Dogecoin Price Prediction as $500M In Trading Volume Comes In – Time to Buy?
The Dogecoin price has experienced a 2.07% decrease over the past 24 hours, bringing its price down to $0.133329, amidst a significant crash.
In a pullback, Dogecoin has posted a weekly loss of 7.88%, following the trend of major cryptos like Bitcoin (BTC) , Ethereum (ETH) , and Solana (SOL) , which have also retraced.
Although Dogecoin has fallen by 14.25% this month, it has still achieved a solid return of 114.47% – comparable to the gains of other leading cryptocurrencies.
Given that the coin’s trading volume has surged 15.13% to $ 467.72M over the past 24 hours, there may still be grounds for upside in the near-term.
After dipping in the early hours of this morning, the Dogecoin price appears to be consolidating.
This comes as Dogecoin has been trading within a tight range over the past three days, bound by strong resistance at the $0.13702 level (red) and strong support at the $0.13298 level (grey).
Most significantly, the meme coin is currently retesting its support. A successful rebound from here would likely continue the consolidation phase.
Supporting this is Dogecoin’s Relative Strength Index (RSI) (purple), which has risen from 20 to 45 in the past hour. This could signal reduced selling pressure and a shift towards positive momentum.
Additionally, the 30-day moving average (yellow) is currently moving sideways below the 200-day moving average (blue). This indicates short-term price stabilization and could set the stage for a reversal, presenting a potential buying opportunity.
Despite this, the 200-day moving average is still following a slight downtrend, indicating ongoing long-term bearish sentiment. This is likely credited to the overall negative market sentiment following the US Federal Reserve’s
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