Dogecoin Price Prediction as Tweet By Billionaire Elon Musk Sends DOGE Volume Soaring – Is He Secretly Buying Again?
DOGE has fallen by 6% in the past 24 hours, with the Dogecoin price dropping to $0.1559 as the cryptocurrency market as a whole suffers a 5% loss today.
This move puts DOGE down by 21% in a week, although the popular meme coin holds onto a 10% gain in the last 30 days and a 72% increase in a year.
Its dip today also follows a brief surge yesterday, when Elon Musk posted the latest in a long line of pro-Dogecoin tweets, boosting the coin’s volume.
And while the wider market is down, its decline today may be the precursor to a post-Bitcoin halving rally that could also benefit the Dogecoin price.
It’s entirely arguable that, based on DOGE’s indicators, it should recover and rebound in the near future.
Its 30-day moving average (orange) has declined well below its 200-day (blue), implying that it has bottomed out and should come back up again soon.
Something similar applies to DOGE’s relative strength index (purple), which has gradually recovered from sinking to 20 over the weekend, and which is now hovering around 50.
As such, it suggests that the market has oversold DOGE in recent days and that the meme coin should return to growth, at least if buyers want a discount.
DOGE’s volume does suggest that there’s enough interest in the coin to help it rise again pretty soon, with its level rising from about $2 billion last week to roughly $3.6 billion today.
Much of this volume comes from selling, although the past few hours have seen some big transfers off exchanges, as if whales are taking the opportunity to buy the dip.
pic.twitter.com/wXlbpNU97H
— Elon Musk (@elonmusk) April 15, 2024
It’s also possible that some of the volume stems from the aforementioned Elon Musk tweet, which saw the X owner allude to his role in boosting
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