Dogecoin

Rally

Shiba Inu

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<p dir="ltr">Dogecoin (DOGE) is one of the biggest beneficiaries of this week's broader market rally.<a href="https://coinmarketcap.com/currencies/dogecoin/" rel="noopener noreferrer nofollow">Per</a> data from CoinMarketCap, the meme coin is maintaining its uptrend, up by 4.93% in 24 hours to $0.1729. Despite the hype, there are signs this rally might be short-lived in the mid-to-short term.</p>
<h2 id="dogecoin-price-reflux-soon">Dogecoin price reflux soon</h2>
<p dir="ltr">Based on its moves in the past week, the DOGE price is trading at its highest level since May. The price has now extended its 52-week high to 152%. As it stands, the DOGE looks overpriced from the current outlook, completed by the 24% and 42% growth rates in the past week and month, respectively.</p>
<p dir="ltr">Despite this price boom, the current trading volume marks the first sign that a cool-off is ahead. The DOGE 1D price chart also shows a Relative Strength Index (RSI) of 76.79, well above the oversold level.</p> <img src="https://u.today/sites/default/files/inline-images/DOGEUSDT_2024-10-30_09-51-24.png" data-entity-uuid="e6223c94-2501-49fa-b597-690ae32a18e8" data-entity-type="file" data-caption="DOGE 1D Price Chart. Source: <a href=&quot;https://coinmarketcap.com/currencies/dogecoin/&quot;>CoinMarketCap/TradingView</a>">
<p dir="ltr">With this setup, a temporary retracement is considered healthy for the market. In fact, the overall market momentum might see some profit-taking from some investors already in the money. With<a href="https://u.today/99-of-bitcoin-holders-become-profitable-as-btc-nears-all-time-high" rel="noopener noreferrer nofollow">over 99% of Bitcoin holders now profitable</a>, this profit-taking is likely in the coming days.</p>
<p dir="ltr">If this projection plays out, altcoins like Dogecoin, which have a strong correlation with Bitcoin, may also fall.</p>
<h2 id="doge-whales-to-stand-guard">DOGE whales to stand guard</h2>
<p dir="ltr">When the market is bloated, uncertainties can mount. While the timeline for the likely DOGE retracement remains unknown,<a href="https://u.today/dogecoin-whales-buy-899-more-doge-amid-meme-coin-price-increase" rel="noopener noreferrer nofollow">Dogecoin whales</a> may help safeguard the coin from an extreme sell-off.</p>
<p dir="ltr">With a visible uptick in their activities in the past few weeks, these whales have continued to stack massive quantities of the meme coin to help solidify its dominance among its rivals.</p>
<p>With Dogecoin not known for token<a href="https://u.today/shib-burns-skyrocket-65529-heres-how-much-shib-set-on-fire" rel="noopener noreferrer nofollow">burning like Shiba Inu</a> (SHIB), these whales remain the last line of defense against fuel scarcity through their HODLing activities. Overall, the DOGE future price action is multi-faceted and will be interesting to watch.</p> <a href="https://u.today/dogecoin-doge-bull-rally-may-end-soon-heres-why" rel="noopener noreferrer nofollow">Read original article on U.Today</a>

Dogecoin (DOGE) Bull Rally May End Soon, Here's Why

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