Dogecoin Price Edges Up After Recent Drop
Dogecoin (DOGE) rose nearly 2% on Monday. This came after a 3.57% fall the day before. The meme coin is still at risk of dropping out of its current price range. Weak demand from investors and less bullish momentum are concerns.
However, traders in the derivatives market are placing more bullish bets. This has increased trading activity in DOGE futures.
Retail Demand Grows Despite Long Liquidations
Data from CoinGlass shows Dogecoin futures Open Interest (OI) rose by 4.88% to $1.49 billion in 24 hours. This means more money or leverage is in active trading contracts. Still, long liquidations reached $3.33 million, higher than short liquidations of $799,590. This shows sellers have more control.
The long-to-short ratio increased to 51.05% on Monday from 45.83% on Sunday. This means more traders are betting on price increases.
On the institutional side, Dogecoin ETFs had inflows of $171,920 last week. This money came on Wednesday. Other days showed no change, signaling low institutional interest in DOGE.
Consolidation Range at Risk as Buying Pressure Declines
Dogecoin is trading in a range between $0.13321 and $0.15681. On Monday, DOGE tried to hold support and rose nearly 2%. If it rebounds, the price could reach $0.15681 and then $0.17882.
Daily momentum indicators show weakening bullish strength. The Relative Strength Index (RSI) is at 40, indicating a sideways to bearish trend. The MACD is near its signal line and may cross lower, which would confirm bearish momentum.
If DOGE falls below $0.13321, it may drop below April’s low at $0.12986. The next support level is $0.12319.
