TLDR
- • Dogecoin has dropped 10% in the last 24 hours
- • Bitcoin fell from $102,000 to $96,000
- • $560 million in long positions were liquidated
- • Trading volume for DOGE increased by 89%
- • Key support levels are $0.336 and $0.375
Dogecoin (DOGE) experienced a sharp decline of 10% in the past 24 hours, leading losses among major cryptocurrencies as Bitcoin retreated from its recent highs above $102,000.
The fall of the popular meme cryptocurrency coincided with Bitcoin sliding to around $96,000a move that triggered significant liquidations in the crypto derivatives market.
Trading data shows crypto-tracked futures bets on higher prices were hit by $560 million in liquidations, marking one of the highest daily liquidation numbers for early 2025.
Despite the price decline, Dogecoin’s trading volume rose 89% compared to the previous day, indicating increased selling pressure and market activity.
The price movement brought DOGE below the crucial $0.37 support zone, which had served as a key level since mid-November 2024. Technical analysis suggests that $0.336 and $0.375 have emerged as critical price levels that could affect the cryptocurrency’s short-term trajectory.
DOGE Price
The broader cryptocurrency market showed similar downward trends, with other major tokens registering significant losses. Solana’s SOL, Cardano’s ADA, BNB Chain’s BNB and Ethereum (ETH) all fell by at least 7%.
CoinDesk 20 Indexwhich tracks the performance of the largest cryptocurrencies by market capitalization, recorded a 7.1% decline during this period.
Market data indicates that the $0.35-$0.38 region had previously established itself as a support zone after a rally in November. However, this support weakened in late December, leading DOGE to reach a local low of $0.262.
The first few days of 2025 had initially shown promise for Dogecoin, with the cryptocurrency breaking out of a symmetrical triangle pattern and reaching $0.398. This move temporarily reclaimed the $0.36 zone as support before the recent decline.
The current market movement appears linked to broader economic factors, as US Treasury yields showed an uptick following recent economic data. This development affected not only the crypto market but also traditional US stock markets.
Singapore-based QCP Capital maintains its prediction of continued market volatility throughout January, suggesting that the current price action is consistent with their market outlook.
The liquidation heatmap for Dogecoin over the past month highlights $0.42 as a strong magnetic zone nearby, although current price action remains well below this level.
Recent market data shows that long positions faced particular pressure during this downturn, with traders who had bet on price increases experiencing significant losses.
The price action brings Dogecoin to a critical juncture, with technical indicators suggesting that the $0.336 support level could play a crucial role in determining the next directional move.
Trading volumes indicate active market participation, with increased selling pressure contributing to the current price dynamics.
