Following a sharp rise to a high of $0.10622 on Feb. 25, Dogecoin retreated, falling below this key price level.
Since this date, Dogecoin has made consistent attempts to regain this key price level but was met with a brick wall as it could not surpass $0.10 in the days that followed.
Dogecoin rose to a high of $0.101 on Feb. 26 but declined thereafter. In Friday’s session, Dogecoin could barely reach $0.10, only reaching $0.0995, indicating immediate resistance at this level.
At the time of writing, DOGE was down 4.91% in the last 24 hours to $0.094 as the market faced renewed selling pressure as cryptocurrencies slipped alongside U.S. equities after Nvidia’s earnings-fueled pullback.
The broader crypto market headed into Friday on the back foot, with most major cryptocurrencies posting losses over the last 24 hours as traders continued to de-risk alongside equities following Nvidia’s earnings-driven pullback.
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In the last 24 hours, a total of $317 million has been recorded in liquidations, according to CoinGlass data. Long positions contributed to a larger chunk of this figure at $234 million, while shorts came in at $83 million.
Dogecoin open interest drops 9.96%
Positioning in futures and options shows traders looking to protect against further declines. In this light, total futures open interest (OI) across the crypto market has fallen back to recent multimonth lows of around $93.13 billion. The drop shows how quickly the optimism sparked by the recent price bounce might have waned.
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Dogecoin likewise saw its open interest fall 9.96% in the last 24 hours to $921.41 million. Its volume across the derivatives market also fell nearly 21% to $2.77 billion.
Since February’s start, Dogecoin has traded sideways between $0.079 and $0.115, with these forming the support and resistance of the range.
In the immediate term, traders see $0.0940 as the line in the sand for bulls, which might target $0.10 next and a drop to 0.0924 if the move fails. Analysts say institutional flows are improving on the markets but are not yet decisive, and as such may warrant caution from traders.