Dogecoin Price Prediction as DOGE Spikes Up 2% Overnight – Is the Sell-Off Over?
The Dogecoin price has risen by as much as 2% in the past 24 hours, with its move to $0.063909 coming as the cryptocurrency market as a whole dips by almost 1% today.
DOGE is now up by 1.5% in the past week, although it remains down by 15% in the last 30 days and by 9% since the beginning of the year, something which stands in stark contrast to many other major coins (e.g. BTC, ETH and XRP are all substantially up since January).
However, the meme token's lift today suggests that its recent declines may have bottomed out, and that investors are now ready to begin buying it again at its steeply discounted price.
What DOGE's chart reveals is that the coin is beginning to gain some momentum, and that it may therefore be at the beginning of a recovery rally.
For example, the coin's relative strength index (purple) has climbed beyond 40 after spending a couple of weeks very close to 30, which is strongly indicative of overselling and undervaluation.
And while DOGE's 30-day moving average (yellow) remains substantially below its 200-day average (blue), the fact that it's still some distance below the longer term average would also indicate that a big rebound is due very soon.
This piece of optimism is supported by the coin's support level (green), which has been rising steadily since the middle of August and which suggests that DOGE has stopped falling in the short- and medium-term.
The question of whether DOGE can rally in a big way all depends on whether larger investors and whales are likely to get involved anytime soon.
Based on transactions shared by Whale Alert, the last time there was a big, $1m+ movement of DOGE was back in the middle of July, suggesting that whales have lost interest in the meme token for the time being.
Still
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