Dogecoin Faces Notable Price Drop
Release: 2024/05/29 04:53 Reading: 381
Dogecoin Experiences Notable Price Decline
Dogecoin (DOGE) witnessed a significant 5% price drop on May 28, reaching an intraday low of $0.16192. This decline was more pronounced than the broader cryptocurrency market, which experienced a 1.47% decrease during the same period. The drop in DOGE's value follows a 3.2% dip in Bitcoin within the last 24 hours. Despite impressive gains of over 7.5% in the past month, DOGE's current trajectory raises concerns among investors.
Reasons for Dogecoin's Decline
Dogecoin's value began to slide between May 22 and May 26, and it currently trades 2.5% below its value from the previous week. Analysis from Coinglass, a blockchain analytics platform, indicates a significant 37% decrease in open interest (OI) in DOGE futures contracts, dropping from $1.67 billion in mid-April to $1.04 billion.
Additionally, the funding rate for Dogecoin perpetual futures contracts fell from 0.0243% on May 23 to 0.0118% on May 28. These declining metrics reflect a bearish sentiment among investors, which could be contributing to the increased selling pressure on DOGE.
Outlook for Dogecoin
The broader market correction, which led to millions of dollars being liquidated, also impacted DOGE, reducing its price to $0.1512. Whale activity has surged, with transactions of $100,000 or more in DOGE rising considerably. IntoTheBlock reported a 28% increase in transactions between $100,000 and $1 million last week, and a more than 55% rise in transactions over $1 million in the past 30 days, suggesting institutional investors are cashing in on profits.
A bearish divergence between DOGE's price and its relative strength index (RSI) on the weekly timeframe also contributed to the recent decline. Despite higher DOGE prices from April 15 to May 28, the daily RSI recorded lower levels, signaling weakening momentum and prompting traders to sell.
Key Insights for Investors
Investor actions point to several trends that could influence Dogecoin's price:
- Decreased open interest in DOGE futures could signal further price drops.
- Falling funding rates indicate a bearish outlook among investors.
- Increased whale transactions may cause additional selling pressure.
- Bearish RSI divergence suggests weakening market strength.
IntoTheBlock's IOMAP model identifies support for DOGE around the $0.165 region with resistance between $0.163 and $0.168. Approximately 97,980 addresses hold about 7.03 billion DOGE in this range. This concentration of holdings at these levels may add selling pressure, potentially driving the price lower. The next major support level is the 50-day simple moving average at $0.10, which could offer some stability if the downward trend continues.
The post first appeared on BH NEWS: Dogecoin Faces Notable Price Drop
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