Dogecoin Price Prediction as Whales Reduce Holdings – Bearish Signal for DOGE?
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DOGE has risen by 1% in the past day and past hour, with the Dogecoin price touching $0.1268 as the crypto market as a whole gains by 1.5% today.
Dogecoin remains down by 12% in a week and by 22% in a month, although the ever-popular meme token holds onto a 104% in the past year.
These movements come as data suggests that whales have been offloading their DOGE, with the coin’s momentum falling hard earlier this week.
Yet today finds the token seemingly turning a corner, with its 24-hour gains hinting at the beginning of a recovery period.
Whales Reduce Holdings – Bearish Signal for Dogecoin Price?
DOGE’s chart looks very promising today, with its indicators not only showing a big uptick in momentum, but also that the coin has lots of space to continue rising.
Its relative strength index (purple) risen from 20 on Tuesday to just over 70 as of writing, marking a decisive turnaround.
At the same time, DOGE’s 30-day average (orange) has begun rising towards the 200-day (blue) again, with the coin having lots of time to rise before the 30-day reaches an overbought position.
What’s also encouraging is that the Dogecoin price is still a long way off its recent highs (as indicated by its resistance level), so it definitely has lots of room for near-term growth.
Its trading volume has also increased in recent days, going from $385 million at the start of the week to $1.5 billion a couple of days ago.
This means that traders have taken the opportunity to buy DOGE at a discount, with some whales selling their coins this week.
🚨 99,321,007 #DOGE (12,087,523 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/h5fSf3ofaS
— Whale Alert (@whale_alert) June 18, 2024
Yet given that DOGE had been in such an oversold position for so long, it’s clear that a rebound is in the offing.
It may be given further stimulus in the coming weeks, with the market waiting eagerly for the first Ethereum ETFs to launch.
When they do launch, not only will ETH rally, but it should lead to an upswing for much of the market, including DOGE.
And DOGE remains a hugely popular meme coin, with its supporters still hoping for its eventual integration with X as a digital payment.
The Dogecoin price could therefore reach $0.15 in the next few weeks, before hitting $0.3 by the final quarter of the year.
Bigger Gains With Newer Doge Meme Tokens
One reason why DOGE hasn’t hasn’t been able to replicate some of its past performance this year is that it’s just too well-established as a meme token, so it’s likely that it will enjoy mostly incremental growth until some really big news (e.g. X payments) hits it.
So for now, traders in pursuit of big returns may prefer to invest in newer meme coins, with various presale tokens looking very good right now.
One of the most exciting new coins available is PlayDoge (PLAY), an Ethereum-based cryptocurrency that has raised over $4.8 million in its sale.
PlayDoge has done such a good job in attracting investment because it carries some proper fundamentals, with the project about to launch a play-to-earn game.
Styled after the much-loved Tamagotchi games from the late Nineties, PlayDoge will give users the chance to breed, trade and complete missions with their own virtual pets.
They will earn PLAY tokens in the process, with the game featuring nostalgic 8-bit graphics and more varied gameplay than the original Tamagotchi handheld game.
PLAY will be used for in-game transactions, with the coin featuring a total max supply of 9.4 billion.
In theory, this should make it deflationary over time, while the ability to stake the token should result in a large portion of its max supply leaving circulation.
Anyone interested in buying some PLAY early and at a discount can do so by visiting the PlayDoge official website.
PLAY currently costs $0.0051 per token, a price that’s likely to end up very low in comparison to the level it reaches soon after listing.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.- How Tether Co-Founder William Quigley Views Crypto Regulations in Trump’s Second Term
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