Massive Dogecoin (DOGE) Selling Pressure Skyrocketing: What's Happening?

Dogecoin saw surge in selling pressure, potentially creating case for bearish trend

. The short-term moving average crossed below the long-term moving average on July 23б which is usually interpreted as a bearishThis sudden sell-off followed the death cross. The bid and ask volumes are noticeably out of balance, with the balance leaning toward sellers, according to the on-chain metrics. Price declines have been accompanied by a noticeable rise in transaction volumes.

The asset's ability to maintain above critical support levels such as the 100 EMA, and the recent price action, which shows resilience above $0.125, could indicate underlying strength even though the death cross indicates a bearish trend. Because of its sizable and vibrant community, Dogecoin's market sentiment frequently defies conventional technical analysis conventions, resulting in unanticipated rallies.Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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