Dogecoin Price Prediction as Whales Accumulate More DOGE – What’s the Next Move?
The Dogecoin price has gained by 3.5% in the past 24 hours, rising to $0.1515 as the crypto market as a whole climbs by 2.5% today.
DOGE is now up by 14% in a week, although the market’s biggest meme coin has actually lost 20% in a month.
However, its move today follows indications that whales have been accumulating the meme coin recently, with one transfer alone seeing a big trader take $19 million in DOGE off Robinhood.
This could result in further gains in the coming days, with the market set up for what looks like a busy weekend.
DOGE’s chart creates the impression that the coin has just begun an upswing, which may last at least a few days yet before it runs out of steam.
Most notably, its 30-day average (orange) is just climbing over its 200-day average (blue), forming a golden cross that can indicate a breakout.
This is happening while DOGE’s relative strength index (purple) is hovering between 50 and 70, only a day or so after dropping under 30.
As such, it looks as though traders are in for a short-term period of strength for the meme token, with transfer and ownership data suggesting that whales have been re-accumulating the token.
Not only have we seen a few big Dogecoin buys, but data also indicates that the share of DOGE’s total supply held by whales has risen this week.
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