Dogecoin (DOGE), the meme-inspired cryptocurrency created in 2013, is facing a fresh wave of selling pressure, slipping beneath a key technical indicator while contracting derivatives activity points to fading market participation. The latest leg down has also coincided with renewed attention on a past poll by Elon Musk that asked whether Tesla should accept DOGE as a form of payment.

DOGE Falls 7% as Sellers Hold the Upper Hand

As of press time, Dogecoin is trading at $0.07155, a decline of 7.17% over the past 24 hours. The drop has pushed the cryptocurrency beneath its lower Bollinger Band, and its Relative Strength Index (RSI) is approaching oversold territory.

The current slump reflects persistent selling pressure that has steadily eroded Dogecoin's market structure since October. The daily chart on TradingView shows progressively lower price levels following the October recovery, with sellers maintaining the upper hand in recent sessions. The most recent candle printed a low of $0.07111, placing DOGE close to the $0.071 mark. A sustained break below this zone could open the way for further downside, while buyers would need to reclaim lost technical levels before any recovery could be considered convincing.

What the Chart Indicators Show

The Bollinger Bands indicator, a volatility-based tool that plots a dynamic range around recent price action, places the middle line at $0.07758, the upper band at $0.08265, and the lower band at $0.07250. DOGE is currently trading under the lower band, a sign that selling pressure has driven the price outside its recent trading range.

The RSI, a momentum gauge that tracks the strength of recent price changes, reads 32.60, below its moving average of 36.41. Although this reading sits near the traditional oversold threshold of 30, it does not confirm a reversal. A decline toward 30 could signal additional weakness if sellers remain in control.

On the upside, $0.07758 marks the first significant recovery level. A more convincing push beyond $0.08265, together with the highlighted $0.08350 resistance level, would strengthen the technical picture. The next major resistance zone sits around $0.09237.

Musk's Tesla Poll Returns to the Spotlight

A post on X from dogegod has drawn attention back to an earlier poll in which Elon Musk asked, "Do you want Tesla to accept Doge?" That initial poll, posted on November 5, 2021, drew 3,922,516 votes. Roughly 78% of respondents backed the idea of Tesla accepting Dogecoin, while 22% voted against it.

The poll revived memory of one of the most consequential adoption debates in Dogecoin's history. Musk's public support has long kept attention on DOGE, particularly regarding possible payment applications, a theme that has followed the token since its 2013 debut. However, the screenshot makes no announcement of any new Tesla payment decision. While the historical discussion could stir fresh interest among DOGE supporters, it leaves the cryptocurrency's present technical setup unchanged.

"Do you want Tesla to accept Dogecoin?" – Elon Musk pic.twitter.com/Fv3JuQDcOX

— dogegod (@dogegod) November 5, 2026

Derivatives Data Points to Thinning Exposure

Open interest data from CoinGlass shows that DOGE derivatives exposure fell from its September peak of roughly $1.6 billion to about $1 billion by early November. This means the total value of outstanding DOGE futures positions has declined alongside the price, a metric traders commonly track to gauge how much capital remains committed to a market.

The figures point to reduced derivatives exposure, although falling open interest alone cannot establish whether long positions are being closed or traders are opening new short positions. The liquidation chart likewise shows repeated spikes in both long and short liquidations, underscoring stretches of forced position closures amid volatile price swings.

Can Dogecoin Recover From $0.07155?

Dogecoin is confronting a key test near its most recent daily low of $0.07111. A decisive break below that level could deepen the current slide, especially if the RSI keeps drifting toward oversold conditions.

From the buyers' side, reclaiming $0.07758 would be an early signal that momentum is improving. Breaking above $0.08350 would provide firmer confirmation that buying pressure is returning.

At present, the short-term outlook still favors sellers, given the weakening RSI, declining open interest, and price trading beneath the lower Bollinger Band. Crypto markets remain extremely volatile, so traders ought to monitor price movements, market sentiment, and forthcoming catalysts before making any investment decisions.

This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.

Source: Tron Weekly