Dogecoin Price Prediction as Whales Reduce Holdings – Bearish Signal for DOGE?

cryptonews.com:

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.

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.