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13 hour ago
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Dogecoin Drops 8% as Selling Pressure Increases

Dogecoin Faces Selling Pressure Amid Market Weakness

  • Dogecoin is experiencing renewed selling pressure, pushing it below key technical levels.
  • The memecoin broke a bullish trend line and now trades below the 100-hour simple moving average around $0.13.
  • Price dropped over 8% in 24 hours, failing to maintain above 23.6% Fibonacci retracement level.
  • Immediate resistance at the 50% retracement of recent declines; failure to surpass this keeps downside pressure.

Dogecoin DOGE DOGEUSD

Market Strain from Weak Flows and Derivatives Contraction

  • Spot market shows ongoing distribution, with a $5.7 million outflow indicating reduced accumulation by large holders.
  • Derivatives markets show declining open interest by over 9%, with traders reducing exposure.
  • Long-short ratios reveal a mild long bias, but repeated failed rallies lead to long-side liquidations.

DOGE ETF Disappointment and Shift Toward Utility Assets

  • Dogecoin’s ETFs saw low inflows, barely exceeding $2 million, showing limited institutional interest.
  • Market rotation favors utility-focused assets, suggesting a shift away from meme coins like Dogecoin.
  • Declining volume and low whale activity indicate a focus on projects with faster adoption and real-world use cases.