price has been quiet, consolidating above $67K. With an impending supply overhang from the Mt Gox exchange, some traders are reportedly shifting focus to memecoins, especially legacy memes like
“Traders are shifting focus to higher beta meme tokens like Shiba Inu , Dogecoin , and Pepe , which have seen double-digit gains and are polling in the top 10 for Open Interest.’recorded an upswing in open interest rates in the past 24 hours. However, Dogecoin’s OI was still negative at the time of writing, down about 5%, which could delay a strong short-term recovery for DOGE.For the unfamiliar, Open Interest rates track opened futures contracts alongside the money flowing into or out of them.
DOGE’s OI has been trending lower since 27th May and slid below $900 million as of press time. The drop denoted underlying bearish sentiment on DOGE’s price prospects.However, DOGE was headed into a key short-term support near $0.15. A rebound in the short-term demand could push DOGE toward the short-term supply at $0.17 or $0.2.The below-average readings on the RSI and CMF meant that a retest of the demand area, marked by cyan, was possible.
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Source: CryptoAmb - 🏆 22. / 68 Read more »