Dogecoin (DOGE): The price has broken through the sky, and the critical moment is coming
Dogecoin is very popular this time. The price has risen sharply. It has broken the $0.4 mark for the first time in more than three years, and it has attracted everyone's attention. This surge shows that Dogecoin is still very attractive, and both small retail investors and big investors are watching it.
This month, the price of Dogecoin has risen, and the situation of wallets has also changed. Small retail investors are enthusiastic, and the number of wallets with less than 100,000 Dogecoins has increased by tens of thousands. But those big investors, especially those shark and whale-level wallets, are quietly reducing their positions, with 350 fewer in four weeks. It seems that small retail investors are quietly hoarding.
However, the situation has reversed a bit in the past few days. 108 large wallets have started buying Dogecoin again. Maybe this is the reason for the recent price rebound. The price of Dogecoin is like a rocket, and it has exceeded the previous resistance level in a flash. The buyers were so enthusiastic that they pushed the price to $0.4 in an instant, a high price not seen since the beginning of 2021.
Watching the exponential moving average soaring, it feels like Dogecoin will continue to rise. But then again, you have to be careful if it rises too fast, as the relative strength index of Dogecoin is almost in the overbought zone.
In the next few days, Dogecoin will face a big test. If the price wants to stabilize and continue to rise, both small retail investors and large investors have to continue to increase their positions. If large investors start selling again, then you may have to be careful, as the rally may be over. However, if small retail investors remain enthusiastic and large wallets come back to buy, Dogecoin may rise again.
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