The post Dog (RUNES) Saw a Selloff: Further Downside On The Horizon? appeared on BitcoinEthereumNews.com.

Dog (RUNES), a memecoin governed by the users at its core, saw a sustained downtrend on the chart. Over the past two months, it was headed in a correction phase. DOG lost more than 70% of gains and traded on the back foot. Sellers showed their upper hand and continued to dominate the battle. Traded below the key moving averages and in the bearish region, the memecoin has driven a severe underperformance. It conveyed a sharp rejection from the supply region of $0.009774. Notably, DOG (RUNES) has made its All-Time-High (ATH) mark of $0.009774. It continued to deliver a one-way harsh profit booking, which signified a massive distribution from the top. At press time, the DOG token was changing hands close to $0.003086, with an intraday drop of 10.09%. It signified the selling pressure. Can DOG (RUNES) Revive Its Spark or Continue to Correct Ahead? Since its launch in April 2024, DOG has shown a tremendous upmove, rising over 70% from its low of $0.001829. It rewarded its investors during the initial days. However, the shift in the market dynamics led the buzz to cool off, and sentiments noted a change. The ongoing price action signified a follow-on lower-lows formation. Buyers could not halt the gains at any noteworthy support zones, resulting in a severe decline for the past few sessions. However, the memecoin reached its vital support of around $0.003000. It was close to the 23.6% Fibonacci level, where buyers may find support and exhibit a recovery ahead. The trend has been bearish, and the sell-on-bounce structure was intact. Any recovery would not clearly signal a buying opportunity and must be carefully watched. Its RSI curve sailed in the overbought zone, noted a negative crossover, and underlined the bearish moves. Similarly, the MFI indicator showed signs of bearish inflows.…

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Filed under: News - @ August 3, 2024 8:12 am