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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoin-faces-significant-selling-pressure/" data-wpel-link="internal">Dogecoin Faces Significant Selling Pressure</a><br></p>
<p style="text-align: justify">Following the recent downturn in the cryptocurrency markets, <strong><a href="https://coin-turk.com/altcoin-analiz-guncel-dogecoin-grafik-ve-yorumlari-dogecoin-kac-tl-oldu" data-wpel-link="internal">Dogecoin</a> (<a href="https://coin-turk.com/elon-musk-coskusu-gelebilir-dogecoin-balinalari-harekete-gecti" data-wpel-link="internal">DOGE</a>)</strong> experienced significant selling pressure at the $0.22 level, resulting in a 20% price drop to $0.18. What are the experts’ expectations while some metrics show large gains for the popular meme token?</p> 
<h2 id="metrics-indicate-dogecoin-s-decline">Metrics Indicate Dogecoin’s Decline</h2> 
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/dogecoin-continues-to-show-positive-price-movement-with-over-10-increase/" data-wpel-link="internal">Dogecoin</a>’s</strong> 4-hour chart showed a peak forming a double top pattern, reinforcing the bearish sentiment among investors. While <a href="https://en.coin-turk.com/weekly-winners-and-losers-in-the-world-of-cryptocurrency/" data-wpel-link="internal">Bitcoin</a> continues its correction before the halving, there is speculation about whether this trend will extend the downward movement in altcoins. Unlike other leading cryptocurrencies, the popular dog-themed <strong>meme token</strong>, Dogecoin, exhibited an aggressive upward trend in March. The cryptocurrency saw a significant influx in the fourth week of the month, raising its value from $0.122 to $0.228, marking an 86.8% increase.</p> 
<p style="text-align: justify">According to a recent statement by the cryptocurrency analytics platform <strong>Santiment</strong>, this growth was largely due to the awakening of large dormant whale wallets re-entering the market, which did not cause the typical FOMO that characterizes market peaks. Moreover, data shows a marginal increase of 0.21% in the number of DOGE-containing wallets over the past two weeks.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="size-full wp-image-336513 aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/04/doge-scaled.jpg" alt="" width="2560" height="1655"></p> 
<h2 id="the-current-state-of-doge">The Current State of DOGE</h2> 
<p style="text-align: justify"><strong>Dogecoin</strong> investments saw the average age drop from 510 days to 416 days within five weeks, indicating increased movement of long-held cryptocurrencies. However, with the current market correction, the <a href="https://en.coin-turk.com/whales-propel-dogecoin-surge-as-speculation-grows/" data-wpel-link="internal">DOGE</a> price retreated from the $0.22 barrier and developed a double top bearish formation. With an intraday drop of 9%, sellers experienced a decisive break below the neckline support at $0.195. If the supply pressure continues, Dogecoin’s price could fall an additional 8%, reaching the combined support of the rising trend line and the 38.2% Fibonacci retracement level at $0.17.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/dogecoin-faces-significant-selling-pressure/" data-wpel-link="internal">Dogecoin Faces Significant Selling Pressure</a></h5>

Dogecoin Faces Significant Selling Pressure

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