Dogecoin (CRYPTO: DOGE) has closed below its 20-day moving average for a record 65 straight sessions, prompting veteran Wall Street investor Jordi Visser to argue that retail investors have yet to return to the crypto market.

What The 65-Day Record Actually Means

Visser tracks the Crypto Financial Rails 40 Equal-Weight Index, a 40-name basket of crypto assets tied to financial infrastructure, and noted on X that the index closed above its mid-June highs on July 21 while Bitcoin (CRYPTO: BTC) closed just below that same level. 

DOGE closed July 21 at $0.0735, sitting 0.8% below its 20-day moving average and marking its 65th straight session below that level, according to Visser’s data.

The previous record was 57 days between January and March 2025, a stretch that saw DOGE fall more than 50%.

The current streak started May 18 and has pushed DOGE down approximately 29.4%, with the deepest pullback reaching 18% below the moving average. 

Visser said the weakness points to one thing: retail has not come back, and without that energy, the broader ecosystem rally stays incomplete.

Is A Monthly Signal Flashing A Reversal?

Trader Tardigrade flagged the monthly Stochastic RSI hitting oversold on DOGE and pointed out the setup is identical to 2022, when the same signal bottomed and preceded a significant rally. 

He argued the indicator has never failed to produce a major move from this level and suggested a new high is loading.

Where Does DOGE Stand Technically?

DOGE slips to $0.07257, grinding along the $0.07 demand zone that has been tested repeatedly through July. 

The Supertrend indicator remains firmly bearish at $0.07977, a level price has not challenged since June, with every major EMA stacked overhead as resistance.

However, derivatives volume fell 32% to $703 million and open interest sits near multi-year lows at $1.11 billion according to Coinglass, meaning traders are quietly stepping away right as price tests its most critical support.

What makes it worse is the positioning. Long/short ratios on OKX sit at 4.88 and Binance at 2.56, so the crowd is heavily betting on a bounce that has not arrived. 

Long liquidations hit $847,000 in 24 hours against just $129,000 in short liquidations, with shorts barely touched, confirming sellers are comfortable and in control at current levels.

Key levels for DOGE:

  • $0.07394 — 20-day EMA, first resistance above
  • $0.07977 — Supertrend, the level that needs to flip for any structural change
  • $0.0700 — demand zone floor being tested repeatedly
  • $0.0600 to $0.0580 — next support zone if $0.0700 breaks

Photo: alfernec on Shutterstock.com