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Dogecoin declines amid investor fatigue – Time to exit DOGE holdings?
Dogecoin’s market sentiment has taken a drastic turn as investors grow impatient with the cryptocurrency’s sustained consolidation. Following a recent high of $0.48, Dogecoin [DOGE] has struggled to maintain its upward momentum and now trades at $0.3832, marking a 4.11% decline over the past 24 hours.
Despite the bearish signal presented by this decline, some investors may be tempted to hold onto their DOGE holdings, hoping for a rebound. However, according to popular crypto analyst Ali Martinez, the current market conditions suggest that it is time to exit DOGE positions and reassess investment strategies.
Martinez’s analysis highlights the shift in market sentiment from bullish to bearish, indicating exhaustion among buyers and dominance by sellers. This bears a resemblance to market dynamics where most investors sell their holdings to capitalize on recent gains and avoid further losses. Consequently, prices tend to drop as oversupply pushes DOGE downward.
Moreover, the cryptocurrency’s Relative Strength Index (RSI) has dropped over the past 10 days, implying that most traders are selling their DOGE to mitigate potential losses or lock in profits.
Meanwhile, short sellers dominate with 54% and 64% on 24-hour and 4-hour timeframes respectively. This highlights a trend where investors anticipate further price decline.
Source: ambcrypto.com
