Dogecoin continued to weaken on Tuesday, falling below $0.08, with a cumulative decline of over 10% over the past week. This pullback followed an earlier rally that failed to break through the resistance zone, with weakening momentum observed in both spot and derivatives markets.
ETF activity is low
Market data shows that institutional participation around Dogecoin remains limited. SoSoValue data indicates that activity related to DOGE spot ETFs has remained low since early June, reflecting weak demand from large capital sources.
For meme coins primarily driven by retail investors, a decline in funding sentiment often directly impacts price performance. The lack of clear new inflows into ETFs has also led the market to remain cautious about short-term rebounds.
The futures market is dominated by short positions.
Derivatives data also remained weak. According to CoinGlass, the long/short ratio for Dogecoin dropped to 0.80 on Tuesday, nearing a one-month low. A long/short ratio below 1 typically indicates that positions betting on a price decline outnumber those betting on a price increase.
This also indicates that trader sentiment has further shifted toward defense after the price broke below a key psychological level. The combination of insufficient spot buying pressure and a bearish bias in the derivatives market continues to increase short-term volatility pressure.
- DOGE is down nearly 6% today.
- Cumulative decline over the past week exceeds 10%
- The long/short ratio has decreased to 0.80
The $0.0776 support level is being closely watched.
As of press time, DOGE is trading at approximately $0.07948 and remains in a weak range. The article notes that the coin’s price is currently below its 50-day, 100-day, and 200-day moving averages, exerting downward pressure on its short-term trend.
Although the RSI is approaching oversold territory, the MACD only shows a slight slowing of the downtrend and has not yet provided a clear reversal signal. Key resistance levels are first seen near $0.0885, with higher levels at $0.0926 and $0.0982.
Below, attention should be focused on the yearly low of $0.0776. If this level is breached, the market may continue testing the $0.07 area.