Time To Sell DOGE? Trader Sends a Huge Warning to Dogecoin Holders

Dogecoin Price Faces Selling Pressure

Over the past 24 hours, the DOGE price has declined by approximately 8%, dipping slightly below the $0.30 range. This downturn has raised concerns among analysts.

DOGE Price Analysis

Dogecoin's recent price action exhibits worrying patterns. The initial rally from late October to mid-November was marked by sharp increases and volatility. However, following its peak in late November, DOGE entered a consolidation phase with lower highs and lows.

A concerning signal emerged with the MVRV Ratio falling below its 30-Day SMA, indicating a potential price correction. During the earlier rally, the MVRV Ratio remained above the 30-Day SMA, suggesting market bullishness. However, its decline signals weakening momentum.

PEPE Comparison Warns of Further Downside

Comparison with PEPE's recent price action raises additional concerns. PEPE's chart shows a steep decline with consistently lower highs and lows, followed by a breakdown below mid-range, leading to a rapid descent.

DOGE appears to be mirroring this pattern, with lower highs and a potential breakdown below the $0.31 support level. If this support fails to hold, the downtrend may intensify, targeting the $0.20 range based on historical price action. The $0.34-$0.36 range currently acts as resistance, hindering recent recovery attempts.

Technical Setup and Selling Pressure

The correlation between the DOGE and PEPE price patterns, combined with the bearish MVRV crossover, suggests increased selling pressure in the near term. This technical setup points to a heightened risk of further price declines.