DOGE and SHIB derivatives data show bearish bias
Dogecoin falls below $0.195 on Tuesday, indicating downward pressure.
Bullish momentum indications decrease as Shiba Inu falls below $0.0000099.
DOGE and SHIB derivatives data indicate dropping open interest and rising bearish positions, indicating negative pressure.
As gloomy sentiment increased on Tuesday, Dogecoin (DOGE) and Shiba Inu (SHIB) values fell below $0.195 and $0.00000099, respectively. Both dog-themed meme currencies showed dropping open interest and growing short positions, indicating traders are preparing for additional decline.
Bearish DOGE and SHIB derivatives data
Shiba Inu derivatives and Dogecoin metrics are bearish. On Saturday, Coinglass's futures Open Interest (OI) for both dog-themed meme currencies decreased to $341.50 million and $173,460, respectively. This decline is Dogecoin's lowest level since early April and Shiba Inu's lowest since early March, indicating declining investor activity and market sentiment for both meme currencies.
As traders bet increasingly bearishly, derivatives metrics support the pessimistic argument. On Wednesday, CoinGlass long-to-short ratios for DOGE and SHIB are 0.85 and 0.87.
Bears target $0.181 for Dogecoin
Friday's weekly support around $0.181 helped Dogecoin recover over 9% in three days. As of Tuesday, DOGE is down roughly $0.194.
DOGE may fall to weekly support of $0.181 if it continues its downturn.
The daily RSI is 40, below the neutral threshold of 50, suggesting negative momentum. The Moving Average Convergence Divergence (MACD) crossing last week remains negative, reinforcing the bearish perspective.
DOGE might rebound to the 200-day EMA around $0.220.
Friday's dramatic decline in Shiba Inu pricing was somewhat offset by the weekend. On Tuesday, it fell below $0.0000099.
SHIB might reach the Friday low of $0.0000092 if it continues its drop.
SHIB might rebound to daily resistance at $0.000010.
