Dogecoin’s [DOGE] price has hit a key support level after shedding over 47% of its value in its most recent pullback. The memecoin dropped...
Weak derivatives market and on-chain readings could complicate matters for bullsprice has hit a key support level after shedding over 47% of its value in its most recent pullback. The memecoin dropped from its peak Q1 levels of $0.22, but the plunge eased near the $0.12 support level.
Since March, the $0.12-support has been a key rebound for bulls. Will it hold again for a bullish reversal?The daily chart flashed weak bullish reversal signs based on the RSI and Chaikin Money Flow . Notably, the CMF has remained above average since mid-February and edged higher at press time. This underscored increasing capital inflows into DOGE markets.
Additionally, the RSI chalked a U-turn in the lower end, denoting a dampening sell pressure. However, the price faced resistance at the mid-level of the descending channel and $0.15. So, bulls must push above $0.16 to gain market leverage before attempting to reverse the rest of its previous losses. In fact, according to crypto-analystHowever, a crack below the multi-month $0.12 support could complicate matters for DOGE bulls.Despite the remarkable defense of the $0.12-support at the time of writing, market participants seemed overwhelmingly negative on the memecoin. As shown by Santiment’s data, DOGE’s negative sentiment in April has extended into May now.
Additionally, DOGE’s trading volume has remained compressed, which has added to the sell pressure seen over the past few days.These bearish readings are not exclusive to on-chain metrics alone, however. Futures market data revealed that DOGE markets had weakened too., DOGE’s OI rates were slashed by half, dropping from over $1.8 billion in March to below $900 million in May. Open Interest tracks the amount of money invested in the Futures market and, by extension, market sentiment.
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