Journalist
- Dogecoin has lost value by a double-digit percentage over the past seven days
- The decline in Futures Open Interest indicates a liquidity withdrawal from the derivatives markets.
Market leader in memecoin Dogecoin [DOGE] It failed to respond positively to the post-halving buzz. According to, at the time of press, the altcoin’s value was $0.15. This represents a slight 0.13% increase in price over the past 24 hours. CoinMarketCap.
DOGE has seen its price fall by 10 percent in the past seven days, which makes it the leading memecoin that’s experienced a price drop of double digits.
What are the expectations of coin collectors?
The altcoin price chart still shows significant bearish indicators. At press time, DOGE’s price had crossed under its 50-day moving average and was trending below its 200-day MA.
The market sentiment has shifted from being bearish to positive with DOGE falling below its SMA of 50 days. The price of memecoin may be nearing a support level for long-term stability at $0.1 as it approaches its 200-day SMA.
As of the date this article was written, the Awesome oscillator, which measures DOGE’s market momentum also displayed red bars with downward facing histograms. Since 14 April, this indicator has been maintaining the trend. If the Awesome Oscillator of an asset trends this way, then it indicates that there is strong selling pressure.
DOGE’s Relative Strength Index, or RSI for short, has declined below the neutral line. This confirms the decline in demand. As of the time this article was published, DOGE had a RSI reading 42.87. This value simply indicates that the market is more inclined to sell coins than accumulate them.
At the time of press, DOGE’s MACD (blue line) was below both its orange signal and zero lines. This crossover showed that DOGE’s shorter-term trends are weaker than the longer-term ones.
Here’s a list of realistic and not-so-realistic images. DOGE’s Market Cap in BTC terms
This is a signal for traders to take their positions short and exit long ones.
The position of DOGE Parabolic SAR’s at the time of press was another indication that long-term trades might not be profitable in the long run. The indicator’s dots were placed above the price candle.
This is often interpreted by market participants as a sign that the price will decline and that there’s a downward trend in the market.
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Finaly, the Futures open market interest in the Coin’s derivatives has plummeted to a 30 day low. According to Coinglass Data, DOGE Futures’ open interest was worth $953 Million at the time this article was written.