jump recorded on 1 April.

As of this writing, it was trading at approximately $0.08, with less than a 1% loss observed. The price spike has also propelled DOGE above the long and short Moving Averages (blue and yellow lines). The move marked the first time it had achieved this feat since 21 February.

Source: TradingView

Furthermore, the price hike propelled Dogecoin into a strong bullish trend, as evidenced by the Relative Strength Index (RSI) line. The RSI had crossed the neutral threshold and risen above 60, signaling a strong bullish trend.

Additionally, the Moving Average Convergence Divergence (MACD) indicated a flip above zero, further confirming the bullish momentum the RSI indicated.

Santiment’s data revealed that since 1 January, whales have been engaging in an accumulation spree. Accounts holding 10 million or more Dogecoins (DOGE) have amassed over 1.47 billion tokens, worth approximately $123 million at current valuation. 

Source: Santiment

However, a closer examination of the chart showed both upward and downward trends in accumulation. The trend suggested that these addresses were both accumulating and dumping DOGE tokens.

The outcome of this accumulation phase remains uncertain, and whether a dump will follow suit remains to be seen.

Like the price surge, the Market Value to Realized Value ratio