As its price soars, Dogecoin is once again reminding everyone of itself after surpassing the $0.40 threshold for the first time in more than three years. This notable surge demonstrates DOGE's continued appeal and speculative strength, which have enthralled both small and major cryptocurrency investors.
Alongside Dogecoin's ascent over the past month, there has been a noticeable change in wallet dynamics. Due to a spike in retail interest, there are now almost 75,000 more wallets with less than 100,000 DOGE. However, larger investors, specifically shark and whale wallets, have been lowering their holdings, with a net decline of 350 wallets over the last four weeks, while smaller investors are obviously accumulating DOGE.
DOGE/USDT Chart by TradingView
Remarkable, this trend appeared to be reversing in the last few days, as 108 larger wallets returned to DOGE, which might have contributed to the most recent rally. According to the chart, Dogecoin's price has risen almost vertically, surpassing earlier resistance levels. The coin has swiftly surpassed $0.40, a level not seen since early 2021 thanks to strong buying pressure.
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Since the exponential moving averages are pointing sharply upward, the moving averages are aligning in favor of this upward trend. However, given that extreme rallies can result in quick pullbacks, some prudence is advised, as DOGE's Relative Strength Index (RSI) approaches overbought territory.
Dogecoin will face significant challenges in the coming days. Sustained accumulation from both smaller and larger stakeholders would be ideal in order to sustained this rally. A possible peak for the rally could be indicated if larger investors, especially whales, start to sell off once more. DOGE may see more growth, though, if retail enthusiasm holds firm and bigger wallets reengage.
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