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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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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