The analysis suggests Dogecoin may retest the $0.14 support level amid a bearish price action, despite some positive signals in the derivatives market data. DOGE, the native token of the Dogecoin ecosystem, has shown weak performance this week, down modestly in the last 24 hours and currently trading around $0.157, with potential further declines in the near term.
“Since the October 10 flash crash, which liquidated over $19 billion in crypto assets in a single day, Dogecoin has lost 37% of its value.”
The broader crypto market exhibits bearish sentiment, influenced by uncertainty over another potential Fed rate cut, which has driven risk-off behavior and capital outflows from crypto assets. Fed Chair Jerome Powell indicated at the latest FOMC meeting that a December rate cut is not guaranteed, contributing to investor caution.
On the positive side, Dogecoin’s derivative market shows some resilience. Open interest in DOGE futures has stabilized recently, and funding rates have shifted higher, suggesting a gradual return of long-position interest as traders anticipate near-term support could hold. Specifically, the OI-weighted funding rate rose from negative territory to a modest positive level, indicating renewed bullish sentiment among some traders.
In the near term, the DOGE/USD four-hour chart remains bearish, with the recent 24-hour period showing a notable drop in price. Key support is near the $0.14 level, while resistance is observed around the $0.16–$0.15 range. If selling pressure persists, DOGE could test the $0.14 support again, potentially triggering further weakness toward lower benchmarks.