Dogecoin price sits below key support as open interest falters
Release: 2024/06/26 22:14 Reading: 581
Dogecoin Consolides Amidst Meme Coin Surge
Dogecoin has remained in a consolidatory phase recently, despite attempts at a rebound. It currently trades at $0.1242, down 42% from its yearly high, indicating a deep bear market.
In contrast to Dogecoin's performance, other meme cryptocurrencies have been surging. MOTHER Iggy experienced an 18% rise on Wednesday, rebounding over 75% from its recent low. Hoppy and Doland Tremp have also soared in value.
Dogecoin's lackluster performance is attributed to traders shifting attention to newer meme coins with stronger recent performance. Bonk, Pepe, and Dogwifhat have outperformed mainstream cryptocurrencies in this regard.
Trading data suggests that demand for Dogecoin has been weak, with its 24-hour volume consistently below $1 billion. Pepe, for example, has a higher 24-hour volume according to CoinGecko.
Similarly, Dogecoin's open interest in the futures market has declined, from a peak of $1.9 billion in March to its current level of $578 million. Binance, Bybit, and Bitget account for most of the open interest.
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Technical analysis also paints a bearish picture, with Dogecoin remaining below its 200-day and 50-day Exponential Moving Averages (EMA). A potential "death cross," where the two EMAs intersect, could further exacerbate the bearish sentiment.
Dogecoin is currently trading at a crucial support level, corresponding to its May 1st low and the double-top pattern's neckline. This suggests that further downward movement is possible, potentially reaching the psychological level of $0.10.
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