Dogecoin Price Prediction as $900 Million Trading Volume Rushes In – Can DOGE Hit $1 This Year?
The price of Dogecoin (DOGE) has dived by 4.5% in the past 24 hours, dropping to $0.079495 amid a 1% fall for the wider cryptocurrency market.
At $0.079495, DOGE has fallen by 9% in the past week but is up by 8.5% in the last 30 days, while the meme token's 24-hour trading volume rising close to $1 billion, after having been under $400 million only a couple of days ago.
Such an increase in volume suggests that DOGE's volatility may be on the up, potentially signalling an incoming recovery in its price.
And with the Dogecoin community still holding out for Twitter to introduce DOGE payments in some form, it may not be too long before the altcoin witnesses big rallies.
Even with today's losses, DOGE's chart suggests that the coin may not be too far away from a recovery of sorts.
Most promisingly, its 30-day moving average (yellow) has recently risen above its 200-day average (blue), forming a 'golden cross' that in many cases signals an incoming breakout rally.
At the same time, DOGE's relative strength index (purple) is rising modestly towards 50, after a dive close to 40 earlier in the week.
This potentially points towards a quick recovery after the falls of the past few days, with DOGE's support level holding up well enought to prevent further losses.
This suspicion is supported by the fact that its trading volume is nearing $1 billion, after having fallen below $400 million earlier in the week.
This is significant, since earlier rallies this month -- including a surge towards $0.1 -- were preceded by similar bumps in trading volume.
At the moment, whales are sending conflicted signals with regards to whether a rally will arrive soon, with some sending DOGE to exchanges and some sending the coin off exchanges.
But regardless of
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