Dogecoin (DOGE) prices continue to rise, with a noticeable upward-moving trend and taking its value to $0.1271. The rise marks a 6.94% gain over the past 24 hours due to growing buying pressure, as proven by the uptrend from lows of around $0.1188 to highs slightly above $0.127 in intraday trading.
The cryptocurrency touched briefly above $0.127 at its intraday high and was around $0.1188 for the level of its intraday low. Thus, it has a strong upward move.
Source: CoinMarketCap
The market cap of DOGE today has also swelled to an approximate $18,455,224,308, or 6.95%. Mainly, it shows that an increase in market cap is indicative of an increase in investor confidence and becoming bullish with increasing activity. The trade volume has also spiked by 23.72% to approximately $799,373,227 in the last 24 hours. Such a level of liquidity and active trading help one to remain more optimistic about the uptrend for Dogecoin.
Whale Activity and Future Predictions
In a new development, Dogecoin whales have bagged 60 million DOGE in the face of a tiny market correction, indicating massive investor interest. Independent on-chain analyst Ali Martinez reported that Dogecoin whales, holding a significant amount of the digital token, went on a shopping spree and acquired an additional 60 million DOGE in the last 24 hours, just as the coin’s price shed off nearly 6.11% from its local high.
This gathering by the whales explains why Dogecoin prices are now seeing a rebound, adding 4.91% in the last 24 hours to trade at $0.1257, which represents a 15.79% gain in the past seven days.
Source: X
HornHairs and Kaleo have indicated a massive future rally for Dogecoin, where the coin is likely to surge steeply in price. HornHairs stated that DOGE will probably rise once more to retest strong resistance at $0.30, which was established during this year’s bull rally.
He does, however, warn the readers that all hopes of this happening must be removed if DOGE goes under $0.10. Kaleo also appeared bullish for Dogecoin in the short term and thinks that the present supersedes cycle for memecoins may take prices for DOGE up to $2
Impact of Miners’ Activities
The activities of its miners also influenced Dogecoin’s recent price movements. Over the last couple of weeks, the coin recorded a 40% price rally, calling it a halt at $0.13 on July 17. Since then, the price has retraced towards the $0.12 area, marking an 8% correction over the past 48 hours.
This pullback is partly attributed to Dogecoin miners cashing out during the market rally to the tune of 700 million DOGE, valued at about $84 million, between July 5 and July 19. There is a lack of short-term supply in the market owing to this sell-off, which has brought about a price correction.
However, the technical indicators point to the fact that Dogecoin is volatile, showing huge movements over recent sessions, with the Relative Strength Index remaining at 50.07 for a neutral position. This suggests that Dogecoin would remain sideways in the near term, although, from the recent RSI trend, it hints at positive upward momentum.
Source: TradingView
Parabolic SAR dots are laid under the current price level and indicate an imminent bullish trend. In the event that Dogecoin holds this uptrend, the first major resistance will be toward $0.1212.
A break past this will put a region clear for further up-trending movement toward $0.13 and higher. However, more care is needed around the $0.0965 support area. Should Dogecoin be unable to continue holding above this price point, it would retest lower and again threaten the critical $0.10 level. Even as there appears to be great potential for further rise, maintaining bullish momentum above key resistance levels is important in order to keep stability in the short-term prices of Dogecoin.
