As Short Pressure Increases in Ripple, a Familiar Bear Signal is Coming for DOGE! - Coin Bulletin

Despite positive expectations for Ripple's case with the SEC, short positions continue to dominate XRP, while Dogecoin (DOGE) is approaching a critical technical level known as the 'death cross.'

Although the cryptocurrency market appears to have stabilized in recent days, investors continue to remain cautious towards altcoins. Bitcoin is starting to regain its position as the first choice for investors, while there has been a more than 3% increase in the price of XRP, which is used by Ripple for cross-border payments, due to rising hopes as a result of the ongoing lawsuit. Despite XRP reaching $2.24 in the last 24 hours, negative signals in the futures markets are noteworthy.

According to Velo data, the open position amount in XRP futures on major exchanges remains stable at approximately 1.35 billion XRP, while funding rates and cumulative volume delta values are in the negative zone. Negative funding rates indicate that those opening short positions are paying the counterparty to maintain their positions, signaling a continued expectation of a market decline. Negative CVD, on the other hand, emphasizes that the selling volume in the market is higher than the buying volume, raising questions about the sustainability of the current price increase.

(# Alarm bells are ringing for DOGE

In the Dogecoin )DOGE( front, the situation seems more critical. Referred to as a "death cross" in technical analysis, this situation signifies the 50-day simple moving average falling below the )SMA### 200-day moving average, which is about to occur for DOGE. This cross indicates that short-term price momentum is weaker than long-term momentum, suggesting the beginning of a major downward trend.

The DOGE price has lost 65% of its value since its peak of 48 cents in December. In the past, the death cross signal that has produced complex results in the Bitcoin (BTC) and Ethereum (ETH) markets is calling on DOGE investors to be cautious.

( Bitcoin once again the favorite of investors

Bitcoin's market dominance reached 62.5% for the first time since March 2021, reaching the highest level in 4 years. After the total cryptocurrency market saw a historic peak of $3.6 trillion in December, Bitcoin's market share rose from 55% to over 62%. This once again demonstrates that investors prefer to turn to BTC in times of increased market uncertainties.