After Dogeday’s crash, DOGE projects further losses based on on-chain data, whale wallet holdings and technical charts.
Despite the drop in prices, the open interest volume for Dogecoin futures contracts are above the January 2023 high at $470 million, according to Coinglass data. Open Interest volume is the number of open positions in the futures market.
The DOGE/USD pair exhibited significant volatility following the logo change, rising over 21% to a new yearly peak of $0.10 on April 4. However, the price and IO volumes declined significantly after the social media platform returned to its original blue bird logo. The logo change was active between April 4 to April 7.“DOGE open interest has roughly doubled since Elon Musk took over Twitter last year, suggesting robust capital inflows.
The long-to-short ratio of the futures market shows a greater inclination toward short orders, acting as a contrarian signal for further upside. These addresses have repeated the same accumulation and distribution around Dogeday, selling heavily into the Dogeday’s decline.The DOGE/USD pair has broken below the bullish parallel trend, raising concerns about further downside risk.Based on the size of the parallel channel, the DOGE/USD projects a 15% decline from the present $0.083 level. A drop below of this magnitude will coincide with DOGE support level around $0.072.
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