Particularly, Ali Martinez, a popular crypto analyst took to X (formerly Twitter) to warn users that the meme coin was currently flashing a sell signal on the Dogecoin daily chart. While optimism for Dogecoin turned bullish after its price increase, it seems investors may have to get out of the market fast to preserve their new profits.
While some loyal Dogecoin investors may hold on to their assets for the long term, short-term investors may be tempted to cash in on the recent gains. Based on the Dogecoin sell signal chart, Martinez predicts that the meme coin may experience a brief period of decline typically seen when meme coins experience sharp spikes.
The massive price increase was driven by social media hype and ongoing speculation about future endorsements from Musk, following his statements of a "Department of Government Efficiency (D.O.G.E)” proposal. Related Reading: Expert Calls On Ripple Community To Collectively Send XRP Price On 1,800x Rally To $1,000 Despite the considerable surge in Dogecoin, analysts are cautioning that the price jump may be signaling an impending sell-off.
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