The cryptocurrency market is bearish on Monday after the poor performance recorded on Sunday. Bitcoin is trading below $71,000, while Ether risks dropping below $2,100 if the bearish trend persists. Meanwhile, Dogecoin, the leading memecoin by market cap, is holding steady around $0.09000 at press time on Monday, after losing over 2% on the previous day. The consolidating performance comes as institutional demand for Dogecoin surged on Friday, with its largest inflow ever. The leverage market also shows mixed sentiment, while the momentum indicators lean bearish as DOGE tapers within a descending triangle pattern. Institutional demand for Dogecoin returns Sentiment toward Dogecoin is mixed due to the ongoing US-Iran conflict over control of the Strait of Hormuz. On Friday, DOGE-focused Exchange Traded Funds (ETFs) recorded $1.34 million in inflows, marking their largest inflow ever after 18 consecutive days of zero net flows. The return of institutional interest marks its fifth daily inflow since inception and solidifies near-term confidence. However, derivatives data show mixed sentiment among leveraged traders in the market. CoinGlass data shows DOGE futures Open Interest (OI) stands at $1.18 billion, rising over 1% in the last 24 hours, indicating an increase in the notional value of outstanding DOGE contracts. Meanwhile, the bulls have yet to take full control of the market as the OI-weighted funding rate fluctuates around the zero line. Currently, the DOGE funding rate is positive at 0.0029%, suggesting a near-term bullish bias. Technical outlook: Will DOGE rally above $0.1? Similar to other major cryptocurrencies, the DOGE/USD 4-hour chart remains bearish and efficient. DOGE’s price has been consolidating over the past few days, trading between the $0.09779 and $0.08810 regions since March 28. At press time, DOGE is trading below the 50-day Exponential Moving Average (EMA) at $0.0957, capping the upward movement in the near term. The bottom support of the triangle pattern aligns with the February 11 low at $0.0879. If the daily candle closes below this crucial support, it could threaten the February 6 low at $0.0800. On the flip side, the 100-day EMA at $0.1074 and the 200-day EMA at $0.1295 reinforce a broader downbeat structure. The momentum indicators suggest that the buyers are slowly regaining control of the market. The Moving Average Convergence Divergence (MACD) indicator hovers marginally in positive territory, and the Relative Strength Index (RSI) around 45 suggests only modest downside pressure rather than a strong recovery impulse. If the bulls regain control, they would encounter immediate resistance at the 50-day EMA near $0.0957. A daily candle close above this level would be needed to ease the current bearish pressure and open the way toward the 100-day EMA at $0.1074. An extended bullish scenario could play out in the medium term and allow DOGE to rally towards the 200-day EMA at $0.1295. The ongoing conflict in the Middle East will continue to affect the broader crypto market in the near to medium term. The post Dogecoin consolidates amid renewed institutional interest appeared first on Invezz
