• Dogecoin has failed to recover from recent support levels and continues to face downward pressure.

  • Buying activity in the cryptocurrency market is hesitant, indicating a potential long-term bearish trend.

  • “With on-chain metrics turning bearish, DOGE investors remain cautious,” an analysis from COINOTAG said.

  • Dogecoin Drops Below Critical Support Levels as Bears Take Control

  • Dogecoin has experienced a significant decline, breaking the critical support zone between $0.123 and $0.128 that has been maintained since March. This decline reveals a bearish sentiment strengthened by insufficient buying interest. The fact that the daily RSI is below the neutral 50 level and the OBV (Balance in Moving Volume) indicator shows minimal activity after the decline are clear signs of weak momentum. Therefore, the bulls seem unable to stage a comeback by gathering enough demand in the near term.

  • Falling Open Interest Number Highlights Lack of Market Interest

    The dramatic 176% increase that Dogecoin saw in February and March now seems like a distant memory. Open Interest reached $480 million at the beginning of this rally, but by mid-July it had returned to pre-rally levels and dropped to $478 million. This sharp decline indicates that futures traders' confidence is waning. If DOGE can break key resistance points with strength, speculative interest may increase again.

  • On-chain Metrics Show Distribution, Avoid Investing Now


    Current on-chain metrics show a worrying trend. Over the past month, Dogecoin's 30-day MVRV (Market Value to Realized Value Ratio) has remained negative, indicating that recent buyers are at a loss. Additionally, the average coin age has been on a downward trend since late May, seeing a brief uptick in June. This decline in average coin age indicates distribution rather than accumulation. Additionally, the age consumed metric remained stable, weakening hopes for a rapid recovery.


    Liquidation Heat Map Indicates Short-Term Transaction Range

    COINOTAG's latest analysis, using the 7-day liquidation heat map, suggests that a short-term range formation is likely to form between $0.104 and $0.1128. Beyond this range, resistance at $0.13 and $0.135 will be critical areas to watch. The combination of these indicators indicates a cautious market mood and suggests that traders will refrain from taking decisive action before receiving clear signals.

  • Conclusion...

  • Dogecoin currently appears to be maintaining a sustained bear momentum as it has broken below critical support levels and on-chain metrics indicate distribution rather than accumulation. Low Open Interest and lackluster buying pressure further confirm this trend. The focus for traders should be to watch for resistance at $0.13 and $0.135 and be prepared for potential short-term trades in the $0.104 to $0.1128 range. An improvement in these metrics will be essential for a meaningful bull comeback.

  • 📈📉 #Dogecoin‬⁩ $DOGE