Whale Accumulation Points to Future Massive Dogecoin Price Rally
In a day when the cryptocurrency market as a whole lost 1%, Dogecoin's price fell 2%, falling to $0.119.
DOGE maintains a 12% weekly gain and a 22% two-week climb despite a 5% monthly loss.
Nevertheless, new information reveals that whales have started buying meme tokens again, suggesting a significant comeback might be on the horizon in the next weeks.
After a few days of loss, Dogecoin (DOGE) seems to be prepared to recover strongly, with indications pointing to an upcoming rise. Whale accumulation suggests a major rally is on the horizon.
There has been a consistent resurgence of purchasing activity, as its RSI (purple) has surged from little under 30 yesterday to more over 45 today.
This kind of shift might go either way, but the fact that Dogecoin's price has dropped over the last month suggests a rebound is on the horizon.
This would be supported by recent transfers, since whales have started to accumulate DOGE in the last 24 hours.
A possible explanation for whales' recent purchases of DOGE is that they anticipate a surge in the value of the meme coin.
The currency has a lot of potential for further appreciation if the market experiences its next bull phase, since it is still 83.8% behind its all-time high of $0.7316, which was established in May 2021.
With many anticipating a long-awaited rate decrease from the Federal Reserve in September, this may happen in the autumn.
The meme token, which may be dependent on this happening if it want to really outperform the market, would get a tremendous lift if this incorporates DOGE.
As things stand, Dogecoin may be worth $0.15 in a month and $0.2 in the fourth quarter.
