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bonk
Bonk (BONK)
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bitcoin
Bitcoin (BITCOIN)
$86,346 -2.74%
ethereum
Ethereum (ETHEREUM)
$2,985 -3.48%
binancecoin
BNB (BINANCECOIN)
$851.92 -3.79%
solana
Solana (SOLANA)
$126.13 -3.65%
ripple
XRP (RIPPLE)
$1.91 -4.13%
shiba-inu
Shiba Inu (SHIBA-INU)
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pepe
Pepe (PEPE)
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bonk
Bonk (BONK)
$0.000009 -4.85%
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Dogecoin Price Analysis: DOGE Consolidates at $0.13 Amid Weakening Institutional Demand

Highlights:

  • Dogecoin price is consolidating around $0.13, as bulls aim for a rebound above $0.15 resistance.
  • DOGE derivatives data show an increase in bullish bets, as the open interest rises 1.97%.
  • The technical outlook indicates a potential rebound above $0.19 if the bulls break above $0.15 resistance.

Dogecoin (DOGE) price is exchanging hands at $0.13, as its daily trading volume soars 78% to $955 million. The meme coin stands at a risk of dropping out of a consolidation scope amid the decline in the bullish momentum. Nevertheless, the derivatives market is receiving the bullish bets in large numbers, with traders expecting a possible recovery, as the capital exposure is high in DOGE futures.

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According to CoinGlass, the Dogecoin futures Open Interest ( OI ) has gone up by 1.97% in the past 24 hours, to $1.46 billion. It means that the notional value of the active derivatives contracts is growing, which may be because of higher leverage exposure. However, the long liquidations of $2.61 million during the past 24 hours exceed the short liquidations by a wide margin of 857,072, which means that there is a dominance on the sell side.

Dogecoin Price
Dogecoin Derivatives Data: CoinGlass

Nevertheless, according to the long-to-short ratio chart, the ratio of short positions has increased to 50.9% on Monday, compared to 49.1% in the long position. This signifies an upper hand in the bearish side, as the shorts are paying the longs.

DOGE Long/Short Ratio: CoinGlass

On the institutional level, the data of Sosovalue demonstrates that the Dogecoin ETFs registered $171,920 in inflows during the previous week. It came in on Wednesday, and the rest of the days were recorded as net-zero flows, indicating a decreased institutional interest in the meme coin.

Total DOGE Spot ETF Netflow: SoSoValue

Dogecoin Price Moves Into Consolidation

Looking at the Dogecoin daily chart, the price is at $0.13, slightly below the 50-day simple moving average (SMA) of $0.15, which is now acting as strong resistance. Further, the 200-day at $ 0.19 is also acting as a long-term resistance zone. Currently, the meme coin is hovering within the consolidation channel, as bulls are attempting to break out soon.

On resistance, the immediate overhead is at $0.15. If Dogecoin price breaks above this mark, the next targets are $0.18-$0.19, with additional upside if volume increases and new buyers join.

Dogecoin price
DOGE/USD 1-day chart: TradingView

The Relative Strength Index (RSI) is near 40.90, signalling that DOGE is neither overbought nor oversold, meaning there’s plenty of room for a move in either direction. The MACD (Moving Average Convergence Divergence) is flat, with buyers attempting to regain momentum. This is reinforced by the MACD flipping above the signal line. 

On the downside, if prices break below the current levels at $0.1365, the next support sits at $0.10. Meanwhile, renowned crypto analyst Ali Martinez has further predicted that the Dogecoin price could find immediate support around $0.10 or $0.062.

If DOGE holds above $0.15 and the derivatives market flips positive, a push toward $0.19 or higher is likely. In the meantime, traders should wait and see, as the technical outlook signals mixed signals.

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