Recently, I noticed that the meme dog’s momentum has been somewhat weak. Last month, I tried several times to push above $0.10, but it never broke through, and now it’s back around $0.088. It seems that short-term holders took profits during that rebound.

Looking at the technicals, the OBV has been declining, and the RSI is stuck below 50 with no movement, indicating that selling pressure is still quite evident. Open interest has actually increased, but the funding rate has been negative for several days, suggesting that more traders are betting against meme dog. Additionally, spot trading volume is shrinking, which together signals a typical bearish sign.

Last week, there was some positive interaction within the community, and the price did approach $0.10 at that time, but the enthusiasm didn’t last. The forced liquidation map shows many long positions between $0.084 and $0.088. If the price really breaks below $0.088, these high-leverage positions could be liquidated in a chain reaction. Especially if Bitcoin continues to weaken, meme dog could face even greater selling pressure.

From a technical perspective, Fibonacci retracement levels are at $0.117, $0.109, and $0.103, which could serve as next support or resistance levels. In the short term, meme dog’s downside risk is indeed quite significant.