Dogecoin (DOGE) Faces Correction After Massive Post-Election Gains
Dogecoin’s price jumped over 200% following Trump’s victory and the announcement of a new Department of Government Efficiency, which will be led by Elon Musk himself. Despite this strong bullish momentum, Dogecoin is now facing a massive correction due to high selling activity. The selling pressure is driven by short position holders who are taking profits before the token loses any of its gains.
Dogecoin is currently trading at $0.3868 after an intraday decline of 5.49%. Although Dogecoin is still trading above its Simple Moving Averages, technical indicators suggest that the token’s bearish trend may continue in the coming weeks before experiencing another bullish wave.
