Dogecoin Price Prediction as $200 Million Sends DOGE into the Green –Time to Buy?
The Dogecoin price has risen as high as $0.063254 today, with the meme token now sitting on a 1% gain in the past week.
However, DOGE remains down by 3% in a fortnight and by 1.5% in the last 30 days, with the meme token down by 11.5% since the beginning of the year.
Holders would argue that this puts DOGE in a good position to rebound strongly though, with the coin still selling at a discount compared to fairly recent prices, and with its trading volume rising to $200 million today.
DOGE's indicators remain weak, yet the flipside of this is that it continues to be a good time to buy the meme token, which is overdue a big recovery rally.
On the one hand, DOGE's relative strength index (purple) has risen close to 50, suggesting that the declines of the past few weeks are potentially on their way out.
On the other hand, the coin's 30-day moving average (yellow) remains far below its 200-day average (blue), which suggests continued overselling and weakness.
Still, if you belive that DOGE is a fundamentally strong cryptocurrency, then such weak indicators would mean that it has to recover in the not-too distant future.
This makes it a good time to buy the coin, which remains down by 91% compared to its all-time high of $0.731578, set back in May 2021.
DOGE is also down by 35% compared to its 2023 high of $0.960, meaning that it's not out of the question that it should near this level once again when market conditions become more favorable.
As for now, DOGE is currently suffering from the fact that the New York Department of Financial Services removed it from a greenlist of approved tokens.
This means that exchanges registered with the DFS cannot offer DOGE-related services to their NY-based customers, something which could weaken
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