As a researcher with experience in cryptocurrency analysis, I’ve been closely monitoring Dogecoin (DOGE) and its recent price movements. Based on my analysis of the available data, it appears that DOGE dropped 1.5% in the last 24 hours to trade at $0.106 during European business hours on Friday. This drop occurs against a backdrop of falling futures open interest, which is a significant metric for gauging trader interest in the asset.
Analyzing Dogecoin‘s recent price movements, DOGE experienced a 1.5% decrease over the past 24 hours and was priced at $0.106 during European trading sessions on Friday. This decline occurred amid a downturn in futures markets. Open Interest, which measures traders’ engagement with Dogecoin, is noticeably decreasing.
Dogecoin Price Analysis: Bear Pennant Spells 18% Drop for DOGE Price
As an analyst, I’ve been observing the DOGE price action over the past 106 days and have noticed that it has been confined to a broader falling channel. A significant development occurred on June 17 when the asset breached a crucial support level, leading to a downtrend in prices. Regaining ground above this now-resistance level will be challenging for Dogecoin.
The price of Dogecoin is currently below its 21-day, 50-day, and 200-day simple moving averages, indicating a bearish trend for the cryptocurrency. Additionally, technical analysis suggests that a potential bearish reversal may occur as a bear pennant pattern emerges on the daily chart. This bearish move could lead to a possible decline of approximately 18%, bringing Dogecoin down to around $0.085.
The DOGE Chaikin Money Flow, currently at 0.04, is declining, indicating decreasing buying pressure for Dogecoin. Additionally, the Relative Strength Index (RSI with a 14-day period) hovers around 36.14 and is falling, suggesting an intensifying bearish trend for Dogecoin.
If the price of DOGE decreases, keep an eye on two potential support levels: $0.103 and $0.091. On the contrary, if bulls gain control, the DOGE price could reach the anticipated price target of $0.13. However, there might be some resistance encountered around $0.116 and $0.125.
As a researcher analyzing data from Coinalyze, I’ve noticed that the aggregated open interest for DOGE decreased by 0.26% over the past 24 hours. This implies that no fresh funds have entered the market for Dogecoin trading recently. Nevertheless, it’s important to point out that a significant majority of traders, approximately 74%, are maintaining long positions, indicating their bullish sentiment towards DOGE. Conversely, only around 25% of traders are holding short positions.
According to Into The Block, a data analysis company specializing in on-chain information, approximately 73% of Dogecoin (DOGE) investors currently enjoy a profit, whereas around 25% have incurred losses based on the current market price.
DOGE Price Has Been Largely Affected by Bitcoin Volatility
From my research perspective, Dogecoin has taken a backseat in terms of significant advancements throughout most of the year 2024. The value fluctuations of Dogecoin have predominantly been influenced by Bitcoin’s price changes and broader market tendencies instead of any unique developments within the Dogecoin ecosystem.
The Bitcoin market slump led to a significant 26% drop in DOGE‘s value within a few days. This trend is likely to continue, bringing potential further losses for the popular meme currency.
Currently, Bitcoin, the leading cryptocurrency, appears unable to break through the significant resistance level at $60,000. Instead, it may be on the verge of another price drop to retest the support around $54,000.
Bottom Line
The price of Dogecoin has reached a pivotal moment as the volume of open futures contracts decreases, indicating a possible change in market trends. This reduction in future trading may lead to less market turbulence and pave the way for Dogecoin’s next substantial price adjustment, which is predicted to be a decrease to approximately $0.085.
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2024-07-12 11:48