CDS Crypto News Selling Pressure on DOGE Price Gains Strength
Crypto News

Selling Pressure on DOGE Price Gains Strength

At its critical resistance levels, Dogecoin encounters strong rejection. As a result, increased selling pressure on DOGE price seems normal.

268
Selling Pressure on DOGE Price Gains Strength

Crypto News – The world’s largest memecoin, Dogecoin (DOGE), is under intense selling pressure, despite the majority of the altcoin market exhibiting signs of improvement.

Selling Pressure on DOGE Price Gains Strength

Dogecoin (DOGE) is currently trading at $0.0972, down more than 2.18% as of the time of writing. Avalanche (AVAX), on the other hand, took advantage of this decline and took over DOGE‘s ninth position in terms of market cap.

A sell signal has been generated by the TD Sequential indicator on Dogecoin’s weekly chart ($DOGE), according to cryptocurrency analyst Ali Martinez. This is happening at the same time as Dogecoin is hitting a big wall of resistance that has so far prevented it from rising. Martinez predicts possible price drops to between $0.085 and $0.078 in the case of a downturn. But if Dogecoin is able to move over $0.11, that pessimistic prediction would be refuted, and a positive scenario could emerge.

Elon Musk Responds Positively to Billy Markus’ Tweet

In the past, Dogecoin ($DOGE) has struggled to break through resistance at the $0.0959 level, which has held great significance for the meme coin. However, it has made progress in the last week. Now that this breakthrough has occurred, Dogecoin’s price is susceptible to potential downturns and could lose its support at $0.0900. If the next crucial support is breached, the cryptocurrency might experience an 11.5% decline.

However, Dogecoin creator Billy Markus—also known on X as Shibetoshi Nakamoto—jokingly addressed pessimism early Monday. “Oh no, crypto died everything is dead blah blah blah,” Markus wrote on Twitter. The community reacted favorably to the joke, and Elon Musk, the man behind X and the man dubbed the DOGEfather, was among those who approved.

Selling Pressure on DOGE Price Gains Strength
Written by
lectertodd

Lectertodd is 27 years old. She graduated from Çankaya University, Department of Psychology, in 2021. She actively works as a writer, translator, and editor for various websites. Moreover, she loves reading, researching, and learning new things.

Leave a comment

Leave a Reply

Related Articles

USDG Stablecoin: Paxos Teams Up with Robinhood, Kraken, and Galaxy Digital

Paxos has launched the USDG stablecoin, backed by major financial firms like...

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Ethereum White Paper Anniversary: From Concept to Global Smart Contract Platform

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Bitcoin Liquidations Spike: Over $150M in Longs Wiped Out as Price Slides

Memecoins Explained: The Intersection of Internet Culture and Crypto

Binance Research's report analyzes the rise of memecoins, highlighting their cultural impact,...