DOGE plummeted 22% this week, hitting a low of $0.16, the lowest since March! The psychological barrier of $0.18 has completely collapsed, and the bears are celebrating! Currently, the RSI is approaching 30, severely oversold, but the bulls are struggling to fight back, with $0.17 as the last defense! If $0.16 cannot hold, the next stop could fall to the bear market low of $0.12 in 2024.
The open interest (OI) has collapsed in the past 24 hours, with DOGE contracts liquidating over $50 million, leaving many bulls in ruins. The open interest (OI) dropped sharply from $3.07 billion on May 30 to $1.8 billion, with leveraged funds fleeing collectively. If OI continues to shrink, DOGE may enter a death spiral!
Musk vs. Trump: A political farce, with DOGE as the biggest victim!
Musk and Trump have completely fallen out, threatening to cancel SpaceX's government contracts, causing market panic! Tesla's stock plummeted 14%, with DOGE, as the 'concept coin' most reliant on Musk's halo, suffering the brunt, crashing 10% in a single day. This inevitably brings back memories of the glorious moments in 2023: when Musk merely changed the Twitter logo, it propelled DOGE's surge by 30%; now, this 'Dogecoin father' is losing political power, directly causing the evaporation of the 'Musk premium' for this MEME coin.
Technically, $0.16 has become the lifeline for both bulls and bears. If this key support can be held, there may be a rebound from short covering; however, if it fails, a larger panic sell-off could ensue, targeting the bear market low of $0.12 in 2024. What is even more concerning is that if Musk completely severs ties with DOGE, this once top-ten cryptocurrency by market cap could completely become a 'zombie coin'.
After the panic crash, an epic bottom fishing opportunity may arise! DOGE has transformed from a 'MEME War God' into a 'high-risk casino', where it's all about the thrill! Do you dare to catch the flying knives?
