Dogecoin Price Prediction as $600 Million Trading Volume Comes In – Are Whales Buying?

cryptonews.com:

The dogecoin price has dropped by 1% today, falling to $0.085902 in the past 24 hours as the wider cryptocurrency market falls by around 2%. This level means the meme token has risen by 2.5% in the past week, but has declined by 7% in a fortnight and by 3 in the last 30 days.

DOGE's movements come as its 24-hour trading volume pass $600 million, with this figure actually spiking to $1 billion earlier this morning. However, while some holders may be hoping that whales are returning to the cryptocurrency, the available evidence suggests that bigger traders may be preparing to sell.

DOGE's indicators don't paint an entirely encouraging picture at the moment, given that they appear to indicate further short-term losses. The coin's relative strength index (purple) has dropped just below 50 in the past few hours, meaning it has plenty of space left to fall before it becomes oversold.

Correspondingly, DOGE's 30-day moving average (red) has plateaued in relation to its 200-day (blue), meaning that the token could be on the brink of falling further. 

Given that trading volume has increased in the past day or so, further price movements could indeed be imminent. And some observers have remarked that at least some whales have resumed accumulating DOGE, following its recent losses.

However, while there is some evidence of accumulation, there appears to be more evidence of whales moving DOGE to exchanges, in preparation for selling. For example, the past few hours saw one large holder move 60 million DOGE (about $5 million) to Coinbase.

The past few days have brought numerous other examples of whales moving DOGE. Most notably, February 17 saw a wallet that had been dormant for over two years move DOGE worth $28 million to a new address.

Oth