TLDR
- • Dogecoin dropped 10% in the past 24 hours
- • Bitcoin fell from $102,000 to $96,000
- • $560M in long positions were liquidated
- • Trading volume for DOGE increased 89%
- • Key support levels are at $0.336 and $0.375
Dogecoin (DOGE) experienced a sharp 10% decline in the past 24 hours, leading losses among major cryptocurrencies as Bitcoin retreated from its recent highs above $102,000.
The popular meme cryptocurrency’s drop coincided with Bitcoin’s slide to approximately $96,000, a movement that triggered substantial liquidations across the crypto derivatives market.
Trading data shows that crypto-tracked futures betting on higher prices suffered $560 million in liquidations, marking one of the highest daily liquidation figures for early 2025.
Despite the price decline, Dogecoin’s trading volume surged by 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 influence the cryptocurrency’s short-term trajectory.
DOGE Price
The broader cryptocurrency market showed similar downward trends, with other major tokens recording substantial losses. Solana’s SOL, Cardano’s ADA, BNB Chain’s BNB, and Ethereum (ETH) all declined by at least 7%.
The CoinDesk 20 index, which tracks the performance of the largest cryptocurrencies by market capitalization, recorded a 7.1% decrease during this period.
Market data indicates that the $0.35-$0.38 region had previously established itself as a support zone following a rally in November. However, this support weakened in late December, leading to DOGE touching a local low of $0.262.
The early 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 connected to broader economic factors, as U.S. treasury yields showed an uptick following fresh economic data. This development affected not only the crypto market but also traditional U.S. stock markets.
Singapore-based QCP Capital maintains its prediction of continued market volatility throughout January, suggesting that the current price action aligns with their market outlook.
The liquidation heatmap for Dogecoin over the past month highlights $0.42 as a strong magnetic zone nearby, though current price action remains significantly below this level.
Recent market data shows that long positions faced particular pressure during this decline, with traders who had bet on price increases experiencing substantial losses.
The price movement 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.
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