The post Dogecoin Selling Pressure Shows No Signs of Slowing Down, Why Is Capital Flowing to IntelMarkets? appeared on BitcoinEthereumNews.com.

Dogecoin investors are starting to feel the heat as the meme coin’s once meteoric rise is now starting to fade off. DOGE’s increasing selling pressure is now turning attention and capital to IntelMarkets (INTL), a next-gen AI-driven trading platform. But why is this platform gaining traction so quickly, and what’s fueling this? Let’s find out. Is Dogecoin’s Surge Over? Profit-Taking Creates Sell-Off Pressure After an astounding 48% surge earlier in October, Dogecoin (DOGE) has experienced a slight pullback. From its local peak of $0.149 two days ago, the memecoin has fallen more than 7% as of today. This includes a more than 3% drop over the past day, bringing Dogecoin’s (DOGE) price to $0.136, its lowest level in a week. This sudden downturn seems to be driven by profit-taking which is related to the investors’ growing risk-off attitude adding to the selling pressure. Dogecoin’s (DOGE) price began to fall as its daily relative strength index (RSI) peaked over 70, a level that often indicates an “overbought” scenario and anticipates a period of correction or consolidation. To put it easily, traders probably started locking in profits because they thought the price had peaked in the short term. Making things more concerning, Dogecoin’s (DOGE) price decline is occurring simultaneously when its main exponential moving averages (EMA) seems to be forming a golden cross. This has occurred in line with more significant price declines in the past months. Normally, this golden crossover is usually interpreted as a positive indicator that suggests the possibility of a long-term rise. But in the case of Dogecoin (DOGE), golden crosses haven’t resulted in instant buys. Overbought situations are instead frequently created by early buying activity driven by anticipation of the crossing. Well, this growing selling pressure has got everyone thinking about where is all capital moving from…

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Filed under: News - @ October 25, 2024 11:26 am