Memecoins

Could Whale Activity Push DOGE to Reach $0.5?

Dogecoin (DOGE), a prominent meme-based cryptocurrency, has experienced a noteworthy surge in price recently. As of now, the price of Dogecoin stands at $0.1559, marking a 2.06% increase in the past 24 hours. This surge has propelled its market capitalization to $22.51 billion, positioning it as the eighth largest cryptocurrency by market cap.

Although there has been a 14.18% decrease in trading volume over the last day, with $1.01 billion traded, DOGE’s volume-to-market cap ratio is currently at 4.62%. The circulating supply of Dogecoin remains at 144.34 billion DOGE, with the total and maximum supply also at the same level.

The recent surge in the price of Dogecoin comes after a period of minimal activity. The price of DOGE has been fluctuating between $0.1364 and $0.1587, resulting in an 8% increase in value over the past week. Despite facing challenges in gaining momentum over the past month, Dogecoin has shown a bullish trend with over a 10% increase, suggesting a potential shift towards a sustained positive trajectory.

In terms of market movements, an unidentified whale transferred 120 million DOGE tokens to Robinhood, valued at $18.55 million, according to Whale Alert. This transfer coincided with a rise in DOGE’s price, indicating potential profit-taking by the wallet owner. Technical indicators suggest that if Dogecoin surpasses $0.16, it could face resistance at $0.2, potentially breaking its current trading pattern. On the other hand, if the price drops below $0.15, it could retreat to $0.14.

Overall, the technical indicators for DOGE/USD suggest a period of relative stability with minor price fluctuations. The Moving Average Convergence Divergence (MACD) indicator shows a minor bullish crossover, while the Awesome Oscillator (AO) indicator indicates varying market momentum with green bars suggesting a bullish trend. The Relative Strength Index (RSI) stands at 52.41, close to neutral levels, indicating that DOGE is neither overbought nor oversold. Source: Tradingview

CoinGape is composed of a skilled team of native content writers and editors dedicated to providing accurate and factual news coverage. The content presented in this article may contain the personal opinion of the author and is subject to market conditions. It is recommended to conduct your own research before investing in cryptocurrencies. The author and publication are not liable for any personal financial losses. Source: https://coingape.com/markets/dogecoin-price-prediction-will-whale-activity-drive-doge-to-0-5/

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