Dogecoin Price Analysis: DOGE At Pivotal Point As Futures Open Interest Slides
Release: 2024/07/12 16:39 Reading: 531
Dogecoin's price has declined by 1.5% in the past 24 hours, dipping to $0.106 during European business hours on Friday. This drop aligns with the decline in futures and Open Interest, an indicator of waning trader interest in DOGE.
Dogecoin Price Analysis: Bearish Signals
The current trend for DOGE is within a descending channel that has spanned over 106 days. A key support level was breached on June 17, leading to lower prices. Recovering above this support level, now acting as resistance, could prove challenging for Dogecoin.
The price of Dogecoin remains below the 21-day, 50-day, and 200-day Simple Moving Averages (SMAs), signaling a bearish outlook. Furthermore, a bear pennant pattern on the daily time frame suggests a potential break lower. This could result in an 18% drop to $0.085.
Technical Indicators
The Chaikin Money Flow (CMF) for DOGE is at 0.04 and trending downward, indicating a decrease in buying pressure. The Relative Strength Index (RSI 14) supports this bearish sentiment, hovering around 36.14 and declining. These indicators suggest the bearish momentum for Dogecoin is strengthening.
Key Levels to Monitor
Should the price of DOGE break further downward, crucial support levels to watch include $0.103 and $0.091. Conversely, if bullish sentiment prevails, DOGE could potentially rise to $0.13, with potential resistance at $0.116 and $0.125.
Market Sentiment
Data from Coinalyze reveals a 0.26% decrease in DOGE's aggregate open interest (OI) over the past 24 hours. This indicates a lack of new funds entering DOGE trading. However, existing traders remain optimistic, with 74% holding long positions compared to 25% holding short positions.
Into The Block analyzes on-chain data and suggests that at the current price level, 73% of DOGE holders are in profit, while 25% have realized losses.
Impact of Bitcoin Volatility
Dogecoin's price movements have largely been influenced by Bitcoin's volatility and broader market trends. Aside from speculation surrounding its potential adoption as a payment option for Tesla, DOGE's price action has primarily been driven by external factors.
Recent news
More>- Homosexual Pepe Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- BTFD Presale Captivates Investors in the Best New Meme Coin Presales for Significant Returns as PEPE and SPX6900 Dominate the Scene Fuel the... 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Before Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- The Metrics Pointing to Massive Potential for WIF, JASMY, and PEPE in 2025 01-01
- BTFD Coin’s Presale is Unmissable Amid Pepe and Moo Deng’s Crypto Hype: Best Meme Coin Presales to Join This Week 01-01
- Homosexual Pepe (HOMOPEPE) Solana Memecoin to Rally 18,000% Ahead of Exchange Listing, While SHIB, BONK and DOGE Crash 01-01
- Crypto Gems for the Next Quarter: Top 5 Tokens to Watch 01-01
- Why $PEPE Jumped 20% Today And Which Coin Could Be Next 01-01
- Best New Meme Coins to Join for Short Term: BTFD Raises $4.7M in Presale as BONK Boasts Low-Cost Transactions and PEPE Enjoys Steady Followi... 01-01
Selected Topics
More>>-
- pepecoin Price Analysis
- This topic provides articles related to PepeCoin price, covering key PepeCoin insights and analysis
-
- pepe:meme star
- This topic provides articles related to the most promising meme, PEPECOIN, a project with the potential to become a mainstream digital currency. It has the advantages of decentralization, reliability, ease of use, fast speed, low cost and scalability, and is expected to be more widely used in the future
-
- pepecoin price prediction
- We’ve gathered facts about pepecoin’s success story and provided a pepecoin price prediction
Selected Articles
More>>- 1 Avalanche and Aptos rival raises over $600k in 2 weeks
- 2 Crypto Prices Today: Market Continues Rally With BTC, Pepe Coin, SEI Rising
- 3 Major Analyst Crypto Tony Bullish on These Meme Coins, But One Stands Out
- 4 MTAUR Ready to Crush DOGE and PEPE: 100x Price Growth Incoming?
- 5 Memecoins Surge in 2024, Popcat Leads with 7,621% YTD Gain, Outshining Top Crypto Tokens
- 6 PEPE Meme Coin Smashes ATH – See How Much an $83 Investment in Pepe Coin Last Year is Worth Now
- 7 Missed Pepe Unchained? Don’t Worry, This New Pepe-Themed Meme Coin Will Produce Bigger Gains in 2025
- 8 Top 4 Altcoins At 70% Discounts – Last Chance!
- 9 Smart $Pepe trader makes $11.7M profit during Market Drop
- 10 Dogecoin Creator Proposes DOGE to NBA Legend Scottie Pippen
ABOUT US
We are building the most influential，trusted information platform for aglobal community engaged in thd transformation of the financial system andthe emerging crypto economy.PEPE is an integrated platform for media,events,data & indices for the next generation fo investing and the future of money.
Get in touch with the PEPE team at admin@pepecoinbuy.com