Dogecoin Under Intense Selling Pressure Amid Bearish Market Sentiments

Dogecoin has been under significant pressure over the past few days, with a consistent decline in value. One of the main concerns is the impact of the US Federal Reserve's decision to delay an interest rate cut, which has led to a sell-off in the cryptocurrency market.

The technical outlook for Dogecoin is turning bearish, as indicated by the RSI and MACD indicators. The Relative Strength Index (RSI) is currently at 48, close to the midline, suggesting a consolidative tone rather than a decisive trend reversal.

Furthermore, derivatives data show a sharp fall in DOGE futures Open Interest, with long liquidations crossing $5 million in 24 hours. This indicates that there is a significant amount of selling pressure in the market, which could lead to further losses for Dogecoin.