Dogecoin Price Predictions in Light of $500 Million in Volume – Does This Rise Indicate Whales Buying?

Dogecoin-DOGE declined by 2.5% in the past 24 hours, reaching $0.072580, due to a 1% decrease in the cryptocurrency market as a whole.

The price of Dogecoin-DOGE fell by 2% last week, as it traded at the price level of $0.071741, which means a decrease of 19% during the last 30 days; Despite its recent decline, this joke currency has achieved a rise of 2.5% since the beginning of this year.

On the other hand, Dogecoin’s daily trading volume has exceeded $500 million today, which means an increase in liquidity and a higher probability of reaping greater gains in the foreseeable future.

Dogecoin-DOGE investors still hope to integrate this digital currency into the Twitter platform’s payment system during the rest of the year, and if this is achieved, this meme currency will witness a significant increase in its value in the coming months.

Dogecoin Price Prediction, Based on $500 Million Increase in Trading Volume, Are Whales Going Long?

It is clear that the technical indicators of Dogecoin-DOGE line up together in preparation for a major rebound to the upside in the upcoming period, as both the relative strength index (purple line) and the 30-day average movement index are below the actual value of this currency.
After dropping to around 20 early this month, Dogecoin’s relative strength index (RSI) has touched 50 over the past few days, and is expected to rise further soon.

In parallel with the RSI, the 30-day moving average for Dogecoin fell below the 200-day moving average (the blue line), and it is expected to reach its bottom soon, and if this happens, we will likely see a price correction. upwards.

The main resistance level for Dogecoin-DOGE currently corresponds to the $0.075 price level, and the price of this digital currency fell below the mentioned level several times during the past week.

It seems that the position of bullish investors (whales) on the Dogecoin currency is not yet clear, as many transfers took place during the past few days, including what is a deposit in the central trading platforms, and what is a withdrawal of currencies from the trading platforms.

The same period witnessed several large transfers between unidentified digital wallets, which indicates the possibility of someone preparing to sell a large amount of currencies, or it may be just a reorganization of the wallets.

Regardless of these events, many believe that the current price of the Dogecoin currency is below its actual value, which prompted some whales to buy it now at a reduced price, which is something that many Dogecoin supporters believe in, and what drives them to this is their belief that the Dogecoin currency will engage in a system The payment of the Twitter platform sooner or later, and therefore the current trading price of this digital currency does not at all indicate its actual value, as it is a price that is significantly lower than its value.

Although the scenario of integrating the Dogecoin currency into the Twitter platform’s payment system is still just a wish for investors, we cannot ignore the hint of the owner of the Twitter platform, Elon Musk, on several occasions last year that this matter will become a reality; This belief is reinforced by the many reports issued in January that the Twitter platform has accelerated the mechanism of its plans to launch a digital payments service through its platform, and the Twitter platform has already submitted a request to obtain the necessary licenses in a number of US states.

Sources from within Twitter – the same sources on which the aforementioned reports relied – confirmed the platform’s intention to launch the payment service using traditional currencies first, and also stressed Twitter’s intention to add a special option for paying in digital currencies after completing the first step. The information from the previous sources is consistent with Elon Musk’s continuous hints related to the Dogecoin-DOGE currency, which prompts us to suggest the scenario of using this currency in the payment system of the Twitter platform, if it is launched for a payment service using digital currencies.

However, Dogecoin’s association with these future expectations negatively affected it during the current period, as its name was not associated with any other important event, and this explains why its price did not rise much with the rise in the digital currency market during the past week.

The Dogecoin technical system has not seen any significant update for a long time, and there has been no news of its adoption except for the strange new announcement of its listing on a central exchange.

The number of active Dogecoin-DOGE wallets has remained stable without an increase or decrease for about three years, and even this number has witnessed a relative decrease during the same period, which indicates the reluctance of investors to rush towards this currency significantly in the period current; However, the situation will certainly change, and the Dogecoin currency will witness a collective turnout from investors and a skyrocketing price once it is integrated into the payment system of the Twitter platform.

It is possible that we will witness a rise in the price of the Dogecoin currency from its current price at $0.0725 to the highest price recorded historically in May of 2021 at the price level of $0.731578, and the pace of recovery of the crypto market in general plays a role in this rise, but the adoption of a platform Twitter for this joke currency remains the most important factor in its rise, which will give it enough impetus to reach historical price levels, or even surpass the previous price peaks.