Dogecoin's open attention was in a huge free fall for a while now with Memecoin continuing The struggle to obtain the interest of the investor. As is the case, the data shows that the open interest of Dogecoin has decreased sharply since the beginning of March, as it has decreased to levels that have not been seen since November 2024. The rapid clouds, followed by data from Coinglass, reflect a significant decrease in translated situations and trading appetite for the MEMECOINS king.
Three months chip: Dogecoin's open interest decreases sharply
Open attention is very important In the use of interest in the original, which in turn helps to predict price movements. In the case of Dogecoin, his open attention reflects a low attention direction. After the peak on January 18, the open Dogecoin attention He was in a free fall that has no release, With the price The work reflects this declining trend. Since mid -January, Dogecoin's open attention has evaporated steadily, as it decreased from multiple levels to comparison levels now before the price of the last quarter of last year gathered.
According to To Coinglass dataThe reduction was not surprising, but instead it was put forward over the past two months, highlighted by the continuous exit by merchants and the cooling of the bullish feelings in the derivative market. This is the feelings that have been transferred from a continued decrease in the price of the Dogecoin, along with the rest of the encryption market. At the time of writing this report, the open interest Dogcoin was sitting at $ 1.6 billion, and 70.5 % less than its peak on January 18, amounting to $ 5.42 billion.
Possible effects of the future price movement of Wuj
The constant decrease in the open interest of Dogecoin carries a number of effects on the direction of its future price, especially in the context of momentum and liquidity in the derivative market.
Open attention is often used to evaluate the direction strength (both to the top or landing), and sharp cuts usually indicate that merchants withdraw from places due to stopping stimuli or qualifiers or no longer see the upward trend in the near future.
In theory, a decrease in the open interest of Dogecoin indicates a similar decrease in liquidity, which may also destroy any bullish trend. An increase in open attention, on the other hand, is the final to increase liquidity.
Now the open interest has returned to the levels of November 2024, this means that the liquidity and the feeling surrounding the Mimi currency has lost about two months of work, and the extent of the speed of derivatives that it can return to Al -Sa’umi as well Any potential upward trend from here.
At the time of writing this report, Dogecoin is traded at $ 0.1684, an increase of 0.52 % in the past 24 hours. However, the broader trend is still negative, as Mimi has decreased by 34 % over the past thirty days. This extended clouds were consequences on Dogecoin Standing in the wider market, It has now been overlooked by Cardano in terms of market value.
Distinctive image from Dall-E, the tradingView graph
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