Dogecoin’s 30-day low after 10% fall – Time to exit the market?
  • Dogecoin’s value has fallen by double digits in the past 7 days
  • Declining futures open interest signals an exit of liquidity from derivatives markets

Dogecoin, the market-leading meme coin [DOGE] It failed to respond positively to the post-halving hype, widening its seven-day losses. According to the article, at the time of writing, the altcoin was valued at $0.15, with a price increase of just 0.13% in the past 24 hours. coin market cap.

In fact, DOGE’s price has fallen 10% over the past week, making it the only major meme coin to see a double-digit price decline over the past seven days.

What can coin holders expect?

Bearish numbers remain prominent on altcoin price charts. First, at the time of writing, DOGE’s price was below its 50-day small moving average (SMA) and below its 200-day SMA.

DOGE’s decline below its 50-day SMA confirmed the change in market sentiment from bearish to bullish. Memecoin price may be approaching the long-term support level at $0.1 as it corrects towards the 200-day SMA.

Additionally, the Awesome Oscillator, which measures DOGE’s market momentum, is posting a red histogram bar pointing downwards at the time of writing. This indicator has maintained this trend since April 14th. If an asset’s Awesome Oscillator is trending like this, it indicates strong selling pressure.

DOGE’s Relative Strength Index (RSI) fell below the neutral line, confirming the decline in demand for meme coins. At the time of writing, his RSI for DOGE was at his 42.87. Simply put, this value suggests that market participants prefer selling the coin over accumulating.

Additionally, the coin’s MACD line (blue) was below the signal (orange) and zero lines at the time of the press. This crossover highlighted that DOGE’s short-term trend is weaker than its long-term trend.

Whether it’s realistic or not, DOGE’s market cap in BTC terms is:

Traders are taking this as a signal to exit long positions and take short positions.

Another sign that long trades may not be profitable in the long run was the position of DOGE’s parabolic SAR at the time of writing. The dots that make up the indicator were located above the price candlesticks.

Market participants often interpret this to mean that the market is in a downtrend and prices will continue to fall.

DOGE 1D TradingView

Source: DOGE/USDT on TradingView

Finally, in the coin’s derivatives market, futures open interest plummeted to a 30-day low.according to coin glass According to the data, DOGE’s futures open interest was worth $953 million at the time of writing.

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