NewsletterIs Dogecoin Price on the Brink of Crashing Below 30.85B DOGE Support?
Highlights
- Dogecoin futures face rising selling pressure as long liquidations reach $2.93 million in 24 hours.
- Dogecoin holds firmly onto $0.11 immediate support.
- At least 77.8k addresses that bought 30.85B Doge around $0.1 are ready to prevent an extended sell-off to $0.77.
- A potential trend reversal originating from the highly liquid $0.1 price level is likely to gain momentum.
Dogecoin price weekly correction deepened by 16%, with bullish attempts repeatedly thwarted by a deteriorating market. This, coupled with a weak technical structure, increases the probability of the largest meme coin falling below the firm $0.1 support.
The cryptocurrency market’s underperformance can be attributed to several factors: the unexpected market reaction to the Fed’s dovish stance, growing recession fears in the US fueled by stock market declines, and escalating geopolitical tensions.
All Eyes On $0.1 As Dogecoin Price Seeks Support
Dogecoin price faces significant selling pressure with massive liquidations in futures contracts. According to Coinglass data, $2.95 million was liquidated in longs, while $698k in shorts was wiped out.
Should this imbalance continue, it would be difficult to keep DOGE above $0.1, which may clear the course for a further decline to $0.77. A recent look at the Dogecoin price forecast revealed that holding below three key 20-day, 50-day, and 200-day Exponential Moving Averages (EMAs) further disadvantages the bulls, increasing the risk of a longer correction.
An incoming buy signal from the Moving Average Convergence Divergence (MACD) will call on more traders to buy the dip. However, it would be wise to wait for a bullish candle above the two-month-long ascending trend line in the four-hour range, before triggering the buy order.
Bullish traders will aim for $0.12, with a decisive break potentially leading to $0.14. More cautious traders might target $0.13 before confirming further upside.
Meanwhile, as DOGE price holds steady above $0.1—a region likely to play an important role in its recovery, about 41,000 addresses purchased 30.85 billion DOGE between $0.1078 and $0.1094, representing growing demand behind the largest meme coin, IntoTheBlock data shows.
A potential influx of buyers could ignite a Dogecoin rally, propelling prices above $0.12. IntoTheBlock’s IOMAP model shows that diminishing resistance will likely accelerate this upward movement towards $0.175.
Frequently Asked Questions (FAQs)
1. Is Dogecoin fundamentally supported at $0.1.
2. What is "Open Interest" in the futures trading
3. Should traders buy Dogecoin now?
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