Price: $0.39503 2.7852%
Market Cap: 58.03B 1.7547%
Volume (24h): 8.54B 0.4%
Dominance: 1.7547%
Price: $0.39503 2.7852%
Market Cap: 58.03B 1.7547%
Volume (24h): 8.54B 0.4%
Dominance: 1.7547% 1.7547%
  • Price: $0.39503 2.7852%
  • Market Cap: 58.03B 1.7547%
  • Volume (24h): 8.54B 0.4%
  • Dominance: 1.7547% 1.7547%
  • Price: $0.39503 2.7852%
Home > Information news > Dogecoin (DOGE) Open Interest Drops, Price Stable Above $0.10

Dogecoin (DOGE) Open Interest Drops, Price Stable Above $0.10

Release: 2024/07/08 19:47 Reading: 900

Original author:BeInCrypto

Original source:https://beincrypto.com/?p=539537

Dogecoin (DOGE) Open Interest Drops, Price Stable Above $0.10

Dogecoin's Derivatives Trading Dwindles Amid Price Decline

Dogecoin's (DOGE) persistent price decline has negatively impacted its derivatives market. As of writing, the meme coin's total open interest has plummeted to $2.51 billion, its lowest level since the beginning of the year.

Open Interest Decreases

Open interest represents the number of outstanding contracts (options or futures) that have not been settled. A decrease in open interest indicates that existing contracts are being closed without new ones being created, suggesting a decline in market activity.

Value Decline Impacts Derivatives

The downturn in Dogecoin's open interest can be attributed to its steady value decline. The ninth-ranked cryptocurrency currently trades at $0.10, a 30% drop in the past month.

Short Positions Increase

The negative funding rate (-0.026%) on July 6 indicated that more traders were holding short positions, expecting the asset's price to fall.

CMF Indicator Suggests Buying Pressure

Despite the value decline, DOGE's Chaikin Money Flow (CMF) has remained positive (0.03). This indicator measures money flow and a bullish divergence between price and money flow suggests that there is significant buying volume at lower prices.

Price Prediction

If buying momentum continues, DOGE may rebound to $0.11. However, if selling pressure intensifies, the price could fall to $0.08.

Disclaimer: This article has been rewritten to improve readability and remove promotional content. Any references to have been preserved.

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