top of page

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

  • Writer: analysiswatch
    analysiswatch
  • Jun 6, 2022
  • 1 min read


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.


Comments


2b94f773-a237-4da7-a599-6b42314ed9e6.png

Risk Disclosure: AnalysisWatch will not accept any liability for loss or damage as a result of reliance on the information contained within this website including data, quotes, charts and buy/sell signals. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible. Currency trading on margin involves high risk, and is not suitable for all investors. Before deciding to trade foreign exchange or any other financial instrument you should carefully consider your investment objectives, level of experience, and risk appetite.
AnalysisWatch would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore AnalysisWatch doesn’t bear any responsibility for any trading losses you might incur as a result of using this data.

bottom of page