Dogecoin price eyes a steeper dive as headwinds rise
Dogecoin price dropped for two consecutive days after hitting the 50-day Exponential Moving Average as demand dropped and key headwinds rose.
- Dogecoin price has slumped in the past few months.
- Spot DOGE ETFs inflows have stalled this year.
- The futures open interest has continued falling, while the funding rate has turned negative.
Dogecoin (DOGE) token dropped to the important support level at $0.100, much lower than this month’s high of $0.1176. It remains ~67% from its highest level in 2025.
The coin faces major headwinds, which may drag its price in the near term. For example, it faces a major challenge on the ongoing crypto market crash, which has affected Bitcoin and most altcoins.
Additionally, the futures open interest has continued falling in the past few months, moving from a high of $5.20 billion in September to the current $1.16 billion. Falling open interest is a sign that demand has continued falling in the past few months.
More data shows that the weighted funding rate has remained in the red in the past few days. It dropped to the lowest level since February 10. A falling funding rate is a sign that investors believe that the coin will continue falling in the near term.
The same is happening in the exchange-traded fund market this year. Data compiled by SoSoValue shows that spot three spot DOGE ETFs by companies like Grayscale, 21Shares, and Bitwise have not had any inflows or outflows since February 3 this year. These funds now have had over $6.67 million in cumulative inflows, bringing the net inflows to $8.69 million.
Dogecoin price technical analysis
The daily timeframe chart shows that the DOGE price has been in a strong downward trend in the past few months, moving from a high of $0.3073 in September last year.
Dogecoin price has dropped below the key support level at $0.1295, its lowest level on April 7 last year. It has fallen below all moving averages, while the Percentage Price Oscillator remains below the zero line.
Therefore, the most likely scenario is where the coin continues falling, potentially to the year-to-date low of $0.0790, its lowest level this month. A drop below that support level will signal more downside.
