Dogecoin price rallies 150% in 4 days, but DOGE now most 'overbought' since April 2021
DOGE price could drop 60% by the end of this year as it reaches its most overbought level since April 2021. Dogecoin price rally extended further on Oct. 29 in hopes that the cryptocurrency would get a major boost from Elon Musk's Twitter acquisition. Notably, the meme-coin's massive intraday rally came as a part of a broader uptrend that started earlier this week on Oct. 25. In total, DOGE's price gained 150% during the Oct. 25-29 price rally.
The surge was also accompanied by a decent increase in its daily trading volumes. That coincided with a spike in the number of DOGE transactions exceeding $100,000, according to Santiment. Both indicators sugges a growing demand for Dogecoin tokens among rich investors, or so-called "whales.". The jump across Dogecoin's key metrics reflect investors' excitement about Elon Musk's Twitter acquisition on Oct. 27. Earlier this year, the billionaire entrepreneur had flirted with the idea of making Dogecoin a payment method to purchase the Twitter Blue subscription.
Source
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