Dogecoin Price Forecast: DOGE could retest $0.14
Dogecoin could retest the $0.14 support level amid bearish performance despite improved derivatives market data. DOGE, the native coin of the Dogecoin ecosystem, continues its poor performance this week after losing less than 1% of its value in the last 24 hours. The leading memecoin is currently trading at $0.157 and could record further losses 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 selloff reflects the bearish sentiment in the broader crypto market, with uncertainty of another Fed rate cut causing capital flight in the cryptocurrency market. Fed Chair Jerome Powell said during the last FOMC meeting that a December rate cut was not guaranteed, which spooked investors and fueled risk-off sentiment. Despite DOGE’s poor performance, its derivative market has shown promise in recent days. The Dogecoin futures Open Interest (OI) has stabilized over the past few days. Data obtained from Coinglass shows that traders are slowly regaining confidence in Dogecoin’s ability to sustain short-term recovery. Coinglass added that Dogecoin OI-Weighted Funding Rate has risen to 0.0076% on Wednesday from Tuesday’s -0.0083%. The surge comes as traders increasingly pile into long positions. The DOGE/USD 4-hour chart is bearish and efficient as Dogecoin has lost 10% of its value in the last 24 hours.
Summary
Key points include a potential test of the $0.14 support level, ongoing bearish momentum, recent stabilization in Open Interest, and a slight positive shift in funding rates suggesting growing long-side interest in the near term. The broader macro backdrop remains a driver of price action, particularly expectations around Federal Reserve policy decisions.
Original quotes and factual statements are preserved from the source content, including figures like the $0.14 support level, the $0.157 current price, the 37% drop since October 10, and the Coinglass-derived funding-rate details.
Author’s note
Author’s summary: A concise forecast based on current bearish momentum with near-term risk to the downside, tempered by improving derivatives market signals and a fragile macro backdrop. 124 characters.