The Reasons for Possible Distress Among DOGE Traders During Memecoin Season
Dogecoin’s price has remained in limbo as bulls remain on the sidelines and sell pressure dies down. The memecoin failed to maintain momentum during the recent craze despite being a pioneer in the segment. Although retail traders have been accumulating DOGE, it has also seen notable sell pressure from larger whale addresses. However, these same whales also started re-accumulating DOGE in the last few days, leading to a reduction in sell pressure and a potential pivot in the price. On-chain volumes have remained low, indicating uncertainty in the market. If a bullish attempt fails, DOGE investors can expect a retest of the next support line near the $0.063 price level. Overall, it remains unclear whether the bulls or bears will come out on top in the next round.
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