Dogecoin Price Prediction as $250 Million Trading Volume Comes In – Time to Buy?

cryptonews.com:

The price of Dogecoin (DOGE) has dropped by 1% in the past 24 hours, with its fall to $0.072064 coming as the cryptocurrency market as a whole suffers a 1.5% decline.

DOGE has also fallen by 1% in a week and by 20% in the past month, although its latest slip sees its 24-hour trading volume rise above $250 million, a move which could point towards a recovery bounce.

Given just how oversold Dogecoin is right now, it's arguably a good time to buy it, particularly when the current trend for meme tokens could mean that DOGE becomes fashionable again soon enough.

And with the idea of Twitter introducing DOGE payments still remaining plausible, the original meme token could indeed rally substantially in the not-too distant future.

DOGE's technical indicators are in an in-between position at the moment, with its relative strength index (purple) seemingly on the way down, having dropped 50 earlier today.

At the same time, its 30-day moving average (yellow) is moving very close to its 200-day (blue), with a golden cross potentially signalling a breakout.

That a breakout could come in the not-distant future is also supported by DOGE's support level (green), which has been rising over the past few days, showing that the meme token is consolidating around higher levels.

This consolidation comes despite the impression that whales are mostly selling (rather than buying) DOGE at the moment, with Dogecoin Whale Alert highlighting a number of relatively large transfers to exchanges in recent days.

While this may indicate further drops to come, these transfers can flipped around and used to suggest that now is a very good time to buy DOGE, given how undervalued and oversold it is right now.

Now also happens to be a good time for meme tokens, with a