DOGEUSDT Faces Strong Selling Pressure with Downward Trend

In analyzing the recent DOGEUSDT trading activity, I observe a significant sell volume indicating strong downward pressure in the market. The one-minute trading volume stands at approximately 4.82 million ₮, with sell orders comprising around 93% of this volume, totaling approximately 4.46 million ₮, while buy orders are only about 7%. This imbalance suggests that sellers are dominating the current trading session. The price change over the recent period shows minimal fluctuation, moving from 0.22933 to 0.22937, which reflects almost no change in the latest moment. However, the 24-hour price decline of nearly 2% indicates a downward trend over the day. The total 24-hour trading volume is substantial at nearly 323 million ₮, with nearly equal split between buy and sell sides, but the net volume favors selling with a small decrease reflected in recent hour and minute data. The decrease in net volume over various timeframes — 15 minutes, 1 hour, and 4 hours — further emphasizes a bearish sentiment. Despite the high total volume, the dominance of sell orders and the price decline indicate that dealer sentiment is quite negative at this stage. Given these observations, it appears that DOGE is experiencing a short-term downtrend driven by increased selling pressure, which might continue unless significant buying support appears. The technical signals suggest caution for traders considering long positions at this moment. Overall, the current market dynamics point to a bearish outlook in the short term, driven by overwhelming sell volume and downward price movement. Traders should remain cautious and watch for potential support levels or reversal signals before considering any entries.