Dogecoin Drops 5% as Bearish Sentiment Deepens
Dogecoin (DOGE)
Editor:
Eugene Serbin
Dogecoin fell over 5% this week, extending its decline as bearish derivatives positioning weighed on the meme coin. According to cvj.ai, the long-to-short ratio dropped to 0.85 on Wednesday, marking its lowest level in more than a month. This reading indicates that short positioning has overtaken long positioning, reflecting increasingly bearish trader sentiment.
CryptoQuant data highlighted overheating conditions alongside dominant sell-side activity in large futures orders. Technically, Dogecoin remains below its 200-day exponential moving average near $0.093, which acts as an immediate obstacle to recovery. The price is currently holding above the 50-day EMA at $0.088 and the 100-day EMA at $0.086.
Momentum indicators show buyers have lost strength, with the Relative Strength Index hovering near 48 and the MACD line marginally negative. A daily close below the $0.088 support zone would weaken the technical structure and bring deeper support near $0.070 into focus. Until Dogecoin can reclaim the 200-day EMA, bearish pressure and subdued momentum limit its recovery prospects.
How the market reacted
Whalio's own Binance spot order flow for DOGE, measured when this story was written up on 7 October 2026. Not the outlet's figures.
Whalio’s Binance spot data shows Dogecoin trading at $0.09369 with a 24-hour buy ratio of 39.7%, indicating that selling pressure is currently dominant. The 1-hour buy ratio stands at 37.3% and the 4-hour ratio at 44.4%, suggesting that short-term buying interest is fading compared to the broader daily trend. Volume deltas are negative across all timeframes, with the 24-hour delta at -$14,577,463 and the 4-hour delta at -$1,544,399. This negative delta means that sell volume has exceeded buy volume, pushing prices down during these periods. The cumulative volume delta for the 24-hour close is -$15,615,038, confirming that sellers have controlled the flow for most of the day. Only five out of twenty-four hours saw net buying, highlighting a clear preference for liquidation or shorting over accumulation.
The latest daily buy ratio of 37.6% sits at the 0th percentile of the last 322 days, against a median of 48.9% - among the weakest buying days it has had.
Was that an ordinary day?
The same Binance spot measurements for DOGE, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.1%, which is 9.4 percentage points higher than the latest day’s reading. This drop indicates that today’s selling pressure is unusually strong compared to the weekly norm. Volume was 1.13 times the average, showing that while participation is high, it is driven by sellers. The total volume delta for the eight-day period was -$20,411,599, confirming a consistent bearish bias over the week. Only four of the seven days experienced net buying, reinforcing that the current price action is part of a broader downward trend.