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Predictions for Dogecoin's price after one of its whales sold 170 million DOGE coins, and why could the $1 mark be on the horizon?
It is likely that the formation of Dogecoin's price movements is creating a promising technical pattern on the daily chart for its next strong rally, so will we witness an imminent price breakthrough?
The price of Dogecoin (Dogecoin-DOGE) has decreased by 3% over the past week, currently settling around $0.2205, coinciding with a calm in the meme coin recovery wave following its strong launch and trading volumes that exceeded the average. Meanwhile, DOGE recorded trading volumes of $1.8 billion in the last 24 hours, indicating a decline of 37% compared to the previous day, which may signal a decrease in selling pressure, supporting positive price predictions for Dogecoin in the near term.
On another note, Santiment data indicates that one of the Dogecoin whales sold 170 million DOGE coins worth over $40 million in the past few days, significantly increasing pressure on the price of the leading meme coin. This is likely a natural step to take profits after Dogecoin's strong launch and could positively affect its upward momentum given that the market has recently reached extremely high levels on the daily chart.