Dogecoin

bullish

<p>Dogecoin (DOGE) is currently experiencing strong selling pressure, largely attributed to the activity of crypto market ‘whales.’ While the short-term outlook appears bearish, some indicators suggest a potential turnaround.</p>
<h2 id="h-une-pression-de-vente-accrue-portee-par-les-baleines">Increased selling pressure driven by whales</h2>
<p>The activity of large DOGE holders, commonly referred to as ‘whales,’ has intensified in recent days. On July 23, the short-term moving average crossed below the long-term moving average, a signal generally interpreted as bearish by analysts.</p>
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<p>This selling pressure has resulted in a marked imbalance between supply and demand, as confirmed by on-chain data.</p>
<p>Transaction volumes have <a href="https://u.today/massive-dogecoin-doge-selling-pressure-skyrocketing-whats-happening?utm_source=coingecko&amp;utm_content=coingecko&amp;utm_campaign=coingecko&amp;utm_medium=coingecko&amp;utm_term=coingecko" target="_blank" rel="noopener noreferrer nofollow">significantly increased</a>, reaching a peak of 1,032 transactions over seven days on July 20, 2024. More strikingly, 5.73 billion DOGE changed hands in the last 24 hours, highlighting the scale of the ongoing movement.</p>
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<h2 id="h-rebond-surprise-et-speculations-sur-l-avenir-du-doge">Surprise rebound and speculations on DOGE’s future</h2>
<p>Despite these short-term negative signals, the history of the crypto market suggests that such periods of strong selling pressure can precede a rebound. In fact, these phases of capitulation often mark the end of a bearish cycle and the beginning of a new bullish dynamic.</p>
<p>Against all odds, Dogecoin saw a notable rise on July 26, 2024, with a 5.2% increase at 2:40 AM. This volatility fits within a broader context of renewed interest in memecoins, as investors seek high-potential assets in an uncertain market.</p>
<p>Dogecoin’s evolution remains closely tied to investor sentiment and the overall dynamics of the crypto market.</p>
<p>While major cryptos struggle to maintain key support levels, DOGE might stand out, backed by its <a href="https://www.cointribune.com/en/dogecoin-surpasses-90m-crypto-addresses-a-rally-in-sight/" target="_blank" rel="noopener noreferrer nofollow">loyal community</a> and its unique status in the crypto ecosystem.</p>

Crypto: The selling pressure of Dogecoin is intensifying, should we expect the worst?

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Cointribune EN

Інші статті, опубліковані 27 лип. 2024 р.

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