Recent data of the Glassnod chain analysis platform show an enormous drop in openly open interest (OI) in the parts sector even.
This drop follows speculative price peaks, suggesting a change of feeling through the part of the part and take advantage of the lever effect.
Surprisingly, the best guys are still negotiating in the green area, contracting market expectations due to current deleveraging.
Data on memes money on OI data
According to Glassnode, an open interest through the same has experienced major delevert since he reached their heights.
Following the current trend, the term contracts on Dogecoin (DOGE) dropped from 58.45% to $ 1.49 billion.
On December 9, the long -term interest of Futures Doge’s rose to 3.58 billion dollars, highlighting the recent net drop.
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Other coins, including Pepe (pepe)Bonk (Bonk) and Dogwifhat (WIF), have also followed similar models, with cooling of the OI after speculative peaks.
The interests open to the future of future pepe’s fell by 71.93%, going from $ 1.25 billion to $ 351 million.
Regarding Bonk, the term contracts decreased by 75.10%, going from $ 715 million to $ 178 million.
Likewise, the WIF OI has increased from $ 653 million to $ 197 million, which is a drop of 69.83%.
In the middle of the speculative frenzy, the same has increased by commercial volumes and massive leverage assets.
According to Coingecko data, the total trading volume on the Memecoin market increased to more than $ 6.2 billion.
What pieces even lead the trend rebound game?
As a rule, such an enormous decrease in open interest in the same in the same sector shows that traders reduce their exposure.
The drop in prices of the main parts even generally follows this trend.
However, the same market see a bullish rally, most tokens showing a price rebound.
Floki Inu (Floki) is the largest winner of the day among the 10 best guys by market capitalization.
In the past 24 hours, the price of Floki has soared more than 15.84% to 0.0001039.
The same Dogwifhat is another best interpreter on the market. The token experienced a sharp increase of 6.7% during the last day to exchange at $ 0.62.
FlagCome on an increase of 5.17%, followed by Pepe with a daily overvoltage of 4.03%.
Meanwhile, Doge’s price increased by $ 3.2,513, while Shiba Inu (Shiba) increased by 2.6% in the same time to 0.00001529 $.
What to expect to move forward
Technical indicators suggest that Dogecoin can drop further key support levels.
In particular, DOGE has experienced another death cross, because its market value ratio on the value achieved (MVRV) fell below its mobile average at 200 days.
This trend generally suggests a downward price reversal. The last two times DOGE has seen this trend, the price has decreased by 26% and 44%, respectively.
With the recent death cross appearanceMarket players are now watching for signs of signs from another slowdown. Meanwhile, the Bollinger bands indicate an additional risk.
However, DOGE could challenge lowering trends, in particular given recent discussions on a potential launch of DOGE ETF.
Popular asset manager invests in ILO investments established A legal entity, Bitwise Dogecoin Etf, forming the basics of its Dogecoin ETF project.
Meanwhile, Pepe’s current technical indicators suggest a period of indecision. The negative macD values and the lowering crossing suggest this.
However, the relative resistance index (RSI) is relatively neutral to 48.15, indicating a balanced purchase and sale pressure.
Thus, PEPE can see a potential rupture above the resistance or a retirement to support $ 0.00,00095.