Dogecoin Price Prediction as DOGE Blasts Up 5% After $800 Million Trading Volume Comes In – Here’s Where DOGE is Going Next
The dogecoin price has risen by 5% in the past 24 hours, reaching $0.077698 amid a rise in its daily trading volume to more than $800 million. Despite this gain, its current price means it has fallen by 8% in a week and by 21% in the last 30 days,
On the other hand, DOGE remains up by 30% since the end of October, when Elon Musk's takeover of Twitter was confirmed. This takeover raised expectations that Twitter would introduce DOGE payments or tipping in some form, with the Dogecoin community remaining hopeful that this will indeed happen sooner or later, boosting the altcoin's price considerably.
DOGE is currently seeing an increase in momentum, with its technicals suggesting that today's rally may continue over the weekend, if not longer.
Its relative strength index (purple) has begun rising after hitting almost 30 a couple of days ago, reaching a point where it had been distinctly oversold. And given that it's still only at 40, it has plenty of room left to rise, supporting the idea that DOGE's rally today could continue.
At the same time, the altcoin's 30-day moving average (red) has stopped the decline it saw at the beginning of this month. It now looks like it could begin rising further above DOGE's 200-day average (blue), indicating additional price gains.
The main short-term reason for DOGE's rally today is that it has just gained a listing on Bitstamp, which according to CoinMarketCap is the fifth-biggest exchange in the world by volume. This is largely why volume for DOGE has increased so much.
Bitstamp's listing stands as confirmation that interest in DOGE remains high among major cryptocurrencies, regardless of whether Twitter does ever introduce dogecoin-based tipping or payments in the future.
Of course, the
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