Crypto market in chaos as Dogecoin falls below key EMA, Bitcoin faces selling pressure
From Investing.com
August 2, 2024 – 2:00 am:
Dogecoin (DOGE) has entered a downtrend after falling below the pivotal 50 EMA, raising concerns about its short-term outlook and vulnerability to selling pressure. A death cross, when a long-term moving average falls below a short-term one, has not yet formed but may signal more negative developments for DOGE. Bitcoin’s market dominance is decreasing as its price falls to the 100 EMA, indicating a possible shift in bullish momentum. The $63,000 level has high liquidity and serves as a crucial support zone for Bitcoin. Traders should be cautious due to decreasing trading volume and waning technical support for Bitcoin. Tron (TRX) experienced a significant 6.4% decline, falling to the 50 EMA support level. Despite the hope for a potential rebound, the RSI falling below 50 suggests strong selling pressure and a continuation of the current downtrend. Investors should monitor the 50 EMA and $0.1200 support levels closely for a possible price reversal or further decline.
Read more at Investing.com: Crypto Chaos: Dogecoin (DOGE) Hits Death Cross, Bitcoin (BTC) Slips to $63,000, Tron (TRX) Plummets 6.4%: What’s Next? By U.Today