Dogecoin Experiences Significant Price Drop
Release: 2024/05/29 04:52 Reading: 579
Dogecoin Experiences Significant Price Drop
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Dogecoin has witnessed a notable 5% decline, reaching an intraday low of $0.16192 on May 28th. This drop surpassed the broader crypto market's 1.47% loss during the same period. DOGE's decline follows Bitcoin's 3.2% drop within the past 24 hours. Nevertheless, DOGE has recently experienced significant gains, rising over 7.5% in the last 30 days.
Factors Contributing to Dogecoin's Decline
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Dogecoin's price trajectory began to descend between May 22nd and May 26th, currently trading 2.5% below its value a week ago. Blockchain data analysis platform Coinglass attributes this decline to a 37% drop in open interest (OI) in futures contracts, decreasing from $1.67 billion in mid-April to $1.04 billion.
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Moreover, Dogecoin perpetual futures contracts' funding rate has also declined from 0.0243% on May 23rd to 0.0118% on May 28th. Decreasing funding rates and OI indicate a bearish sentiment among investors, potentially intensifying the selling pressure on DOGE.
Future Outlook for Dogecoin
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The recent market-wide correction, which resulted in the liquidation of millions of dollars, has also impacted DOGE, driving its price down to $0.1512. Whale activity, characterized by large transactions of $100,000 or more in DOGE, has increased. According to IntoTheBlock, transactions ranging from $100,000 to $1 million rose by over 28% last week, while transactions exceeding $1 million have surged by more than 55% in the past 30 days. This increase suggests that institutional investors are taking profits, contributing to the ongoing correction.
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DOGE's recent price drop aligns with a bearish divergence between its price and the relative strength index (RSI) on the weekly timeframe. Despite DOGE price reaching higher highs from April 15th to May 28th, the daily RSI recorded lower levels, indicating weakness in the uptrend and encouraging traders to take profits.
IntoTheBlock's IOMAP model identifies support for DOGE at the $0.165 region and resistance in the $0.163 to $0.168 range. Approximately 97,980 addresses purchased around 7.03 billion DOGE within this range. Elevated selling at this level adds overhead pressure, potentially causing the price to decline. The 50-day simple moving average at $0.10 provides the next significant support level.
The article was originally published on COINTURK NEWS.
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