Dogecoin Price Hits New Low as ETF Demand Dwindles
- Price Decline: Dogecoin (DOGE) has fallen to $0.1227, down 75% from its peak this year, resulting in a multi-billion-dollar market cap wipeout, indicating a persistent weakness in demand for the token.
- Technical Patterns: The three-day chart shows a head-and-shoulders pattern with the left shoulder at $0.2285 and the right shoulder at $0.30, confirming a bearish outlook as the price has dropped below the neckline, suggesting further declines ahead.
- ETF Demand Drought: The Grayscale and Bitwise DOGE ETFs have not seen any inflows since December 11, with only $2 million in inflows and $5 million in net assets, reflecting a significant drop in investor interest in Dogecoin.
- Futures Market Shift: Dogecoin's futures open interest has plummeted to over $1.4 billion from a year-to-date high of over $6 billion, indicating a waning appetite among investors for the token and a continued bearish market sentiment.
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Technical Analysis for DOGE
Technical Sentiment Analysis for Dogecoin (DOGE) As of , Dogecoin (DOGE) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for DOGE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, DOGE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Dogecoin (DOGE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0455 | 0.0628 | 0.0815 | 0.0987 | 0.117 | 0.135 | 0.153 |
| Fibonacci | 0.0628 | 0.0765 | 0.085 | 0.0987 | 0.112 | 0.121 | 0.135 |
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