Dogecoin (DOGE) saw its open interest decline 2.4% over a slow weekend, reaching $959 million, according to Coinglass data, as the broader crypto market faced renewed selling pressure. The dog-themed cryptocurrency extended losses from the previous week, with investors shifting focus toward stocks linked to the artificial intelligence boom.
At the time of writing, DOGE traded at $0.073, down 2.20% in 24 hours and 12% over the past week. The memecoin hit a low of $0.071 on June 23, its weakest level since November 2023, and is down nearly 27% in June, capping a bearish quarter. The ongoing downturn has been fueled by spot ETF outflows and a hawkish Federal Reserve stance, even as equity markets reach new highs.
Despite the selling, technical indicators suggest a possible turnaround. Dogecoin’s daily RSI has slipped below 30, reaching 24, indicating deeply oversold conditions. While a reading below 30 alone only reflects recent price action, the market often rebounds once oversold levels are confirmed—hinting at a potential relief rally in the coming sessions as traders eye the third quarter for a trend reversal.
