Despite larger bearish blues, the Dogecoin price has managed to keep investors’ attention on it. As the DOGE price begins to fall, determining how far it has fallen becomes critical.
During the month of October, Dogecoin experienced a 140% increase, reaching a multi-month high of $0.158. DOGE, however, is now down nearly 40% from that local high.
DOGE long liquidations totaled $3.7 million in the last 24 hours, indicating that bears currently have the upper hand.
The futures market had a generally bearish tone. At the time of publication, open interest had dropped by 7.80% to $367 million. Furthermore, Binance’s funding rate has turned negative.
DOGE is currently trading at $0.0964, a decrease of 3.3% in the last 24 hours and 10.1% in the last week.
The Dogecoin 1-day and 7-day MVRV metrics indicate that short-term DOGE holders have begun to lose money.
With short-term holders losing money, selling pressure could mount and drive the price even lower.
DOGE’s daily active addresses have been increasing. This could be attributed primarily to market participants selling. However, Dogecoin’s velocity (the rate at which the price moves) has recently dropped to new lows.
A chart of Dogecoin balances by time held revealed that ‘trader’ balances (less than one month) increased by 53.94%, while ‘cruiser’ balances (between one month and one year) decreased by 10.97%.
The fact that traders are increasing their balances suggests that the DOGE market will be dominated by retail traders in the coming days. The In/Out of Money Around Price Indicator from IntoTheBlock indicated that the next support for DOGE is at $0.086 where 757,630 addresses hold 8.88 billion DOGE.
A drop below $0.086 could spell trouble for DOGE holders, and further liquidations could lead to a bearish December close for the DOGE price.