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The Dogecoin price has pumped by 40% over the last seven days as the meme coin traded at $0.2121 as of 6:51 p.m. EST.
One driver of the surge is purchases by whales, who bought 1.4 billion DOGE worth approximately $280 million over the past two weeks, says prominent analyst Ali Martinez on X.
#Dogecoin whales have purchased 1.40 billion $DOGE over the past two weeks, worth around $280 million! pic.twitter.com/zswuyRpuLG
— Ali (@ali_charts) March 29, 2024
Dogecoin Price Prediction
The Dogecoin price shows a clear uptrend within a linear regression channel (LinReg 100 close 2 2). As of the last candlestick on the chart, the price seems to be hovering near the support line, suggesting a potential bounce or a risk of breaking down if the support fails.
The Relative Strength Index (RSI 14 close) is around 50, which is neutral. This indicates that the market is not overbought or oversold, allowing for possible price movements downwards as the RSI moves south, showing building bearishness on the meme coin.
The Average Daily Range (ADR_B 9) is shown to be 0.50, likely indicating a 0.50 cent range on average, which suggests moderate volatility. On the other hand, the Relative Strength Index (RSI) indicator, currently at 50, is also headed toward the oversold region, showing mounting bearishness.
Looking at stats from IntoTheBlock, we see that most holders are profiting at the current Dogecoin price, with 89% ‘In the Money’. However, the concentration by large holders is quite high at 64%, which could suggest a vulnerability to price manipulation or significant price swings if large holders decide to sell.
2-hour DOGE/USDT Chart | Source: TradingView
The ‘Signals’ section shows a ‘Mostly Bearish’ sentiment, and the ‘Onchain Signals’ indicate bearish tendencies with 0.08% bearish net network growth and a 0.47% decrease in concentration. However, the ‘In the Money’ transactions are neutral at 0.48%.
Exchange signals provide a slightly more optimistic outlook with a bullish bid-ask volume imbalance of 2.84%, even though the ‘Smart Price’ metric is neutral at -0.01%. The ‘Financial’ metrics reveal that large transactions have declined, indicated by a 2.89% neutral change. The flow of funds into and out of exchanges is relatively balanced, with inflows of $367.9 million and outflows of $308.97 million over the past 7 days.
According to these stats, Dogecoin is showing a mix of bearish and neutral signals with a slight inclination toward bearish sentiment in the short term. Should the Dogecoin price break below the Linear Regression channel, corrections will follow suit as holders will sell for profits.
Meanwhile, as meme coin lovers count their Dogecoin profits, the Dogecoin20 presale has sold out in less than two weeks after raising $10 million. The developer has extended the presale to give investors one last chance to buy.
Dogecoin Price Prediction: A Good Substitute For DOGE?
DOGE20 is an upgraded version of Dogecoin that is an environmentally friendly meme coin based on Ethereum’s Proof of Stake (PoS) network. The project says it will strive to “Do Only Good Everyday,” just like the original Dogecoin manifesto.
Analysts predict this Dogecoin derivative, which draws inspiration from Shiba Inu, may well outshine meme coin titans Dogecoin and Shiba Inu.
https://twitter.com/DOGE_COIN20/status/1768242237266104505
One of the most notable upgrades is DOGE20’s staking option, which offers holders annual returns of 76%.
https://twitter.com/DOGE_COIN20/status/1772679064219685060
YouTuber and cryptocurrency analyst Jacob Bury ranks Dogecoin20 as one of the top meme coins to buy now, and says it has 100X potential on launch.
Now is a great time to buy DOGE20 as next week there’s likely to be a boost for the Dogecoin ecosystem when Coinbase launches DOGE futures.
DOGE20 tokens are priced at $0.00022. You can buy them using a bank card or by exchanging ETH, BNB, or USDT tokens.
Visit the official website here.
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