Dogecoin (DOGE) Attracts Market Attention Due to Impressive Bullish Trend and Movement in the Market

Dogecoin (DOGE) has attracted market attention recently due to its impressive bullish trend and movement in the market.

Dogecoin (CRYPTO: DOGE) has had one of the best runs in the market over the past two weeks. At the time of writing, DOGE trades at $0.1367, which is 27.91% higher than the October lows.

As much as Dogecoin has recovered recently, the coin is now meeting resistance at the key $0.141 level, a point that has proven to be hard for the bulls to crack in the past.

To add to this, the past price range has shown some problems and current market data shows that the Dogecoin Relative Strength Index (RSI) is now in the overbought zone. The Money Flow Index (MFI) is also showing a weak downward movement that shows some traders may be taking profits.

Dogecoin Holders Are Still Positive

But even with the rising resistance levels, the overall sentiment among Dogecoin holders is still largely positive. Analytics platform IntoTheBlock shows that 80% of addresses are in the green, 16% in the red, which speaks for itself showing demand at lower price points, which has helped put a floor in the DOGE price as some traders are a bit sticky.

Moreover, there has been a key activity from large holders in the past few days. Deposits to addresses holding 100 or more Dogecoins rose from 274.5 million to 1.08 billion DOGE between October 20 and 21.

While large outflows have also increased, the total inflows are coming in hotter, which is why the price has managed to stick to recent gains when there is more selling pressure.

DOGE Outflows Surging

Data from the exchange highlights outflows reached a daily high of 422.56 million DOGE on Oct. 21, while inflows came in at 371.71 million DOGE.

As Dogecoin trades near recent price highs, traders are awaiting a signal as to whether the price growth will continue or if investors will begin taking their profits and cause a near-term price cool down.

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