$DOGE ranked No. 9 on the OKX Square trending searches, but its spot trading volume has fallen to a more-than-one-month low
Yesterday (10/25), it traded only about $11.7 million over the entire day, compared with $126 million on 9/22. The price has also slid from 0.0999 on 9/22 to 0.0769 now, down about 23%.
During trading on 10/24, it hit 0.0748, its lowest level in 35 days. Since then, it has been stuck in a narrow range of 0.076–0.078 for two days.
On the futures side, the funding rate has been negative for six consecutive settlements (around −0.002% to −0.005%). Open interest has held around $95 million, with no significant pullback. In other words, shorts are paying, but no one is in a hurry to exit.
When volume contracts this much, it usually means the market is waiting for direction. My take: I wouldn’t rush to short unless 0.0748 breaks, and I wouldn’t say it has bottomed unless it gets back above 0.082 (around the 10/20–10/21 closing price).
There’s hype, but no money flowing in. At times like this, I’d rather sit tight.
#DOGE #Dogecoin #TradingVolume #Cryptocurrency
Yesterday (10/25), it traded only about $11.7 million over the entire day, compared with $126 million on 9/22. The price has also slid from 0.0999 on 9/22 to 0.0769 now, down about 23%.
During trading on 10/24, it hit 0.0748, its lowest level in 35 days. Since then, it has been stuck in a narrow range of 0.076–0.078 for two days.
On the futures side, the funding rate has been negative for six consecutive settlements (around −0.002% to −0.005%). Open interest has held around $95 million, with no significant pullback. In other words, shorts are paying, but no one is in a hurry to exit.
When volume contracts this much, it usually means the market is waiting for direction. My take: I wouldn’t rush to short unless 0.0748 breaks, and I wouldn’t say it has bottomed unless it gets back above 0.082 (around the 10/20–10/21 closing price).
There’s hype, but no money flowing in. At times like this, I’d rather sit tight.
#DOGE #Dogecoin #TradingVolume #Cryptocurrency