$DOGS up 22% in 24 hours while other top cryptos are down – Why? - AMBCrypto Analytics

At the time of writing, the amount of Open Interest (OI) rates in the derivatives market declined by nearly 18% ($24M). This underscored a slight dip in the earlier bullish market sentiment as liquidity was withdrawn from the DOGS futures market. 

However, it declined by over 20% after listing on Binance earlier in the week. However, the spot CVD (Cumulative Volume Delta) fluctuated at the time of writing. The spot CVD measures the difference between buy and sell volume to further gauge market sentiment and traders’ position. 

The flat spot CVD reading meant that DOGS’s buying volume was equal to its selling volume, a neutral position that signaled that DOGS’s price could move in either direction. On the price charts, DOGS traded at $0.0014 at the time of writing, slightly down from its recent high of $0.0016. 

The 50% and 38.6% Fib levels were key short-term levels worth watching if the sentiment improves and DOGS attempts to reclaim its recent high of $0.0016. However, a sharp retracement to $0.0012 (78.6% Fib level) couldn’t be overruled if a weak sentiment extends.