CandleFocus Dogecoin (DOGE) Open Interest Nears 2-Month Low Following Steep 20% Pullback
2024-12-24
Author: Content Editor
The open interest (OI) of Dogecoin (DOGE) has significantly declined, which aligns with its recent price decrease. OI represents the number of open contracts in a futures or options market and a decrease suggests dwindling trader confidence. The Mean Dollar Invested Age (MDIA), which measures the average age of all coins on a blockchain, has also increased, indicating that holders are keeping their coins stagnant and suggesting a bearish outlook. DOGE has lost support levels and the Moving Average Convergence Divergence (MACD) indicates a bearish momentum. If the negative trend continues, DOGE's price could drop further to $0.27, but if bulls defend the $0.35 support, the price could rebound to $0.48.
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