The price of Dogecoin (DOGE) has remained relatively stable over the past 24 hours, with a small increase of 7.5% in the past week and a 2% increase in the past month. The cryptocurrency has benefited from continued support and allusions to it by Elon Musk.
Recently, reports have emerged that a large amount of DOGE, worth over $2.75 million, was transferred from multiple addresses to a single wallet, which could suggest a whale preparing to sell its holdings. Other large transfers by whales have also occurred in recent weeks, leading to fears of a possible selloff.
DOGE’s indicators are currently mixed, with its relative strength index showing signs of regaining momentum, while its 30-day moving average has stopped climbing above its 200-day, indicating a possible fall. However, DOGE’s support from Elon Musk and the possibility of DOGE payments on Twitter could lead to renewed gains in the future.
While a fall in DOGE’s price could be expected, it remains set up for renewed gains, with a target of $0.13 suggested by a recent report by crypto-exchange Changelly.