Dogecoin Price Prediction as $1.5 Billion Trading Volume Comes In – Are Whales Buying?

cryptonews.com:

The Dogecoin price has dropped by 1% in the past 24 hours, with the cryptocurrency market as a whole barely moving in the same timeframe.

At $0.092602, DOGE has risen by 9% in the past week and by 26% in the last 30 days, with the meme token enjoying a return of 31% since the beginning of the year.

Today's move comes as the coin's 24-hour trading volume rises $1.5 billion, its highest level in over a week, stretching back to when its price briefly stood at $0.10.

This suggests an influx of liquidity that could help the coin return to such levels, with whale alerts suggesting that large investors have been buying the token following its dip today.

DOGE's indicators are in a very good position right now, suggesting that the coin could be on the brink of another little rally.

DOGE's relative strength index (purple) has risen from just above 50 in the past few days, with the token likely to see gains as the RSI moves to 70 and possibly higher. 

Likewise, its 30-day moving average (yellow) is just about to rise above its 200-day average (blue), forming a 'golden cross' that can signal a brekaout.

Indeed, the fact that DOGE's support level (green) has consistently risen in the past few weeks also suggests that the cryptocurrency could be about to squeeze out to a new, higher level.

This is supported by evidence suggesting that whales have begun accumulating DOGE again, with a number of alerts in the past week indicating some big transfers away from exchanges.

Whether DOGE can consolidate around a higher level probably depends on two things: 1) whether the wider market continues to see steady gains (dependent on the global economy); and 2) whether Elon Musk continues to namedrop and support the meme token.

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