Dogecoin bulls have attempted to defend and flip $0.09 support over the past few days, with no success. In fact, the Bulls vs. Bears indicator turned positive again, rising to 6.8 after falling into the negative zone. According to CoinGlass data, DOGE recorded $82.79 million in Spot outflows compared to $68.64 million in inflows. As a result, the memecoin’s Spot Netflow dropped 148% to -$14.25 million.
Such a setup on exchanges reduces the supply available for immediate sale, effectively increasing scarcity and creating perfect conditions to accelerate upside momentum. Although significant capital has flowed into the Spot market, derivatives market participants have continued to reduce their exposure. While DOGE showed slight upside momentum, traders have avoided piling in, especially on the long side. This is due to increased long-position liquidations.
According to CoinGlass data, over $2.8 million in longs were liquidated. This liquidation rate amplified investors’ fear of taking more long positions. As such, massive capital flowed into the Futures market, with over $608.4 million in outflows. This suggests that most participants closed their positions, indicating reduced risk appetite.
Such market conditions have left the Dogecoin market weakened and exposed to potentially more losses on its price charts. Dogecoin is currently at a crossroads, with the Spot market showing greater determination to pull the market out of a slump, while Futures remain bearish. These two conflicting forces expose DOGE to the fate of whichever side manages to overwhelm the other. Looking at the Stochastic RSI, the momentum made a bullish crossover, rising from 7 to 23, reflecting increased buying pressure.
Despite this crossover, the momentum index remains firmly stuck in oversold territory, signaling the presence of sellers. Based on the future model, DOGE could drop below $0.09 again, falling to $0.086, with $0.080 as critical support. However, if Spot demand outweighs Futures selling, Dogecoin could hold above $0.09 and target $0.106 resistance. DOGE rose slightly, flipping $0.09, touching a high of $0.093, before retracing to $0.092.
Dogecoin saw fresh capital inflows into the Spot market, but Futures remained bearish, posing a risk of pullback. At press time, DOGE traded at $0.092, after slightly rising by 1.86% on the daily charts.
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