TLDR
- Dogecoin has dropped 47% from its September highs, reaching $0.1600 on Nov 4.
- A death cross formed on October 27 signals strong bearish control over DOGE.
- DOGE ETF has seen no inflows since October 15 and holds only $30 million.
- Futures open interest has plunged from $6 billion to just $1.5 billion today.
Dogecoin is under growing pressure as technical and market signals suggest further losses. The cryptocurrency has dropped nearly 50% from its September highs and may fall another 20% if key support levels fail. A recent death cross formation, declining ETF inflows, and a steep drop in futures open interest all point to bearish momentum building in the market.
Technical Signals Show Weakness in Dogecoin Price
Dogecoin’s price has fallen to its lowest level since October 11, dropping to $0.1600. This level marks a 47% decrease from its peak in September. The coin has broken below its ascending trendline, which connected the swing lows from June, August, and September.
The price also fell below the $0.200 resistance level marked by the Murrey Math Lines tool, signaling a broader shift in trend. A more bearish pattern has emerged following a death cross that formed on October 27. This happened when the 50-day Exponential Moving Average moved below the 200-day EMA. This technical setup is usually seen as a sign that sellers are in control.
The Average Directional Index (ADX), which tracks trend strength, has risen to 30. This is the highest reading since July and suggests the current downward move is strong.
DOGE Faces Risk of Further Decline if $0.1500 Support Breaks
If Dogecoin falls below the support level of $0.1500, it may continue to slide toward $0.10. This would represent a 20% drop from its current level. The $0.1500 mark is being closely watched by traders as it could confirm or cancel a potential double-bottom pattern.
Should the price hold above $0.1500 and reverse, a move back above the $0.200 resistance would be needed to change the trend. Until then, the overall bias remains bearish.
Falling DOGE ETF Inflows Reflect Slowing Demand
The recent launch of a Dogecoin ETF has failed to attract sustained investor interest. As of early November, the fund holds about $30 million in assets, far below the $120 million held by the XRPR ETF. Both ETFs launched on the same day, showing a sharp contrast in investor sentiment.
ETF.com reports that there have been no new inflows into the DOGE ETF since October 15, when it received $5.2 million. The slowing demand comes during a broader market pullback that has seen prices of Bitcoin and other altcoins fall sharply.
This drop in ETF interest may also signal that upcoming Act. 40 DOGE ETFs, which are still awaiting approval, could face a similar challenge gaining traction among institutional investors.
Futures Open Interest Drops, Showing Less Trading Activity
Dogecoin’s futures market is also seeing a decrease in interest. Futures open interest has dropped to $1.5 billion, down from more than $6 billion earlier this year.
This decline suggests fewer traders are willing to take large positions in DOGE. It also shows that liquidations may have increased, which often happens during volatile periods when prices fall fast.
As open interest drops, it reflects a cooling sentiment in the market. When paired with falling ETF inflows and bearish chart patterns, the overall picture remains weak for Dogecoin in the near term.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
