Dogecoin Price Prediction as $300 Million Trading Volume Comes In – Can DOGE 10x From Here?
The Dogecoin price has increased by 2.5% in the past 24 hours, reaching $0.061828 amid a similar gain today for the cryptocurrency market as a whole.
DOGE is now down by 9% in the past week and by 15% in the last 30 days, with the original meme token having fallen by 12% since the beginning of the year (while other major coins have actually recovered since January).
However, its rise today also sees its 24-hour trading volume nearing $300 million, after spending the past week close to or below $200 million.
This indicates a steady increase of market interest in DOGE, and with the coin arguably remaining very undervalued, it could be in line for bigger gains in the not-too distant future.
DOGE's chart shows promising signs of a recovery, with its indicators seeming as though they're at the beginnings of upswings.
DOGE's relative strength index (purple) has risen from close to 30 earlier in the week to 50 today, signalling a recovery of momentum that may push its price up higher in the next few days.
Similarly, the coin's 30-day moving average (yellow) has stopped declining and is levelling out, potentially before a climb towards its 200-day average (blue) that could indicate a bigger rally to come.
This positivity aside, the market remains unstable at the moment (given recent SEC actions), so today's jump for DOGE may potentially be short-lived.
Data suggests that whales are leaning more towards selling DOGE at the moment, with a number of big transfers to exchanges hinting that the coin may lose a little more before recovering again.
DOGE fans would argue that the coin remains very undervalued, especially when it's down by more than 91% compared to its all-time high of $0.731578 (set in May 2021).
The thing is, it's hard to see
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