💥 Dogecoin Eyes $0.21 Pivot — Low OI & Funding Rates Raise Flags

Dogecoin recovered 5% on Monday following two weeks of consecutive falls, a 35% loss.

The memecoin's open interest and financing rates have been lackluster for two weeks, matching its decrease.

DOGE is testing $0.21 resistance as technical signs suggest a rebound.

Dogecoin (DOGE) rose 5% on Monday, joining the crypto market in rebound. The top memecoin is testing $0.21 barrier, supported by technical signs, to recover from a 35% drop in two weeks.

Despite recent gains, DOGE derivatives and on-chain data remain poor.

Dogecoin rose 5% on Monday, hoping to break its two-week downward trend. The memecoin fell 35% from July's final two weeks to August 3.

The price and futures open interest of DOGE have been decreasing consistently, reflecting its fragility.

Derivatives market open interest (OI) is the number of outstanding contracts. Dogecoin's OI fell from 19.69 billion DOGE to 15.36 billion DOGE during its price decrease. After falling from hot circumstances in mid-July, its financing rates have remained low.

According to Santiment statistics, DOGE whales, organizations owning 10-100 million tokens, sold roughly 740 million tokens since July 17, fueling the decline.

DOGE tests $0.21 as Stoch rebounds from oversold.
DOGE is testing $0.21 resistance, supported by the 50-day Exponential Moving Average (EMA) and 200-day Simple Moving Average. It rebounded off a falling trendline from December 2024. A move over this level and a flip of $0.26 might push the top memecoin above its six-month barrier at $0.28.

The Relative Strength Index (RSI) is testing its neutral level, while Dogecoin's Stochastic Oscillator (Stoch) is recovering from oversold circumstances. Memcoin might rebound strongly if both momentum indicators rise over neutral.

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