Is Dogecoin’s short-term price target of $0.10 coming soon?

At press time, Dogecoin appears to be on the verge of breaking a crucial support line.

Market sentiment is bearish, according to on-chain indicators.

Dogecoin [DOGE] is trading near the bottom line of its horizontal channel, a trend it has been showing since April 13.

A horizontal channel forms when the price of an asset is consolidating within a range. The top channel line creates resistance, while the bottom channel line forms support. Bears have created resistance at $0.17, while bulls have held on to $0.10, providing long-term support for DOGE.

If bulls fail to hold this support, DOGE could fall to new lows on the chart. This suggests widespread selling in the market.

Multiple on-chain indicators show this. Since March 31, memecoin sentiment has been mostly negative.

This indicator represents the market sentiment towards an asset. When an asset provides negative value, its price will fall because the asset market is filled with negative sentiment.

At press time, DOGE has a weighted sentiment of -0.17. If the memecoin sentiment remains low, its price will fall. This could reduce its support level.

DOGE has also seen a decline in overall market demand. Santiment reports that the average daily number of memecoin addresses that completed at least one transaction in the past 30 days has decreased by 13%.

Over the past month, DOGE whales have steadily reduced their memecoin exposure to protect their assets. According to IntoTheBlock, DOGE has seen a sharp decrease in the number of major trading days in the past 30 days.

Over the past month, DOGE transactions between $100,000 and $1 million have fallen by 46%. During the same period, transactions between $1 million and $10 million have fallen by 39.1%.

DOGE futures traders are holding out.

Despite Dogecoin’s poor price performance, futures traders are positive about it.

Is your portfolio in the green? Check out the DOGE profit calculator.

Coinglass found that the funding rate for the token has been positive for two consecutive months, except for June 18-19.

In perpetual futures contracts, the funding rate keeps the contract price close to the spot price. #DOGEUSDT #DOGE原型柴犬KABOSU去世 $DOGE