Key takeaways
- DOGE slipped less than 1% and is trading above $0.15.
- Dogecoin derivatives markets are showing signs of recovery as Open Interest climbed to $1.66 billion.
Dogecoin derivatives data point to a tentative recovery
Dogecoin (DOGE), the native token of the Dogecoin ecosystem, continued to underperform this week, sliding by under 1% over the past 24 hours. The leading memecoin is trading around $0.157 and faces the risk of further losses in the near term.
Following the October 10 flash crash that wiped out more than $19 billion in crypto assets in a single day, Dogecoin has declined roughly 37% from prior levels.
This sell-off mirrors broader bearish sentiment across crypto markets, driven by renewed uncertainty over further Federal Reserve rate cuts. Fed Chair Jerome Powell’s comments at the last FOMC meeting — that a December rate cut is not guaranteed — unnerved some investors and fostered risk‑off behavior.
Despite DOGE’s weak price action, its derivatives market has shown encouraging signs in recent days. Dogecoin futures Open Interest (OI) has stabilized, signaling traders are gradually regaining confidence in DOGE’s potential for a short-term rebound. Coinglass data indicate a steady build in open positions.
Coinglass also reported that DOGE’s OI‑weighted funding rate rose to 0.0076% on Wednesday from -0.0083% on Tuesday. That shift reflects traders increasingly adding long exposure to Dogecoin.
DOGE remains under pressure as market volatility persists
The 4-hour DOGE/USD chart is showing bearish momentum, with Dogecoin losing about 10% over the last 24 hours amid weak performance across crypto markets.
The 4-hour Relative Strength Index (RSI) sits near 48 and could slide further toward oversold territory if selling continues. A sustained sell-off would increase the probability of DOGE dropping below $0.1500.
Dogecoin is trading below several key moving averages: the 50‑day EMA at $0.1893, the 100‑day EMA at $0.2024, and the 200‑day EMA at $0.2090. These EMAs may act as strong resistance levels if a recovery attempt occurs.
If bearish pressure persists, DOGE could slip under $0.15 and retest support near $0.1424, a level last examined in June.