Bearish Momentum Limits Dogecoin Recovery Attempts

Dogecoin's recent price movements have been marked by bearish momentum, with the cryptocurrency trading below all major exponential moving averages (EMAs). This trend suggests that sellers continue to control the market, limiting any potential recovery attempts.

According to Coinglass data, falling open interest indicates that traders are cautious and not taking on significant leveraged positions. This lack of speculative demand makes it difficult for price rallies to gain traction.

The spot market also reflects this cautious behavior, with net outflows outweighing inflows over several months. Large withdrawal spikes in October, January, February, and early June reinforce the bearish trend. Occasional inflow bursts failed to reverse the overall pattern, suggesting investors are trimming exposure rather than accumulating positions.