Dogecoin (DOGE) Price Flashes Sell Signal After 10% Jump, Will It Correct Lower?

Dogecoin recently caught the interest of investors after its price dramatically surged by over 10%, surpassing the $0.127 mark in one day.

Dogecoin price recently surged by 10%, sparking excitement among investors. However, a sell signal has now emerged on the Dogecoin daily chart, indicating a potential sell-off.

Despite the recent surge in Dogecoin price, some analysts believe that the meme coin may be due for a sell-off. One popular crypto analyst, Ali Martinez, spotted a sell signal on the Dogecoin daily chart and shared it on X (formerly Twitter).

Dogecoin price soared by 10% in one day recently, capturing the attention of investors. The massive price increase was fueled by social media buzz and speculation about future endorsements from Musk, following his statements about a “Department of Government Efficiency (D.O.G.E)” proposal.

However, while the optimism was initially bullish, it seems investors may have to get out of the market fast to preserve their new profits. While some loyal Dogecoin investors may continue to hold on to their assets for the long term, short-term investors may be looking to cash in on the recent gains.

Based on the Dogecoin sell signal chart, Martinez predicts that the meme coin may experience a brief period of decline typically seen when meme coins experience sharp spikes. However, the analyst has also forecasted that after this short correction, Dogecoin may continue its upward momentum to reach new levels.

The cryptocurrency is currently trading at $0.1446, a significant increase from its price earlier this month which was standing at around $0.11 at some point. CoinMarketCap’s data has also revealed that Dogecoin soared by a whopping 30.49% over the past week and increased by 38.81% in the last month.

It’s clear that the popular meme coin is on a major uptrend, as its chart has been in the green for some time now. Although Dogecoin did see some declines previously, investors’ optimism regarding the meme coin is high as its daily trading volume has increased by 12.29%.

The above is the detailed content of Dogecoin (DOGE) Price Flashes Sell Signal After 10% Jump, Will It Correct Lower?. For more information, please follow other related articles on the PHP Chinese website!