Dogecoin is stuck below $0.07, battling relentless selling pressure that keeps its price under key moving averages. The meme token trades near $0.0699 after failing to break past resistance, showing persistent bearish control over the market.
Currently, DOGE sits beneath its 20-, 50-, 100-, and 200-day EMAs, emphasizing how sellers dominate its trend. The immediate support level at $0.0690 could give way if selling intensifies, potentially dragging the price down to $0.0680 or even $0.0650.
On the flip side, bulls face tough hurdles. Surpassing the 20-day EMA at $0.0732 might spark a push toward the Fibonacci resistance zone between $0.0752 and $0.0785. Clearing the 50-day EMA near $0.0788 would further improve prospects, aiming next for $0.0867.
Derivative data backs the cautious mood. Open interest plunged from over $5 billion to roughly $1.09 billion, signaling traders’ reluctance to hold leveraged positions amid ongoing weakness. This drop reflects a retreat from speculative bets rather than renewed confidence.
Spot market outflows persist, with large withdrawals recorded in October, January, February, and early June, reinforcing the bearish trend. Efforts by buyers during April, May, and July failed to produce sustained rallies.
