Risk appetite in the cryptocurrency market has weakened significantly this week. As Bitcoin approached the $60,000 threshold, selling pressure spread to altcoins and especially meme coins known for their high volatility. Dogecoin and Shiba Inu lost about 9%; It was observed that the harshest sales were concentrated in the more speculative part of the market.
Defensive stance came to the fore in derivative markets
The general deterioration in the market brought about a more cautious positioning in derivative transactions. While the amount of open interest in Dogecoin futures decreased, this data remained close to the cycle bottoms on the Shiba Inu side. This picture indicated that investors tended to reduce risk in the short term.
Open position refers to the total number of contracts that have not yet been closed in futures and options contracts. A decrease in this indicator may be associated with an outflow of money from the market or investors reducing their current positions.
Mini dictionary: Open position is the total amount of contracts that have not yet been closed in derivative markets. It is often monitored to understand the direction of interest and leveraged exposure; A decrease may indicate that positions have been closed or that appetite has decreased.
However, both tokens experienced significant outflows from the exchanges. Although such movements could be considered as an accumulation signal under normal conditions, they were not enough to support prices in the current situation. It became clear that the market was more focused on the macro outlook and weak momentum than signs of a long-term rally.
Support levels stand out in the technical outlook
Dogecoin fell from $0.0891 to $0.0830, breaking below the ascending channel that has carried the price since February. In the analysis, it was stated that this break was more important than the decrease on a percentage basis. The breakdown of the four-month-old structure has turned attention to the lower support zone around $0.067.
The critical level for Dogecoin stands out as $0.0819; If this area is broken downwards, the possibility of a new retreat towards $0.067 may gain strength.
Shiba Inu decreased from $0.000004997 to $0.000004630. The price traded strongly below the support near $0.000004780. It was stated that the technical outlook is weaker compared to Dogecoin, the token remains below all important moving averages and continues to form lower highs and lower lows.
Initial support for Shiba Inu lies at $0.000004575. In case this area is lost, the next downside zone stands out as $0.000004500. In possible recovery attempts, $0.0883 in Dogecoin and $0.000004780 in Shiba Inu are observed as resistance positions.
| Presence | Pre-decline level | final level | Significant support | close resistance |
|---|---|---|---|---|
| dogecoin | $0.0891 | $0.0830 | $0.0819 | $0.0883 |
| Shiba Inu | $0.000004997 | $0.000004630 | $0.000004575 | $0.000004780 |
Volume and momentum data pointed to selling pressure
The strongest volume increases in both tokens were seen during support breaks, not during recovery attempts. This showed that control remained with sellers rather than buyers throughout the session. Although oversold signals have begun to appear on some momentum indicators, no strong signs have emerged supporting a permanent reversal on either Dogecoin or Shiba Inu side.
For now, recovery attempts are limited to short reactions after oversold rather than regaining the broken supports; This indicates that downward pressure continues in the short term.
In the analysis, it was emphasized that the lowest resistance direction continues to be down unless the buyers recapture the broken support zones. Therefore, in the short-term outlook, technical levels and the course of bitcoin around $ 60,000 are closely monitored.
