Dogecoin Price Prediction as $1 Billion Sends DOGE Soaring 9% – $1 Incoming?

cryptonews.com:

The Dogecoin price has risen to $0.073108 today, marking a 1% gain in 24 hours and nearly a 9% gain in a week.

DOGE’s current price also means that it has gained by 20% in the last 30 days, although the meme token has risen by only 4% since the beginning of the year.

This counts as underperformance compared to many other major tokens, yet the flipside of DOGE’s mediocre 2023 is that it sets the coin up for a big rebound.

And with its 24-hour trading volume passing $1 billion, there’s enough activity for further gains in the near future.

DOGE’s charts primarily shows two things: 1) that the rally of the past week or so has calmed down a little today; but 2) that momentum remains fairly high.

In other words, DOGE is still in a good position to rally again in the next few days, despite yesterday’s losses.

For one, the coin’s 30-day average (yellow) is rising very strongly towards its 200-day (blue), close to the point of forming a ‘golden cross’ that tends to signal breakout rallies.

Secondly, even though it has dipped, DOGE’s relative strength index (purple) remains at around 65, which indicates continued buying pressure.

And with the token’s support level (green) also rising strongly in the past week, it’s in a good position to make some more gains.

Indeed, its 24-hour trading volume has risen from around $150 million a month ago to more than $1.1 billion today.