Dogecoin Investors $DOGE Are Cautious

At the time of writing, Dogecoin's open interest (OI) has dropped to $1.42 billion. This decline means that traders are closing positions on the asset. This could be due to the market's waning confidence in the short-term prospects of the memecoin.$BTC $XRP The MDIA indicator also outlines a bearish outlook for the cryptocurrency. A rise in the indicator is usually a bearish signal that indicates stagnation. This happens when investors hold their coins in wallets and do not trade them.

If the DOGE market does not increase activity, the price will have a hard time finding strong support and starting a recovery.

Overall, this factor signals that the price of DOGE is at risk of experiencing an even longer correction

The MDIA indicator also outlines bearish prospects for the cryptocurrency. A rise in the indicator is usually a bearish signal that indicates stagnation. This happens when investors hold their coins in wallets and do not trade them.

If the activity in the DOGE market does not increase, the price will have a hard time finding strong support and starting a recovery.