DOGE Token Faces 2.18% Drop as High Leverage and Bearish Sentiment Drive Volatility

Dogecoin (DOGEUSDT) on Binance Futures is trading at 0.16017, down 2.18% over the past 24 hours from an open of 0.16374. The recent price decline is primarily attributed to persistent bearish sentiment, as DOGE faced strong resistance near $0.17 and experienced a lack of buying volume, resulting in a multi-day downtrend. Technical indicators reinforce this weakness, with a double bottom pattern, an oversold RSI at 24, and negative MACD values, while social media data highlights increased short positions and high leverage usage. Despite significant exchange outflows and high buy activity on some platforms, insufficient demand has limited any price recovery. Broader market factors, including anticipation of potential ETF approvals and historic cycle patterns, suggest longer-term optimism, but current trading remains dominated by seller pressure and volatility. DOGE’s 24-hour trading volume remains strong, ranging from $1.06 billion to $1.98 billion, with a market cap between $24.5 billion and $25.1 billion, and a circulating supply of approximately 149.77 billion DOGE.