This Wednesday, the anticipated Dogecoin Santa rally lost momentum following a 4.03% drop in open interest, according to CoinGlass data. The cryptocurrency market, which fell back below $3 trillion, reflects a risk-off sentiment ahead of the holidays, leaving DOGE trading around $0.127 with a daily loss exceeding 1%.
After reaching a high of $0.134 on December 19, Dogecoin entered a consolidation phase within a narrow range. The macroeconomic context, marked by U.S. GDP growth of 4.3%, has raised doubts about future rate cuts by the Fed, reducing liquidity and trader participation in high-volatility assets.
In the coming days, DOGE will be under close watch to see if it can break through the $0.148 resistance or if it retreats toward the key support level of $0.11. The resolution of this indecision between bulls and bears will define the asset’s direction at year-end, while order books remain thinner due to the holiday period.
Source: https://www.coinglass.com/currencies/DOGE
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