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Two weeks ago, Dogecoin (DOGE) was priced at $0.13, fueling speculation that the memecoin could be returning to its yearly high. But over the past seven days, Dogecoin’s ambitions to reach that high have been waning, as its price has fallen by 8.86%.

Thus, this move raises concerns among DOGE investors who initially thought that the uptrend would erase the losses they suffered for months. Contrary to these expectations, this analysis reveals that the memecoin may continue to oscillate downwards before any major breakthrough.

Dogecoin investors abandon the memecoin for now

As of Monday, October 7, Dogecoin’s Open Interest (OI) was $1.35 billion. OI refers to the total of all open positions or contracts in the market. In short, OI, as it is commonly called, measures speculative activity.

When OI increases, buyers are aggressive and are pumping more money into contracts. Conversely, a decrease implies that sellers have the upper hand and are increasingly closing existing positions.

Today, DOGE’s OI plummeted to 801.99 million, indicating that traders have cashed out around 458 million contracts related to the memecoin in the past 24 hours. From a price perspective, this massive drop therefore suggests that the price of Dogecoin is likely to fall towards the nearest support.

Read more: How to buy Dogecoin (DOGE) with PIX

Interesse aberto do Dogecoin afeta o preçoDogecoin Open Interest. Source: Santiment

Therefore, this action contradicts the recent bullish forecast, which saw crypto whales buying DOGE to prepare for a possible breakout. However, data from IntoTheBlock reveals that things have changed in this regard as well.

Currently, Dogecoin Large Holder Netflow has dropped significantly after rising to an impressive height on October 4. This netflow measures the percentage difference between the value of coins that whales have bought and sold.

When it goes up, it means that crypto whales have bought more coins within a given period. A significant drop in the DOGE situation suggests that most large investors have sold and exerted downward pressure on the price of Dogecoin.

Baleias de Dogecoin vendem a moedaNetflow of Large Dogecoin Holders. Source: IntoTheBlock

DOGE Price Prediction

An analysis of the DOGE/USD daily chart shows that the coin has formed a head and shoulders pattern. This pattern indicates that an uptrend is coming to an end and is a notable bullish-to-bearish reversal.

As seen below, the price of Dogecoin is at $0.10, right at the neckline of the pattern. Trading volume is also showing fluctuations, but notably, selling activity outweighs buying pressure. Due to this position, the price of Dogecoin is likely to drop to $0.093. If the price breaks below this level, it could drop to $0.080.

Read more: How to Buy Dogecoin (DOGE), Cryptocurrency Overview and Outlook

Análise de preço do DogecoinDogecoin Daily Price Analysis. Source: TradingView

If investors hold onto their DOGE instead of selling, the coin could gradually rise as long as buying pressure increases. In this scenario, Dogecoin could see a price jump to $0.15.

The article Interest in Dogecoin shrinks and rocket to the moon loses gas was first seen on BeInCrypto Brasil.

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