Dogecoin (DOGE) observed a phenomenal price increase of about 12 per cent in the past 24 hours, and this pushed it to the position of 0.22. This unexpected movement happened as large players, who are also called whales, moved their funds out of XRP and into DOGE. This move rocketed Dogecoin into the category of being among the eight largest cryptocurrencies in terms of market value, which stands at around 30 billion currently.
This surge in the price started at the small hours of July 16 when DOGE was being sold at approximately 0.197. Over the next 24 hours, it moved up gradually in price, reaching to reach its high of 0.22 the same evening, though it decreased slightly in price just after. During this time volume of trading was also enhanced considerably. By 9.00 p.m., over 1.22 billion DOGE had been traded, over triple the daily average. This increase in the volume means that probably not only small retail traders bought DOGE, but also large institutions had a chance.
At the final hour of trading, the price rose again to as high as 0.209 dollars, with 19 million DOGE having been traded, showing that the interest of buyers was also still in the market after the first rush.
Technically, it was a big indicator that the price broke above $0.201, and it did so with high volumes. The price is currently attempting to maintain its position above the price of 0.208 which is considered to be one of the main support levels. The $0.22 price point is yet to be conquered, though. On reaching that level, DOGE was met with resistance, and those who sold the coin forced the price downwards.
Technical signs, however, show that more expansions are possible. The relative strength index (RSI) is 69 and slightly below the overbought territory. So far, DOGE has managed to remain above the price of 0.208 and cut through the price of 0.22. Traders expect that it can quickly go up to the price of 0.24 or even to the price of 0.25.
The step is not an entirely hyped one. Analysts suppose that the big players are rebalancing their portfolios after the news about XRP gained a lot of attention due to the ETF. A part of the cash is turning to Dogecoin with the XRP interest diminishing. DOGE is attractive to large investors because of high liquidity, the number of social networks people use it with, and its simple structure, thanks to which it is easier to buy and sell in large quantities.
Should the DOGE fail to trade higher than the price of 0.207, then the next price to watch out for is about the price of 0.199. But provided that the attention of purchasers is not lost, and that the trading volume will exceed 750 million tokens, the rally will continue. To say in one word, the interest in Dogecoin by large players and active trading, along with the memes, only confirms the increasing value of the coin this week.
