Dogecoin (DOGE) continues to trade under pressure, declining 2% over the past 24 hours and remaining below the $0.085 mark for a fourth consecutive session. The meme coin's persistent weakness reflects a broader shift in crypto market attention toward tokens with real-world utility, leaving DOGE struggling to attract retail interest.
Retail Weakness Deepens as Open Interest Declines
Market data reveals a notable drop in speculative activity around Dogecoin. According to CoinGlass, Open Interest (OI) fell 7% in the last 24 hours to $1.10 billion, signaling reduced trader participation and a more cautious market stance. Liquidation figures underscore the bearish pressure, with $4.5 million in long positions liquidated versus just $793,440 in shorts.
Despite the selloff, funding rates remain slightly positive at 0.0056%, indicating some traders still anticipate a rebound, though conviction appears weak. The broader market rotation toward artificial intelligence, privacy, and utility-focused tokens has further dampened demand for DOGE.
ETF Inflow Fails to Stem the Slide
On Wednesday, Dogecoin saw a modest ETF inflow of approximately $200,580, ending a 10-day streak of zero inflows. However, analysts note that the inconsistency and small size of these inflows have done little to improve retail sentiment or reverse the broader downward trend. The hawkish outlook from the new Federal Reserve chair also contributed to the bearish performance across the cryptocurrency market on Wednesday.
For context, similar patterns have been observed in other digital assets. For instance, XRP Faces $1.05 Support Test as Bearish Signals Outweigh $2.4M ETF Inflows and Solana Drops Below $70 as Institutional Inflows Rise Amid Bearish Price Action, highlighting a broader trend where ETF inflows alone are insufficient to counter bearish momentum.
Technical Outlook Points to Continued Bearish Pressure
From a technical perspective, DOGE remains under pressure, trading below its 50-day, 100-day, and 200-day exponential moving averages (EMAs). The price has broken below the $0.090 psychological level, with sellers maintaining control in recent sessions.
The 4-hour Relative Strength Index (RSI) hovers near 45, indicating weak demand but not yet deeply oversold conditions. Meanwhile, the MACD is flattening near its signal line, suggesting slowing downside momentum rather than a full reversal.
If the bearish trend persists, immediate support lies at $0.07766, the February 6 low, followed by $0.0700 and $0.0641. On the upside, resistance is located at $0.0900, then the 50-day EMA near $0.094 and the 100-day EMA around $0.0997. A decisive break above these levels could shift the narrative back to bullish.
In the broader market context, similar bearish dynamics are playing out across other assets. For example, Sterling and Gilts Slide as Starmer Resigns; FTSE 100 Holds Steady on Global Earnings and Deutsche Bank Warns Gold Could Slide to $3,800 on Fed Rate Hike Risks illustrate the impact of macroeconomic and political factors on various markets.
If the broader crypto market recovers, DOGE could rally in the near term, but current indicators suggest caution remains warranted.
This article is for informational purposes only and does not constitute financial advice.
