Dogecoin (DOGE) price showed signs of recovery on February 16, countering a bearish trend with a 14.28% surge to reach $0.3881. This price increase was accompanied by a substantial surge in trading volume, which amounted to 139.47% over 24 hours, indicating a strong buying appetite.
Dogecoin’s price recovery can be partially attributed to a cooling RSI, which currently stands at 61.84. Lower RSI levels typically indicate an asset that is not overbought and may be poised for further upward movements. This observation is supported by past trends, where lower RSI levels have often signaled impending rises in Dogecoin’s price.
According to crypto analyst Trader Tardigrade, Dogecoin’s Gaussian Channel on the 4-hour chart has turned green, which could be a technical indicator of a bullish trend. Moreover, the analysis highlights the significance of the Fib Golden Zone at $0.44 for potential resistance.
Dogecoin price movements are also influenced by large cryptocurrency transactions, commonly undertaken by entities such as hedge funds or whales. On February 15, several крупных транзакций were observed, each involving the accumulation of over 100 million DOGE tokens. In total, these крупных транзакций added up to over 1.08 billion DOGE tokens being acquired by different parties.
Collectively, these крупная транзакция and the entry of new buyers in the market are expected to propel Dogecoin price higher. While the meme coin has already recovered from its May 2021 high by more than 53%, crossing the $0.50 mark could pave the way for a potential rally to $1.
Dogecoin is currently ranked 10th by CoinMarketCap, with a market capitalization of $49.18 billion. Despite a 47% decrease from its all-time high, DOGE price is still up 222% year-to-date.
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