- According to Santiment, the number of large transfers in one day Dogecoin totaling over $100,000 reached 739.
- Large wallets holding at least 100 million DOGE now control a record 108,52 billion tokens.
- DOGE’s RSI has exceeded 70 as the price approaches resistance, raising the risk of a short-term pullback.
On-chain data Santiment showed a sharp increase in the number of large transactions DogecoinIn one day, 739 transfers totaling over $100,000 were recorded on the network. Large holders now control 108,52 billion DOGE, a record high.
Analysts noted, that the 14% rise in the price of memecoin over the past 10 days is most likely not a mere coincidence.
The Relative Strength Index (RSI) on the daily chart has risen above 70. This level often indicates overbought conditions. The current reading near 73 indicates strong buying pressure but also increases the risk of a short-term decline.
Since mid-April, the RSI trend has been steadily rising. This indicates stable demand. However, if the RSI remains high, it could lead to a price pullback. Traders often closely monitor this zone for early signs of a reversal.
Furthermore, the MACD indicator remains positive. The signal line and the MACD line are pointing upward. This confirms that the bullish momentum will continue in the short term. Price dynamics indicate that Dogecoin is approaching a key resistance zone in the $0,11 region.
Today is May 1st DOGE traded at $0,1092 with a daily increase of 2,1% and a weekly gain of 11,2%.
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