Dog (RUNES), a memecoin governed by the users at its core, saw a sustained downtrend on the chart.

Over the past two months, it was headed in a correction phase. DOG lost more than 70% of gains and traded on the back foot. Sellers showed their upper hand and continued to dominate the battle.

Traded below the key moving averages and in the bearish region, the memecoin has driven a severe underperformance. It conveyed a sharp rejection from the supply region of $0.009774.

Notably, DOG (RUNES) has made its All-Time-High (ATH) mark of $0.009774. It continued to deliver a one-way harsh profit booking, which signified a massive distribution from the top.

At press time, the DOG token was changing hands close to $0.003086, with an intraday drop of 10.09%. It signified the selling pressure.

Can DOG (RUNES) Revive Its Spark or Continue to Correct Ahead?

Since its launch in April 2024, DOG has shown a tremendous upmove, rising over 70% from its low of $0.001829. It rewarded its investors during the initial days. However, the shift in the market dynamics led the buzz to cool off, and sentiments noted a change.

The ongoing price action signified a follow-on lower-lows formation. Buyers could not halt the gains at any noteworthy support zones, resulting in a severe decline for the past few sessions.

However, the memecoin reached its vital support of around $0.003000. It was close to the 23.6% Fibonacci level, where buyers may find support and exhibit a recovery ahead.

The trend has been bearish, and the sell-on-bounce structure was intact. Any recovery would not clearly signal a buying opportunity and must be carefully watched.

Its RSI curve sailed in the overbought zone, noted a negative crossover, and underlined the bearish moves. Similarly, the MFI indicator showed signs of bearish inflows.

Meanwhile, the Balance of Power (BOP) indicator has traded in a negative region. It showed that the short-term sellers anticipate accelerating the downward trend.

Social Metrics Highlight a Drop

The Weighted sentiment data observed flat moves and stayed close to the midline region. It signified a neutral sentiment among the investors for the DOG.

Following the price decline, the social dominance data witnessed a decrease. It underlined no significant chatter and a minute of media buzz.

That signified a reduction in online discussions among investors on social media platforms.

Surge in Liquidations

The short liquidations were noted at $181.58 at press time, whereas the long liquidations were noted at $24.13K. It indicates bears have outpaced the bulls’ army, and a clear selloff was shown on the chart.

Total Liquidation Data | Source: Coinglass

DOG’s Open Interest shed over 14.21% to $7.89 Million. That implied the long unwinding activity in the past 24 hours.

The decline in futures OI means buyers have been panicking. Due to the unwanted losses, they tried to square off their positions.

If bulls fail to initiate a surge, it may drag toward its downside support zone of $0.002850, followed by the $0.002700 mark. Conversely, if the bulls gain momentum, they may reach the upside mark of $0.003300, followed by $0.003700 ahead.