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A Fall May Be Coming to Dogecoin (DOGE)! Current Data on DOGE!
While DOGE's price has increased by 7% in the last 24 hours, it continues to follow the negative-dominated sentiment. At the time of writing, the token's weighted sentiment returns -0.404. This metric has been returning a negative value since May 5. A token's weighted sentiment measures the overall market sentiment surrounding it. The specified metric enhances simple positive and negative emotions by considering the importance of each emotion mentioned. When it returns a negative value, the token's market experiences negative emotions. Therefore, its price is expected to decrease. Contrary to the assumption, when the value is positive, the bulls are in control.
The downward trend in the DOGE market is also confirmed by the fact that futures market open positions on exchanges have been in a downward trend since May 8. This rate, which was at $9.83 billion at the time of writing, has fallen by 7% since then. DOGE's futures open position refers to the total number of futures contracts that have not yet been settled or closed. Such a decrease may indicate that the number of market participants exiting their positions without opening new positions has increased.
As observed on the weekly chart, the SAR indicator remains above its price, indicating the possibility of a break below this level. This indicator is used to identify potential trend direction and reversals. When dotted lines are placed above the price of a token, the market is said to be declining. It shows that the price of the altcoin has fallen and may continue. If these bearish predictions continue, the value of the meme token may fall below $0.1 and find support at $0.08.
The widening gap between the upper and lower bands of the Bollinger Bands indicator indicates increased market volatility, increasing the risk of significant price fluctuation. However, if the bulls regain control and DOGE's price enters an uptrend, it could start a rise towards the $0.17 resistance.
