Title: Dogecoin Might Be Staring Down Another Sell-off in the Near Future

Jun 06, 2022 07:30AM ET

By: AnalysisWatch

DOGE has been in relatively deep waters for some time.

The upward trend in DOGE is weakening.

The DOGE market currently has a much higher bid to sell than to buy.

The crypto industry is well aware that dogecoin has been in relatively deep waters for some time. Looking at the price trend of the meme coin, it does not look like it will stop anytime soon.

Many believe that the future of Dogecoin is not very bright. Moreover, looking at the coin's price trend, it seems that it is heading for another decline in the charts, and this time without much support from the community.

The Bollinger sign confirms this bearish view on the DOGE after it has moved below the bottom.

Another point to consider is that the uptrend support for the DOGE is falling and the indicator is very close to reversing into an active downtrend. However, there is some bounce in the momentum indicator, leading to the first glimpse of a bullish trend in almost 50 days.

It is important to note that this particular indicator has not been very accurate in its bullish predictions in the past.

Even before the DOGECOIN actually started to fall, investors were selling off their holdings before the situation worsened. Currently, there is much more active selling than buying in the DOGE market, with a difference of over $2 million.

Currently, DOGE is worth $0.08359 according to CoinMarketCap after a 2.93% price increase in the last 24 hours. The price of the meme coin has also fallen by 2.57% in the last week.