Dogecoin Price Prediction: Whale Accumulation Hints at Major Rally Ahead
The Dogecoin price has dropped by 2% today, slipping to $0.119 as the cryptocurrency market as a whole faces a 1% loss in 24 hours.
DOGE holds onto a 12% gain in a week and a 22% increase in the past fortnight, although it is down by 5% in a month.
However, recent data shows that whales have begun accumulating the meme token again, underlining the possibility of a strong resurgence in the coming weeks.
DOGE looks as though it’s ready to rebound vigorously after a few days of decline, with its indicators pointing to an imminent rally.
Its RSI (purple) has jumped from just under 30 yesterday to over 45 today, hinting at a steady return of buying interest.
More bullishly, DOGE’s support (green) and resistance (red) levels are moving towards each other, forming a pennant that often predicts a big movement.
Such a movement could go either way, yet the fact that the Dogecoin price is down in the past month would imply that we should see a recovery soon.
Recent transfers would support this view, with whales beginning to stock up on DOGE in the past 24 hours.
#Dogecoin whales have bought up over 60 million $DOGE in the last 24 hours! pic.twitter.com/53Z9gi0eFt
— Ali (@ali_charts) July 18, 2024
That whales are now buying DOGE would suggest that they expect the meme token to enjoy a rally in the near future.
Given that the coin remains 83.8% down from its all-time high of $0.7316 (set in May 2021), it has plenty of room to rise whenever the market reaches its next bull phase.
This may come at some point towards the fall, with experts expecting the Federal Reserve to introduce a long-awaited rate cut in September.
Cuts from the Fed and other central banks will boost demand and optimism, while the launch of Ethereum ETFs this month will do
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