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Dog-themed cryptocurrency, Dogecoin has seen its open interest drop in a slow weekend trade.
According to Coinglass data, Dogecoin open interest fell 2.4% in the last 24 hours to $959 million even as the market saw a fresh selloff early Sunday.
This follows as digital assets extended an earlier sell-off from the past week, owing to investors favoring stocks tied to the artificial intelligence boom.
Most crypto assets, including Dogecoin, traded in the red at press time, with a total of $141 million in liquidations. At the time of writing, Dogecoin was down 2.20% in the last 24 hours to $0.073 and down 12% weekly.
Crypto continues to be under pressure from spot ETF outflows and a hawkish Federal Reserve, despite equities reaching fresh highs.
Is there hope for recovery?
Dogecoin fell to a low of $0.071 on June 23, its lowest point since November 2023. The dog cryptocurrency is down nearly 27% in the month of June so far, rounding off a bearish quarter for the broader crypto market. This weekend marks the end of a weak first half, with just two days to go.
Traders will watch into the third quarter for a potential reversal or whether the weakness that has run through previous quarters carries into the third.
Dogecoin has steadily declined since the year's start as the crypto market bear market lingers, only marking one green month in 2026 so far. The drop has pushed Dogecoin momentum indicators below oversold levels. The daily RSI has fallen below oversold levels of 30, now at 24.
The market often rebounds when the RSI confirms oversold conditions; a reading below 30 by itself only indicates what has recently happened. In this regard, Dogecoin might have yet to confirm oversold conditions, but the chances of a potential relief rally exist given the current oversold reading.
U.Today Editorial Team
Dan Burgin
