The growth in DOGE holders ceased after a February surge. The Relative Strength Index (RSI) has fallen since last week but remains overbought, suggesting potential selling pressure ahead. Additionally, forming a death cross by the Exponential Moving Average (EMA) lines sends a bearish signal for the DOGE price.
This technical analysis points to a shift in market sentiment as the short-term momentum weakens relative to the long-term, raising concerns among investors about the future price direction of DOGE. Such patterns are closely watched as indicators of market trends and potential shifts in investor behavior.
Dogecoin March Momentum Slows After January-February Holders Surge
Between January 30 and February 10, DOGE experienced a significant increase in its holder base. It added 500,000 new holders to reach an impressive total of 6.3 million. Shortly thereafter, over a two-week span, its market value experienced a remarkable surge, climbing from $0.084 on February 26 to $0.18 by March 4. This represented a substantial growth of 114% in merely six days.
Throughout February, DOGE holders continued upward, escalating from
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Author: Tiago Amaral
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