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Dogecoin: Sell pressure to cause problems for DOGE prices?

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Dogecoin's rapid rise prompts scrutiny. Overbought RSI and increasing MVRV hint at potential corrections on the way?

recently experienced a significant upswing in its price, leaving investors and enthusiasts curious about the potential implications for its holders.Due to this surge in price, the memecoin’s market cap increased as well. This resulted in DOGE surpassing other major crypto currencies such as AVAX, TRON and DOT. At the time of writing, the market cap for DOGE was around $25.714 billion.Coming to the price, it was seen that DOGE was trading at $0.

Examining the Chaikin Money Flow for DOGE, which currently stood at 0.19, presented a mixed picture. A positive CMF signified strong buying pressure, but an increase in the indicator could also indicate potential profit-taking, signaling a sell-off.The MVRV ratio for DOGE also witnessed growth due to the recent surge in its price.

Social volume, often linked with price movements, also witnessed an uptick for DOGE. This positive correlation between social activity and price might suggest that the growing interest and discussions around Dogecoin are contributing to its upward momentum.

 

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