Dogecoin Might Be Staring Down Another Sell-off in the Near Future
2022.06.06 17:11
Dogecoin Might Be Staring Down Another Sell-off in the Near Future
- DOGE has been in some pretty deep waters for a while.
- The uptrend support that DOGE had is on the decrease.
- At the moment, DOGE has a much higher sell offer active in the market than there is for buying.
The crypto industry has been well aware that Dogecoin (DOGE) has been in some pretty deep waters for a while now. Looking at the meme coin’s price performance, it does not seem like this might come to an end anytime soon.
Many believe that Dogecoin’s future will not be so bright. When looking at the coin’s price indicators, it also seems like it is set to decline even further on the charts, and this time with not much support from the community. The Bollinger Brand confirms this bearish outlook on DOGE after its movement below the basis.
Another fact to look at is that the uptrend support that DOGE had is on the decrease, and the indicator is very close to being flipped into an active downtrend. There is, however, some recoil from the momentum indicator leading to the first glimpse of bullishness in almost 50 days.
Dogecoin price action (Source: TradingView)
It is important to note that this specific indicator has not been very accurate in the past with regard to its prediction of an uptrend.
Even before Dogecoin really began its fall, investors were already selling off their holdings before things got worse. At the moment, DOGE has a much higher sell offer active in the market than there is for buying, with a margin of more than $2 million.
Dogecoin market selling (Source: Intotheblock-ABMCrypto)
At the moment, DOGE is worth $0.08359 after a 2.93% increase in price over the last 24 hours, according to CoinMarketCap. The meme coin also saw a 2.57% drop in price over the last week.
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