Dogecoin Gains Momentum: Is Now the Time to Buy DOGE?
• Dogecoin (DOGE) has risen by 1.5% in the past 24 hours, climbing to $0.073251 as the cryptocurrency market gains by a similar percentage.
• The meme token’s 24-hour trading volume has risen steadily, up to $250 million from about $140 million only a few days ago.
• DOGE is consolidating its position at increasingly higher levels and whales have been executing large DOGE transfers on Binance.
Dogecoin Price Increases
Dogecoin (DOGE) has seen its price rise by 1.5% in the past 24 hours, climbing to $0.073251 as the cryptocurrency market gains by a similar percentage. The meme token is also up by 1.5% in a week but down 9% in the last 30 days, with it having risen modestly 4% since the beginning of 2021 (in contrast to 65% for Bitcoin and 55% for Ethereum).
24-Hour Trading Volume Increases
The 24-hour trading volume of Dogecoin has been steadily increasing, reaching $250 million from around $140 million just a few days ago. This suggests that momentum is building again and may result in an upcoming rally as the prospect of Dogecoin payments on Twitter galvanizes its community of holders.
Relative Strength Index Rises
The Relative Strength Index (RSI) for DOGE has risen from below 30 to above 50 today, signalling a transition from selling to buying pressure on the coin’s chart. Additionally, its 30-day moving average is now rising towards its 200-day average which could indicate an upcoming breakout. Furthermore, Dogecoin’s support level is rising again after a brief period of dips which indicates further consolidation at higher levels than before.
Whale Transfers Executed On Binance
Whales have been executing large transfers of DOGE on Binance recently and this includes trades involving whales with 13,301,737 DOGE ($973,860 USD) being transferred from one wallet to another yesterday alone with 0 fees associated with it ($0.010 USD). This suggests that some traders are taking advantage of Dogecoin’s undervalued state currently while expecting it to rise significantly at some point down the line following increased transactions being made using Doginals (Dogecoin NFTs).
Overall, there are positive signs emerging for Dogecoin over recent weeks which suggest that it may experience an upcoming rally soon while long-term prospects remain strong due to increased transactions using Doginals on its blockchain network as well as whale transfers executed on Binance platforms demonstrating trader confidence in the coin’s potential growth in value over time..