One of the significant milestones in the rise of cryptocurrencies is Dogecoin, which has served the market and solidified its position. Investors of Dogecoin, openly supported by Elon Musk, continue to wonder about the future of this cryptocurrency. So, what is the current situation in the meme coin?
Dogecoin Analysis
According to a Twitter post shared by the Whale Alerts, a whale monitoring platform, a large amount of Dogecoin (DOGE) was transferred from a crypto exchange to an unknown wallet. The platform shared that 253,419,377 DOGE, worth more than 16 million dollars, was transferred from Robinhood to an unknown wallet in the early hours of today.
The response to the Twitter post was mostly positive, and many commentators showed their belief that this could be a bullish sign for DOGE and that the price of the leading meme coin could rise soon. This could be the case since DOGE was one of the tokens that saw an increase in its price during the previous trading day.
Dogecoin Price in Dollars
The market monitoring website CoinMarketCap stated that DOGE had increased by more than 2% in the last 24 hours and traded at 0.06371 dollars as a result. This meant that DOGE was very close to its daily highest level of 0.063889 dollars at the time of writing.
While the price of the meme coin was rising, the daily trading volume decreased slightly below 50% since the previous day. Later, the volume of DOGE reached approximately 391.64 million dollars. Meanwhile, there were still some tasks to be done to bring DOGE’s weekly performance back to the green zone, with a decrease of more than 16%.
On the daily chart of DOGE, an important medium-term bearish flag was triggered as the 20-day EMA line crossed below the 50-day EMA line in the last 3 days. This indicated that bears had the upper hand at the time of writing, which could lead to a weakening of DOGE’s price against the dollar in the coming week.
If this bearish flag is confirmed, the price of DOGE could drop as low as 0.05801 dollars. On the other hand, if DOGE’s price closes above 0.06304 dollars, just above the lower level of the Bollinger Bands (BBANDS) indicator on a daily candle, it could climb to 0.06881 dollars. A breakthrough above this level could pave the way for the price of the meme coin to rise to 0.07409 dollars.
