Dogecoin Price Prediction as $500 Million Trading Volume Comes In As Rumors of Elon Musk Twitter Coins Integration Arise – Here's the Latest
The price of Dogecoin (DOGE) has dropped by 2.5% in the past 24 hours, slipping to $0.076938 as the cryptocurrency market as a whole declines by 1%.
DOGE's current price means it hasn't moved in the last seven days, but it remains up by 15% in the past month and by 9.5% since the beginning of the year, with the meme token's trading volume reaching $500 million this morning.
And there's a chance that DOGE could see some further gains in the very near future, with speculation mounting as to how close Twitter is to introducing payment options on its network, including options in crypto.
Dogecoin's price chart seems to suggest that the meme token is on course for further falls, given that its indicators had been in overbought positions for several days over the past week.
Firstly, DOGE's relative strength index (purple) dropped to 40 overnight and, after plenty of time close to or above 70, it looks ready to drop towards 30, meaning further losses.
Perhaps even more damningly, the altcoin's 30-day moving average (yellow) has cearly peaked and is now on course to fall below its 200-day average (blue).
Yet it has a long way to go before it sinks to the 200-day average's level, something which again implies that DOGE could lose more value before it recovers.
Having said that, the meme token's support level (green) has held up way in recent weeks, providing a base that may protect it from significant losses.
And it's arguable that Dogecoin remains in a very strong place fundamentally, given recent speculation that Twitter is moving ahead with digital payments and could integrate DOGE-based payments soon.
That DOGE payments are closer than ever was highlighted in the video above, which shows Elon Musk using a hypothetical example of
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