Dogecoin Price Outlook: DOGE Sees 1,645% Spike in Whale Moves – $1 Incoming?
Simon Chandler is a Brighton-based writer and journalist with over ten years of experience writing about crypto, technology, politics and culture. He has written for Cryptonews.com since late 2017,...
The Dogecoin price has risen by 2% in the past 24 hours, reaching $0.1131 as the crypto market as a whole gains by 1% today.
DOGE is up by 1.5% in the past week and by 7% in a week, as well as by 92% in the last 12 months.
Today’s rise comes as the meme token witnesses an increase in whale trading activity, with the large holders netflow metric showing a 1,645% increase in the past day.
This suggests that whales are finally taking the opportunity to buy Dogecoin at a discount, a change which could precede big rises for the alt.
Today, Dogecoin is showing some promising momentum after a couple of weeks of decline. Its indicators suggest that the coin could rise higher before it enters an oversold position.
Its 30-period moving average (orange), for example, has recently climbed over the 200-period average (blue), forming a golden cross that usually signals a period of strong growth.
This is happening as DOGE’s relative strength index (purple) rises from 40 yesterday to just over 60 today, with plenty of space for further rising.
Driving this renewed bullishness is the activity of whales, who for better and for worse are usually the prime movers when it comes to meme tokens.
And in the case of Dogecoin, they have to decided to take advantage of its relative weakness and buy it on the cheap.
Data from IntoTheBlock, shows that the coin’s Large Holders Netflix metric rose from 22.35 million DOGE yesterday to 367 million DOGE today.
$DOGE weekly chart
Blackcat L3 whale indicator flashed buy signal
Price getting ready to challenge a flattened
