Dogecoin Price Breaks Key Support as Open Interest Slides

Dogecoin (DOGE) price has been in a consolidation phase over the past few days as a rebound attempt failed. Currently trading at $0.1242, it is down more than 42% from its highest point this year, indicating that it is in a deep bear market.

Another newer meme coin, Hoppy, has surged more than 3,600% since its low in May, while Doland Tremp has risen 90% over the past few days.

Trading data shows that demand for Dogecoin has not been strong over the past few months. Its 24-hour trading volume has generally remained below $1 billion, compared to Pepe, which has a 24-hour trading volume of over $1 billion.

The futures market has also performed similarly, with Dogecoin's open interest having been declining. In March, Dogecoin's open interest peaked at $1.9 billion and has now fallen to $578 million.

The situation could worsen if two moving averages cross to form a death cross. The death cross is usually one of the most bearish signals. Dogecoin is currently at an important support level, this price is the lowest volatility point on May 1, and it is also the neckline of the double top pattern. This indicates that the coin may continue to fall soon, and the target may be the psychological support level of $0.10.

The current consolidation and sluggish performance of Dogecoin indicates that the market demand for it is weak, coupled with the technical bearish signals, it may fall further in the short term. Investors need to pay close attention to the psychological support level of $0.10 to decide the next move.

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