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.
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