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Following
DOGE Dogecoin remains bearish after falling 90%, with $0.0670 constituting key short-term support.
The extremely oversold RSI indicator may attract buyers seeking a rebound. The increase in open interest indicates a recovery in market participation, but Dogecoin first needs to recover $0.0758.
Dogecoin has experienced a sharp decline and traders are looking for signs of recovery. After months of continuous selling, Dogecoin recently fell below US$0.0700. The memein is currently down about 90% from its all-time high. However, extremely oversold readings could attract buyers seeking a rebound. Dogecoin is also located in the main support area near $0.0670. The next step will determine whether sellers continue their decline or buyers eventually return.
Dogecoin tested three-year lows, bearish signals continued
Dogecoin fluctuated between US$0.0691 and US$0.0698 during Thursday's trading session. The token has fallen by about 3% in the first week of August. The decline continued a broader downward trend that began near the May high of $0.1186. Dogecoin recently hit approximately US$0.0670, setting a three-year low. This level currently constitutes the most important short-term support level. The current weak trend has pushed Dogecoin far below previous market peaks.
Analyst Ash Crypto pointed to extreme readings on the monthly RSI chart. According to the analyst, Dogecoin is currently in a historically oversold state. The monthly RSI has reached a level lower than the market bottom in 2022. Such readings may attract traders seeking potential long-term reversals. However, oversold conditions in and of themselves do not guarantee an immediate recovery in prices. Dogecoin also faces resistance from several important technical indicators.
The 50th EMA is currently around US$0.0754. The 100th EMA is around US$0.0830, while the 200th EMA reaches US$0.0986. Dogecoin is still below these three moving averages, and the overall trend remains bearish. The supertrend indicator added another level of resistance around $0.0758. The daily RSI is currently near 39, indicating weak buying pressure. MACD is still in the weak positive region.
Rising open interest provides early recovery signals
Despite bearish charts, some market data suggest improved participation. The open interest in Dogecoin perpetual contracts has recently increased from 15.45 billion DOGE, climbing to 16.36 billion DOGE in one day. The rise in open interest signals a return to the market by derivatives traders. However, traders should pay close attention to positions as leverage can exacerbate volatility.
Analyst CW also pointed out that Dogecoin's upward momentum is improving. Net long positions began to increase as traders sought stability. Analyst CW8900 highlighted another possible important development. Dogecoin rebounded after highly leveraged long positions suffered severe liquidation. Such liquidations can eliminate excessive leverage in the market and create healthier conditions for a potential recovery.
Despite this, dogcoin first requires buyers to hold the US$0.0670 support area. If it falls below this level, Dogecoin may face a deeper decline. Holding the support and then breaking through $0.0758 will strengthen the case for a rebound. Currently, despite signs of stabilization, Dogecoin is still in a significantly bearish state. Extremely oversold conditions may encourage buyers to test the market.
