Dogecoin (DOGE) Price May Drop Soon
Despite a 7% price increase in the last 24 hours, Dogecoin's overall market sentiment remains negative. The token's weighted sentiment score is -0.404, indicating a bearish trend. This score measures the overall feeling of the market towards DOGE, and a negative score means investors are feeling negative.
Additionally, the number of open futures contracts on exchanges has been decreasing since May 8, indicating a lack of interest from investors. This decrease in open positions could lead to a price drop.
The weekly chart shows a bearish indicator, suggesting a potential price drop below $0.1, with a possible support level at $0.08. However, if the bulls regain control, the price could rise towards $0.17.
Overall, the market is highly volatile, and significant price fluctuations are possible. Investors should be cautious and keep an eye on market trends."
