DOGE Price Struggles to Hold Support Amid Surging Selling Pressure
Dogecoin (DOGE) price is experiencing selling pressure after surging in recent gains, but it's holding crucial support despite the drop. As of August 31, DOGE trades at $0.082, down by 2.48% from yesterday. The increase in selling pressure comes as retail traders rush to book profits.
Data from CoinGlass shows that Dogecoin has seen more selling pressure than buying pressure for three straight days since August 28, with the value of DOGE sold being $21 million more than the value of DOGE purchased during this time.
The derivatives market also suggests that futures traders are booking profits, as the open interest has dropped from $1.58 billion to $1.27 billion at the time of writing. This drop indicates that long buyers who entered positions when Dogecoin price was surging are now closing them.