Dogecoin has experienced a significant rally, climbing over 50% in just three days and reaching its highest level in nearly three years. Technical indicators and on-chain analysis suggest that the meme coin's upward trend could continue, with the potential for it to test its October 2021 peak. The moving average convergence/divergence indicator and awesome oscillator both indicate positive momentum for Dogecoin. However, the relative strength index suggests that the coin is currently overbought, potentially signaling a correction. Open interest in Dogecoin has surged to its highest level in almost three years, with derivatives traders anticipating further price gains. Large wallet investors, or whales, have also increased their Dogecoin transactions, which could indicate either accumulation or transfers to/from exchange wallets. It's worth noting that Dogecoin's price gain may be influenced by the performance of Bitcoin and other factors in the broader crypto market.
- Content Editor ( crypto.news )
- 2024-11-12
Chart of the day: Dogecoin traders await 10% rally, with bullish signs on daily and weekly chart