Dogecoin traded below the $0.0800 level on Wednesday and was down for a second session, after declining roughly 9% over the course of the week. The slide extends Dogecoin’s losing streak to seven consecutive weeks as risk-off sentiment in the wider cryptocurrency market continues to weigh on speculative tokens.
Investors were also focused on signs of thinning demand. Data cited by CoinGlass showed Dogecoin futures open interest fell over the last 24 hours, while SoSoValue reported that Dogecoin-focused exchange-traded funds recorded zero net inflows for a third straight trading day on Tuesday.
Key takeaways
- Price move: Dogecoin slipped below $0.0800, remaining on track for a seventh straight week of losses.
- Catalyst: CoinGlass data showed Dogecoin futures open interest declined, alongside falling ETF inflows and broader crypto weakness after Bitcoin slipped below $60,000.
- Derivatives signal: Long liquidations dominated over the past 24 hours, indicating sell-side pressure has remained in control.
- Technical implication: DOGE is hovering just above the June 6 low near $0.0776, a key support level that could decide the next directional move.
What drove the move
Dogecoin’s retreat is being linked to broader deleveraging and reduced appetite for high-beta assets. CoinGlass data cited in the report showed Dogecoin futures open interest dropped by about 10% over the prior 24 hours, bringing it to roughly $1 billion. The sharp reduction suggests traders were closing positions rather than adding new exposure, consistent with weakening near-term confidence.
The futures picture also aligned with macro-driven risk reduction across digital assets. The report said the selloff accelerated as Bitcoin fell below $60,000, prompting investors to pare exposure across the market. In that environment, meme coins typically struggle first because they tend to attract less persistent institutional demand and can be more sensitive to shifts in leverage and sentiment.
Derivatives pricing further reflected bearish expectations. The report noted Dogecoin’s funding rate fell to 0.0025%, which it characterized as an indicator that traders are increasingly willing to pay to maintain short positions. A funding rate at these levels often coincides with expectations for additional downside, reinforcing the caution in the derivatives market.
Market reaction: liquidations and ETF flows
Alongside falling open interest, the report pointed to a liquidation wave that highlighted the direction of positioning. It said Dogecoin futures recorded approximately $3.7 million in total liquidations over the past 24 hours, with about $3.6 million attributable to long positions. That imbalance implies that attempts by bullish traders to hold or press higher failed under the current sell-off dynamic.
Institutional flows also appeared muted. According to the report, Dogecoin-focused exchange-traded funds recorded zero net inflows for a third consecutive trading day on Tuesday, based on data from SoSoValue. The lack of fresh capital from larger buyers can make it harder for a rebound to develop into a sustainable trend, particularly when retail participation is fading and leverage remains under pressure.
Technical outlook: support near $0.0776
On the technical front, the report described Dogecoin’s four-hour chart as “extremely bearish,” with price action concentrated around a potential decision point. It said DOGE was trading just above the June 6 low near $0.0776, framing that level as a “line in the sand” for bulls.
If DOGE breaks below that support, the report warned it could trigger further selling and open the door to a deeper correction. It also emphasized that Dogecoin remains below key trend gauges: the token is trading under its 50-day exponential moving average at $0.0919 and under its 200-day exponential moving average at $0.1154, which together reinforce the broader downtrend.
While momentum indicators remained cautious, the report highlighted one potential stabilizer. It said the relative strength index (RSI) was around 30, keeping DOGE in oversold territory, and that RSI had formed a bullish divergence versus its June 6 reading near 20. Such divergences can indicate weakening selling pressure and sometimes precede short-term rebounds, though the report cautioned that they do not always translate into immediate trend reversals.
That more constructive RSI signal was tempered by the report’s view of trend momentum. It stated the moving average convergence divergence (MACD) indicator remained bearish, with the MACD line below its signal line—suggesting that any rebound could remain corrective rather than the start of a sustained upswing.
In terms of levels, the report identified $0.0776 as immediate support. If it fails, it cited next zones near $0.0700 and $0.0641. On the upside, it said bulls would likely need to reclaim a descending trendline resistance around $0.0851 before any upside attempt can broaden.
Bigger picture and what to watch next
With retail participation softening, ETF demand appearing absent, and derivatives activity still pointing to risk, Dogecoin is approaching a critical juncture. The next trading sessions are likely to focus on whether DOGE can hold near the June 6 low around $0.0776 or whether downside momentum extends toward lower support levels. Broader moves in Bitcoin and the next set of market catalysts for cryptocurrencies—including macro data and any updates to expectations around rates and risk appetite—could also be decisive for DOGE’s direction.
