Interest in Dogecoin (DOGE) is falling, but the bullish trend persists

This indicator began to fall in early June and decreased by 80%, although a month ago it exceeded the value of $10 bln.

As a result, some traders started to open short positions on the futures market a few days ago, which is confirmed by the negative funding rate of -0.026. A negative funding rate means that more traders are buying the asset expecting the price to fall rather than rise.

At the same time, even though the DOGE rate is falling, the Chaikin Money Flow technical indicator is showing an uptrend and is above the zero mark at 0.03. It also continues to show stable growth.

As you know, this onchain metric measures the movement of money flows in and out of an asset. Negative values indicate that the initiative is on the sellers' side and liquidity is leaving the asset. A positive value, on the other hand, indicates that buyers are exerting strong pressure on the price of the asset.

An inflow of funds into the coin is most often associated with an increase in demand in the market and a possible increase in value. If the activity of buyers continues to grow, as it is now, then the DOGE rate may rise to $0.11 or even higher.