Million

Dogecoin

<p>The post <a rel="noopener noreferrer nofollow" href="https://coinpedia.org/altcoin/dogecoins-current-recovery-may-be-halted-as-open-interest-drops-to-330-million/">Dogecoin’s Current Recovery May Be Halted As Open Interest Drops To $330 Million</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a></p>
<p>The popular memecoin, Dogecoin, has recently shown a robust recovery, gaining momentum in the past few hours. This uptick follows a period where investors actively sought to benefit from a recent dip in its price. A notable accumulation of DOGE occurred after its value hit a low of $0.068. Despite this, the declining interest in Dogecoin futures by traders is contributing to a decrease in market volatility, posing a concern to the patience of the market.</p>
<h2 class="wp-block-heading" id="h-there-s-no-significant-hurdle-toward-0-082">There’s No Significant Hurdle Toward $0.082</h2>
<p>Information from Coinglass indicates a significant liquidation of approximately $5 million in long positions following a drop in Dogecoin’s price to $0.072. With the price now experiencing a notable recovery, there’s a bullish outlook for the continuation of Dogecoin’s bullish trend.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/myrhth4H_7FaGI1IGcxw04PeO92IbQowHprEmCG7lb5QjMSvDY6GkG9bEnf6N8658psUrXsfEwNgZvTAsSdqOedXaooTqeyqGGMVdMsDByHT-QVxAYXBiVBmCwuaaEmSJhBTRkgXDmuK_MWKF44skDk" alt="">
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<p>Data provided by IntoTheBlock shows that the number of <a href="https://coinpedia.org/price-prediction/dogecoin-price-analysis/" rel="noopener noreferrer nofollow">Dogecoin</a> holders at the $0.082 price level is relatively low. Only around 266,000 addresses hold Dogecoin near this value, compared to about 396,000 holders at the $0.07 level. This situation, where the support level is stronger than the resistance, suggests a favorable scenario for Dogecoin’s price to maintain its recovery momentum without significant obstacles.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/TQOV9DktZG68gShnqkUqL_OSTdrK5r-WfqGKeHJrpMLTRg0IbPkhVcZekr3dT6KIqa4mTzFVsCkV-oD2UCd7eTioXU2sBWEJABLGUHzl0XibvW8tas1pEAkBp00QxJgkjG1E_6yuqFM28CBSXKRzEh4" alt="">
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<p>As the open interest (OI) in Dogecoin continues to decrease, there’s been a corresponding reduction in the coin’s volatility. The OI, a measure of market activity and trader interest, has fallen from a seven-week high of $419 million to a current low of $330 million. This decline indicates a declining interest from traders in initiating futures positions. Consequently, the volatility rate has now stabilized at around 52%.</p>
<p>Interestingly, the market sentiment appears to be shifting towards bulls, as seen by the increasing long/short ratio, now approaching 1.48. At present, 59.7% of traders are opting for long positions, while only 40.3% are favoring short positions.</p>
<h2 class="wp-block-heading" id="what-s-next-for-doge-price">What’s Next For DOGE Price?</h2>
<p>Dogecoin experienced a surge after successfully rebounding from the crucial $0.07 level. However, the momentum seems short-lived as bulls struggle to push the price beyond the EMA20 trend line. As of writing, DOGE price trades at $0.074, declining over 0.36% from yesterday’s rate.</p>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/ec8P-jwkzKG_hc-7ZZbEPuWb-2EbkQy0XxSZTTeoSbtffi4Z7JZjAmyUUEbxdP3UJIavkkIMMkaOm1lqPxsG2RQDtA3cvyidN9sBERRH8UFcRZLesvKwJO_PheBPa1jiU0vnZM-vzB2gPRpHtUNq0KI" alt="">
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<p>This inability to sustain levels above the critical resistance point has triggered a retracement and it has boosted sellers’ confidence. Here, buyers are expected to make a stand, attempting to hold the momentum. Should they succeed, the DOGE price might witness a steady climb back to $0.082. This level is critical; surpassing it could potentially lead to a rally towards the $0.1 mark. However, bears are set to defend this level strongly.</p>
<p>On the other hand, if the price breaks below the 200-day EMA on the 4-hour price chart and closes under it, it may indicate a phase where Dogecoin consolidates within the bearish region of $0.58-$0.65 for a while.</p>

Dogecoin’s Current Recovery May Be Halted As Open Interest Drops To $330 Million

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