Dogecoin (DOGE) Price: Testing $0.22 Support Level After Recent Decline

TLDR

• Dogecoin’s open interest surged 5.24% to $1.3 billion in 24 hours, all in perpetual contracts
• Binance leads DOGE trading with $581 million in open interest, followed by Bybit with $410 million
• OKX and Coinbase lead in new money inflows with $1.33 million and $1.25 million respectively
• DOGE price declined below $0.2400, with a low formed at $0.2157
• Technical indicators show DOGE consolidating losses with key support at $0.2200 and $0.2120

Dogecoin (DOGE) has experienced heightened market activity with a sharp rise in open interest coinciding with a price decline. The meme cryptocurrency’s market movements show increased trader interest despite recent downward price action.

DOGE saw its open interest jump by 5.24% to $1.3 billion over a 24-hour period. This increase came entirely through perpetual contracts, suggesting short-term speculators are driving current market activity.

Open interest reflects how much money is flowing into a specific market. The rise indicates more traders are taking positions on Dogecoin, which could influence its next price direction.

Perpetual contracts, which are futures contracts with no expiry date, allow traders to gain exposure to price changes continuously without needing to roll over contracts. Their popularity in DOGE trading highlights the speculative nature of current market interest.

Exchange distribution shows Binance and Bybit controlling the largest share of Dogecoin open interest. Binance leads with $581 million, while Bybit follows with $410 million. OKX ranks third with $244 million in open interest.

This concentration of trading activity on a few key platforms suggests institutional or large-scale trader involvement in DOGE markets.

Exchange Activity and Money Flows

The highest DOGE trading activity was recorded on Binance with $18.57 million, followed by OKX with $10.97 million. Other exchanges including Kraken, Coinbase, and Bybit showed trading activity between $4.34 million and $5.15 million.

Net inflow data reveals most new money entering DOGE trades flows to OKX ($1.33 million) and Coinbase ($1.25 million). Unlike these exchanges, Binance, Kraken, and other platforms experienced minimal net inflows.

These money flows suggest different trader behaviors across exchanges, with new capital concentrating on specific platforms.

Price Action and Technical Analysis

Dogecoin price started a fresh decline after failing to clear the $0.2550 resistance level. The price has fallen below several key levels including $0.2420 and $0.2400.

Bears pushed DOGE below $0.2200, with a recent low formed at $0.2157. The price is now consolidating losses and trading below the $0.2350 level and the 100-hourly simple moving average.

Chart analysis shows a connecting bullish trend line forming with support at $0.2230. Immediate resistance appears near the $0.230 level, with major resistance around $0.2350.

Dogecoin Price on CoinGecko

If DOGE fails to climb above $0.2350, further decline may occur. Initial support sits near $0.220 and the trend line, with major support at $0.2150 and $0.2120.

A break below $0.2120 could send the price toward $0.20 or even $0.1840 in the near term.

Technical indicators show the MACD gaining momentum in the bearish zone, while the RSI remains below the 50 level. These signals suggest bearish pressure may continue in the short term.

Dogecoin maintains its position as the top meme coin by market capitalization, ahead of Shiba Inu.

The recent price action shows DOGE is at a critical juncture, with traders closely watching whether key support levels will hold. The cryptocurrency now trades below $0.240 as market participants position themselves for the next major move.