Dogecoin (DOGE) is currently facing significant selling pressure, down 15% over the past week, and struggling to find effective support. Technical indicators continue to show a strong bearish trend, with market sentiment leaning towards pessimism.
If the current downward trend continues, DOGE may test the key support level of $0.142. If this support level fails, DOGE could drop below $0.14 for the first time since October 2024, further probing lower levels.
However, if market sentiment changes, especially with a resurgence of meme coin speculation, buying pressure may return. In this case, DOGE could attempt a rebound. Key resistance levels are at $0.19 and $0.22, which will serve as significant obstacles for a potential trend reversal.
Dogecoin will struggle to reclaim $0.20 anytime soon.
Over the past week, DOGE's price has experienced a significant decline of 18%, and the ongoing selling pressure has further intensified its bearish trend. If this decline is not effectively curtailed, Dogecoin is expected to soon reach the key support level of $0.142. This price level is crucial for Dogecoin, as it may determine whether the price continues to probe lower.
Once it drops below $0.142, Dogecoin will have breached the $0.14 mark for the first time since October 2024, which will undoubtedly further reinforce the bearish sentiment in the market. Given the current price trend, the market seems more inclined to continue downward due to a lack of strong buying support, and unless there is a clear momentum shift, the downtrend may persist.
DOGE leads the memecoin plunge.
The downward trend of Dogecoin today reflects the prevailing bearish sentiment in the memecoin sector.
An overview of the key points is as follows:
Shiba, as the second-largest memecoin by market capitalization, has also experienced a significant decline in the past 24 hours, with a drop of 7%, currently trading at $0.00001167.
Among the top memecoins, the Solana-based SPX6900 (SPX) has suffered the most severe decline, with a price drop of up to 28%.
On March 11, the Dogecoin (DOGE) market faced a bearish trend accompanied by large-scale liquidations in the derivatives market, indicating that the market is under strong bearish pressure.
Key points are as follows:
In just the past 24 hours, over $23.1 million in DOGE long positions have been liquidated, while the liquidation value of short positions was only $4.4 million.
When long positions are liquidated, bullish traders are forced to sell their holdings, further exacerbating the downward pressure in the market.
Since February 24, a total of $161 million in DOGE long positions have been liquidated, while DOGE prices have dropped by 41% during the same period, showing a significant change in market sentiment.
The current open interest (OI) is low, and the frequent liquidation of long positions indicates that many leveraged traders are exiting the market, which may lead to more forced selling.
It is worth noting that the funding rate has turned negative (-0.0077%), which is a bearish signal indicating that shorts currently dominate the market.