Dogecoin had low buying volume and the futures market signaled bearish sentiment- can the meme coin bounce from the local support zone?
The Futures market was not convinced of a Dogecoin recovery in the near term either. Should traders prepare for further losses, or be brave and bid theDogecoin retraced the gains it made the previous week and was trading at the psychological $0.1 support zone again. However, its momentum and volume signaled bearishness.The OBV was unable to breach the local highs made earlier this month.
A price bounce toward the $0.108-$0.112 local resistance is possible if the demand begins to increase. A fall to $0.095 to hunt liquidity is also possible in the near term.Over the past few days, the Open Interest sank lower alongside the price. The Funding Rate was also in decline and turned negative a few hours ago. Together, the data showed bearish conviction rising amongst speculators.
The spot market was not confident of a Dogecoin recovery either. The spot CVD continued to slide lower even as the meme coin prices straddled a support zone.Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinionAkashnath Sumukar works as a Senior Journalist at AMBCrypto. Based in Chennai, India, he has been an avid follower of the cryptocurrency market since Bitcoin’s boom and bust cycle of 2017.
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