Whale Kembali Serok, Begini Prediksi Terbaru Harga DOGE?

In the last 24 hours, the price of Dogecoin (DOGE) has experienced a notable surge of 3.5 percent, reaching a new level of US$0.1515. This uptick forms part of a broader rally in the crypto market, which has gained 2.5 percent overall. The spike in DOGE's value is particularly significant given its performance over the past week, during which it has climbed by 14 percent.

DOGE's Monthly Price Fluctuations

Despite its recent success, DOGE faced challenges over the past month, witnessing a 20 percent decline in its value. This downtrend has been reversed following reports of crypto whales accumulating significant amounts of DOGE.

As reported by Cryptonews, one of the most notable examples of this trend was a large transaction where a major trader moved $19 million worth of DOGE off the Robinhood trading platform.

This whale activity has the potential to drive further price increases for DOGE in the near term. Current market dynamics suggest that the upcoming weekend could be particularly active for the cryptocurrency.

Technical Analysis

Delving into the technical analysis of Dogecoin's price action, it appears that the cryptocurrency may be on the cusp of an uptrend.

This is indicated by the interaction between the 30-day MA (plotted in orange) and the 200-day MA (in blue) on DOGE's chart, where the former has recently crossed above the latter, forming what is known as a golden cross. This pattern is often interpreted as a bullish signal, suggesting the potential for a significant breakout.

Additionally, Dogecoin's RSI indicator, currently hovering between 50 and 70, signals strong momentum. This comes on the heels of the RSI dipping below 30, a marker that typically indicates oversold conditions.

These technical indicators suggest that traders can anticipate a period of strength for DOGE, at least in the short term.

Beyond the technical signals, transaction and ownership data reinforce the narrative of increased whale activity. Recent purchases and accumulation patterns indicate that the proportion of DOGE held by large-scale holders has grown.

https://twitter.com/whale_alert/status/1788677000481087943

Specifically, addresses holding between 100 million and 1 billion DOGE now account for 21 percent of the total circulating supply, up from 20.75 percent just over a week ago.

Long-Term Prospects

Viewed in a broader context, Dogecoin's price dynamics are not occurring in isolation. The crypto market as a whole is showing signs of recovery after a period of sell-offs.

As market sentiment begins to improve, it is expected that DOGE, along with other cryptocurrencies, will benefit from renewed investor interest.

Furthermore, there is speculative discussion regarding Dogecoin's long-term potential, particularly in relation to new platforms adopting it as a means of digital payment. Rumors and speculation suggest that major digital platforms may be on the verge of integrating DOGE into their payment systems.