Dogecoin (CRYPTO: DOGE) fell on Sunday night, reflecting a broader decline in the cryptocurrency market
DOGE gives up profit
The dog-themed memecoin fell nearly 2% as trading volume rose 87% in the past 24 hours.
DOGE looked poised to end the week with a loss and reverse the gains from earlier in the week.
Interestingly, speculative activity in the currency has increased, with open interest in DOGE futures rising 4.64% over the past 24 hours. according to CoinGecko. An increase in open interest, along with a decrease in spot price, usually indicates the opening of new short positions, a sign of bearish sentiment.
That said, the percentage of Binance traders who are long on DOGE has increased from 68% to 70% over the past 24 hours, according to the Long/Short ratio.
See also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030
Key support levels to be aware of
Ali Martineza popular technical analyst and cryptocurrency trader, identified potential downside support levels of $0.10 and $0.062 for the memecoin.
Previously, Martinez spotted a descending triangle pattern on DOGE’s 3-day chart, projecting a bullish rebound to $0.21, around 53% from the current price.
Is DOGE a ‘Buy’ or a ‘Sell’?
The Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset’s price, gave a buy signal for DOGE, according to to TradingView.
Meanwhile, the Bull Bear Power indicator, which measures the power of buyers and sellers, showed a ‘neutral’ reading.
Price promotion: At the time of writing, DOGE exchanged hands at $0.1370, down 1.80% in the past 24 hours, according to data from Benzinga Pro.
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