Dogecoin has recorded its longest streak (65 days) closing below its 20-day moving average, signaling sustained bearish pressure and potentially indicating a lack of retail investor participation in the broader crypto market rally. Despite oversold monthly Stochastic RSI signals suggesting a potential reversal, technical indicators and derivatives data point to continued weakness and a crowd heavily betting against the trend.
Dogecoin has hit a significant technical milestone, closing below its 20-day moving average for 65 consecutive sessions, surpassing its previous record. This sustained bearish trend, highlighted by veteran investor Jordi Visser, suggests that retail investors, crucial for meme coin rallies, have not yet returned to the crypto market, potentially hindering a complete broader crypto ecosystem rally. While some technical indicators like the monthly Stochastic RSI suggest a potential reversal, the current derivatives market data, including high long/short ratios and significant long liquidations, indicates that sellers are in control and a bounce is not imminent. This situation presents a short-term risk for DOGE holders and traders betting on a bounce, while offering a potential opportunity for short sellers or those looking for a deeper entry point if key support levels break.