Dogecoin, one of the world's largest cryptocurrencies, has lost support over its ascending trendline, indicating a potential significant price drop.
Dogecoin Price Action and Current Levels
According to CoinPedia’s technical analysis, Dogecoin appears bearish having lost control over a crucial support level. If the coin remains below the $0.166 level, it might drop by 18% to $0.136 in the future.
Trading Volume Hits 2025 Low
Amid bearish price action and negative market sentiment, Dogecoin's trading volume over the past 24 hours has significantly dropped, reaching its lowest level in 2025. Data from the analytics firm Santiment reveals a drop in active addresses by over 50% since early March, from 81,566 to 42,563.
Major Liquidation Levels
According to the analytics firm Coinglass, traders are heavily betting on the bearish side. There is a high concentration of long positions worth over $4.60 million at $0.165, while short positions dominate at $0.173 with over $21 million. This suggests a strong bear dominance, possibly pushing the price further downward.
Current trends indicate Dogecoin is under significant pressure, and continued bearish sentiment could lead to further price decline.
