CandleFocus Dogecoin rises 2% as 5.8 billion tokens change hands
2024-12-16
Author: Content Editor
Dogecoin's price has increased 2% in the past 24 hours, trading in the range of $0.39 to $0.41. This comes after a week of losses for the meme coin, despite Bitcoin's gains. The rise in price is attributed to the movement of 5.8 billion previously idle DOGE tokens, suggesting increased speculative activity. The Relative Strength Index (RSI) is currently in the neutral zone, indicating neither overbought nor oversold conditions. Additionally, there has been a reduction in exchange net flows, indicating a decrease in selling pressure. Co-creator Billy Markus defended DOGE's original purpose amid its sluggish performance.
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