Dogecoin: Why $0.11 is the key to DOGE avoiding a massive sell-off!
Dogecoin (DOGE) has not had a good week in the past week, with a price drop of 11.42%. Although DOGE rose quite a lot last month, from $0.088 to $0.132, a rise of 13.66%, this week is really a headache.
However, the good news is that DOGE has recovered a little in the past 24 hours, rising 2.8% and now trading at $0.108. But looking at the weekly chart, it still fell a lot.
Now everyone is wondering, can DOGE recover and continue the rise of last month? Or is the bearish trend going to prevail?
Looking at other indicators, DOGE's open interest per exchange contract has dropped from $224 million to $129.6 million, indicating that investors are withdrawing and new funds are not coming in, and market sentiment is indeed bearish.
In addition, DOGE's DAA spread has also turned negative, and fewer users are interacting with DOGE. This shows that the recent rebound is mainly speculative and has no fundamental support.
Finally, Dogecoin's daily active addresses have also dropped from 1.448 million to 747,000, and demand or interest is decreasing.
Although DOGE has recovered a little on the daily line, it has still fallen a lot on the weekly line. If the market sentiment remains the same, it is hard to say whether DOGE can hold the support level of $0.098. Of course, if the situation changes, DOGE may also recover $0.11.
After a few days of sharp declines, BTC, ETH, SOL, PEPE, SUI, DOGE, WIF, FET, AAVE, and BNX should enter the market to ambush, otherwise you will miss this wave of bull market! If you are still hesitant and confused, come to me for layout, I will teach you!
