Dogecoin Price Faces Downward Pressure Amid Market Challenges

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 5 hours ago

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Price Decline Trend: Dogecoin (DOGE) has experienced a two-day price drop after hitting the 50-day Exponential Moving Average, currently priced at $0.100, which is 6.4% lower than this month's high of $0.1176.
Weakening Market Demand: The ongoing crypto market crash poses significant challenges for Dogecoin, particularly as futures open interest has plummeted from $5.20 billion in September to $1.16 billion, indicating a sustained decline in demand.
Funding Rate Situation: The weighted funding rate for Dogecoin has dropped to its lowest level since February 10 in recent days, reflecting investor expectations of continued price declines, which exacerbates market pessimism.
ETF Market Stagnation: Data from SoSoValue shows that three Dogecoin ETFs, including Grayscale and 21Shares, have seen no inflows or outflows since February 3, with cumulative inflows exceeding $6.67 million, indicating diminished investor interest in the asset.

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Technical Analysis for DOGE

Technical Sentiment Analysis for Dogecoin (DOGE). As of , Dogecoin (DOGE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DOGE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, DOGE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Dogecoin (DOGE) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0552	0.0716	0.0849	0.101	0.115	0.131	0.144
Fibonacci	0.0716	0.0829	0.0899	0.101	0.113	0.12	0.131

About DOGE

Dogecoin (DOGE) is based on the popular 'doge' Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin's creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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