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Dogecoin declines amid investor fatigue – Time to exit DOGE holdings?
The Dogecoin market sentiment has taken a drastic turn for the worse, as the cryptocurrency’s market sentiment turns bearish. This sudden shift in mood has led to a significant decline of 4.11% over the past 24 hours, with the price currently trading at $0.3832.
Dogecoin’s recent failure to break through key resistance levels and its inability to maintain upward momentum have resulted in a major sell-off event, causing investors to lose faith in DOGE’s potential for further growth. As a result, the asset is no longer perceived as a viable investment opportunity by many traders.
The current downward trend in Dogecoin’s market sentiment suggests that the cryptocurrency’s price may continue to plummet even further. According to our analysis, it appears that most investors are now selling their DOGE holdings in an effort to realize some profits before prices drop even more.
Our data also indicates that short sellers are currently dominating the market, with 64% of all positions held by those betting on a decline in Dogecoin’s value. This significant imbalance suggests that there may be no end to this decline until a fundamental change takes place.
Furthermore, our technical analysis reveals a strengthening downtrend line and an exhaustion of the cryptocurrency’s upward momentum. The +DI has also been declining steadily over the past week, which further supports our bearish thesis on DOGE’s potential for a deeper correction.
In light of these findings, it may be advisable to reassess one’s investment strategy and consider exiting any DOGE holdings that are still open. This is especially true if you’re looking to protect your initial investment or realize some profits before things get even worse.
It remains to be seen whether the cryptocurrency will recover in the long run, but for now, it appears as though investors have become impatient with DOGE’s lack of significant movement and are instead seeking safer investments.
Source: ambcrypto.com
