Dogecoin's Sell-Off Continues Amid Strong Selling Pressure

Dogecoin (DOGE) is facing strong selling pressure, trading below $0.0700, a level that has become a resistance for the meme coin. Since May highs around $0.1186, DOGE has shed significant value, with a 3% decline in the first week of August.

The Dogecoin derivatives market has seen an increase in perpetual futures Open Interest (OI) to 16.36 billion DOGE on Thursday, up from 15.45 billion DOGE the previous day. This uptick in OI can provide price stability and support a potential recovery.

Technical analysis suggests that Dogecoin sellers are gaining ground, with the price holding below key moving averages. The 50-day Exponential Moving Average (EMA) at $0.0754 and the 100-day EMA at $0.0830 act as overhead supply, while the Relative Strength Index (RSI) near 39 indicates weak demand.

Initial resistance appears at the 50-day EMA around $0.0754, closely followed by the SuperTrend barrier at $0.0758. A daily close above this cluster would be needed to ease immediate bearish pressure and expose the 100-day EMA at $0.0830.