Dogecoin (CRYPTO: DOGE) fell overnight Sunday, mirroring a broader cryptocurrency market decline.
DOGE Gives Up Gains
The dog-themed memecoin fell nearly 2%, with trading volume surging 87% over the last 24 hours.
DOGE appeared poised to end the week on a losing note, reversing gains from earlier in the week.
Interestingly, speculative activity in the coin rose, with open interest in DOGE futures surging 4.64% in the last 24 hours, according to CoinGecko. An increase in open interest, alongside a drop in spot price, typically suggests opening of new short positions, a sign of bearish sentiment.
That said, the percentage of Binance traders positioned long on DOGE increased from 68% to 70% over the last 24 hours, according to the Long/Short Ratio.
See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
Key Support Levels To Look Out For
Ali Martinez, a popular cryptocurrency technical analyst and trader, identified potential downside support levels at $0.10 and $0.062 for the memecoin.
Earlier, Martinez spotted a descending triangle pattern on DOGE’s 3-day chart, projecting a bullish rebound to $0.21, about 53% from the current price.
Is DOGE A ‘Buy’ Or ‘Sell’?
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, flashed a “Buy” signal for DOGE, according to TradingView.
Meanwhile, the Bull Bear Power indicator, which measures the strength of buyers and sellers, flashed a “Neutral” reading.
Price Action: At the time of writing, DOGE was exchanging hands at $0.1370, down 1.80% in the last 24 hours, according to data from Benzinga Pro.
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