Doge Price Prediction:

DOGE’s indications do not currently portray a promising picture, as they look to indicate further short-term losses. In the last few hours, the coin’s relative strength index (purple) has dipped slightly below 50, indicating that there is still a significant amount of room for decline before oversale.

In accordance, DOGE’s 30-day moving average (red) has reached a plateau in reference to its 200-day moving average (blue), suggesting that the token may be about to fall even more.

More price changes may indeed be imminent given the recent surge in trading volume. And after its recent losses, some observers have noted that at least some whales have begun acquiring DOGE.

While there is some indication of accumulation, it seems that whales are transferring more DOGE to exchanges in anticipation of selling than there is of buildup. For instance, in the most recent hours, one significant holder transferred 60 million DOGE (about $5 million) to Coinbase.

There have been a tone of additional instances of whales transporting DOGE during the last few days. The wallet that has been idle for more than two years moved DOGE worth $28 million to a new address on February 17.

Movements of 31.1 million DOGE, 28 million DOGE, 60 million DOGE, 60.3 million DOGE, 10.2 million DOGE, and so forth are some further recent examples. Even though such transfers may be related to people consolidating their holdings, they raise the potential that many whales may be getting ready to sell.

This would be consistent with the dips DOGE has seen since the beginning of February, and it is likely that additional dips will occur soon.

Yet, DOGE still has a bright potential in the distant future. Elon Musk, the CEO of Tesla and Twitter, continues to be Dogecoin’s most prominent and outspoken advocate, which is the main cause for this, as it always has been.

Recent examples of Musk expressing his support to DOGE include a trending tweet from last week featuring his Shiba Inu dog, Floki, which briefly increased the stock price. Also, he went to Super Bowl LVII wearing a Dogecoin T-shirt, which was undoubtedly seen by millions of people (including Fox owner Rupert Murdoch, who he was set next).

Although while these actions may appear insignificant, they all lend credence to the recurring belief that Twitter will eventually accept dogecoin payments.

A recent Financial Times piece that revealed Twitter is moving forward with its digital payment plans has fueled these hopes. They were also given fuel by last year’s suggestions that he could think about allowing DOGE payments on Twitter, even though the meme token hasn’t been specifically mentioned in recent stories.

As a result, there is still a chance that DOGE will gain from some very significant adoption news in the near future. If so, its price will skyrocket and perhaps reach its all-time high of $0.731578, which was reached in May 2021.

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