Price: $0.19437 -0.3764%
Market Cap: 28.51B 1.1366%
Volume (24h): 4.54B 0.2%
Dominance: 1.1366%
Price: $0.19437 -0.3764%
Market Cap: 28.51B 1.1366%
Volume (24h): 4.54B 0.2%
Dominance: 1.1366% 1.1366%
  • Price: $0.19437 -0.3764%
  • Market Cap: 28.51B 1.1366%
  • Volume (24h): 4.54B 0.2%
  • Dominance: 1.1366% 1.1366%
  • Price: $0.19437 -0.3764%
Home > Information news > Dogecoin Holders Growth Stalls After February Surge

Dogecoin Holders Growth Stalls After February Surge

Release: 2024/03/19 06:44 Reading: 971

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/65f87c6acb986e0ba8628d0d

You can also read this news on COINTURK NEWS: Dogecoin Holders Growth Stalls After February Surge

Dogecoin (DOGE) holders’ growth has stopped after the increase in February. The Relative Strength Index (RSI) has fallen over the past week but continues to stay in the overbought region. This could indicate the continuation of potential selling pressure.

Increasing Holders in DOGE

The Exponential Moving Average (EMA) lines’ tendency to form a death cross could send a bearish signal for DOGE‘s price. This technical analysis indicates a shift in market sentiment as short-term momentum weakens compared to the long-term, raising concerns among investors about the future price direction of DOGE.

Between January 30 and February 10, there was a significant increase in the number of DOGE holders. Adding 500,000 new holders, it reached an impressive total of 6.3 million. Shortly after, the market value saw a notable increase over a two-week period, rising from $0.084 on February 26 to $0.18 on March 4. This data represents a significant growth of 114% in just six days. Throughout February, DOGE holders continued their ascent, rising from 6.34 million on February 10 to 6.51 million at the end of the month.

Current Data on DOGE

Despite this growth, there is a new trend that may indicate waning interest in DOGE. From March 9 to March 18, the number of DOGE holders fluctuated within a narrow range between 6.56 million and 6.57 million, which could be an indicator of a period of stagnation. This pattern holds particular importance for DOGE as significant increases in investor numbers have consistently been precursors to previous price surges. The current stagnation in the number of holders could indicate that DOGE’s price may soon stabilize or correct. In the last two weeks, DOGE’s 7-day Relative Strength Index (RSI) significantly rose from 81 to 70.

The cryptocurrency’s RSI was above 80, yet the price continued to rise. Readings above 70 can indicate that a token may be in overbought territory. This could be followed by a price adjustment or a consolidation period. The pullback of DOGE’s RSI from high levels could indicate that the bullish momentum has slightly eased. Being near the overbought zone often signals an approaching phase of price stability as the market tries to find a new balance.

The post first appeared on COINTURK NEWS: Dogecoin Holders Growth Stalls After February Surge

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.