Dogecoin (DOGE) is trading under dominant selling pressure on Thursday, hovering below $0.0700, a recent support-turned-resistance level. The meme coin has shed 3% of its value in the first week of August, against a backdrop of heavier selling pressure in previous months since May highs around $0.1186.
Dogecoin attracts renewed retail capital
The Dogecoin derivatives market has experienced a massive uptick in perpetual futures Open Interest (OI) to 16.36 billion DOGE on Thursday, from 15.45 billion DOGE the previous day. OI reflects the notional value of outstanding futures contracts and options. A sustained uptick in OI can provide price stability and support a potential recovery.
Technical analysis: Dogecoin sellers gain ground
Dogecoin trades at $0.0691, keeping a bearish near-term bias as the price holds below the 50-day Exponential Moving Average (EMA) at $0.0754, the 100-day EMA at $0.0830 and the 200-day EMA at $0.0986. The SuperTrend line at $0.0758 reinforces this overhead supply, while the Relative Strength Index (RSI) near 39 suggests weak demand.
At the same time, the Moving Average Convergence Divergence (MACD) stays marginally positive, hinting at only tentative downside momentum rather than a strong recovery.
Initial resistance appears at the 50-day EMA around $0.0754, closely followed by the SuperTrend barrier at $0.0758. A daily close above this cluster would be needed to ease immediate bearish pressure and expose the 100-day EMA at $0.0830, ahead of the more distant 200-day EMA near $0.0986.
On the downside, the prior downward trendline break level at $0.0670 acts as the first meaningful support. A sustained move below this floor would likely extend the current decline, while holding above it keeps DOGE consolidating within a depressed but still contained range.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
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