The Dogecoin price has experienced a 2.5% increase in the past 24 hours, reaching $0.061828, amidst the cryptocurrency market’s overall gain. Although DOGE has seen a drop of 9% in the past week and 15% in the last 30 days, its 24-hour trading volume is now closing in on $300 million, a substantial increase on its previous week’s $200 million. This indicates a growing level of interest in DOGE, and many believe that the coin could be currently undervalued, pointing to possible larger gains in the future.
DOGE’s chart presents a promising sign of potential recovery as its indicators reveal initial signs of upswings. Its relative strength index has increased from previously close to 30, up to 50 today, signaling a gain in momentum that might push its price even higher in the coming days. Furthermore, the coin’s 30-day moving average seems to be ceasing its decline, potentially indicating a bigger rally to follow.
Despite these positive signs, the market remains uncertain due to recent regulatory actions by the SEC, suggesting that the current price jump for DOGE might be temporary. Data indicates that large holders, or “whales,” lean more towards selling DOGE at the moment, with several sizable transfers to exchanges insinuating that the coin could suffer a further loss before eventual recovery.
Some DOGE advocates argue that the coin is considerably undervalued as it’s down by more than 91% compared to its all-time high of $0.731578 reached in May 2021. However, it’s challenging to see what could lift DOGE in the short or medium term, considering the meme token’s limited prospects in terms of updates and adoption.
The Dogecoin community still clings to the hope that Twitter will eventually introduce DOGE payments, but this possibility remains remote at present, especially under the backdrop of the SEC’s recent legal actions against cryptocurrency exchanges like Coinbase. Nonetheless, with Twitter’s plans to incorporate digital fiat payments, the social network might eventually embrace cryptocurrency integration, including DOGE.
In the meantime, DOGE holders might need to wait for some time before seeing significant price rallies. However, several new altcoins in the market, such as yPredict, show great potential for future gains. This Polygon-based platform uses AI-generated trading intelligence and recently launched the presale for its native YPRED token, raising over $2.3 million so far.
YPRED is presently in the presale phase, offering promising opportunities for both short- and long-term investment. As yPredict expands its offerings of AI-based tools and resources, the platform will enable users to make more informed trading decisions. Additionally, the platform’s marketplace will allow developers to sell their forecasting and analytical services, further increasing YPRED’s utility and positioning it as a potentially high-performing new altcoin.
Source: Cryptonews
