Dogecoin (DOGE), the renowned crypto meme coin, has recently broken below the crucial ascending trendline it has been holding since March 11, 2025. This significant breakdown in support has set the stage for a potential substantial price decline for the meme coin.
Dogecoin (DOGE) Price Action and Upcoming Levels
As per CoinPedia’s technical analysis, DOGE is currently exhibiting bearish signs after losing control over a key support level. This bearish price action is further exacerbated by the prevailing negative sentiment in the market.
Based on recent price movements and historical trends, if DOGE fails to reclaim the $0.166 level, it could potentially plummet by 18% to reach $0.136 in the near future.
Dogecoin Trading Volume Hits 2025 Low
In light of the bearish price action and overall market sentiment, traders and investors are showing a lack of interest in the meme coin, leading to a sharp decline in trading volume. Data from on-chain analytics firm Santiment indicates that DOGE’s trading volume over the past 24 hours has hit its lowest level of 2025.
Current Price Momentum
Currently, DOGE is trading around $0.166, marking a 5% drop in the last 24 hours. However, the trading volume has also seen a significant decline of 30% compared to the previous day.
With the bearish price action and dwindling trading volume, DOGE’s daily active addresses have seen a notable decrease since the start of March 2025. Santiment reports a more than 50% drop in active addresses, falling from 81,566 to 42,563.
Major Liquidation Levels
Analyzing the current market sentiment, traders have shifted towards a bearish outlook, as highlighted by the data from Coinglass. Traders are heavily over-leveraged at $0.165 on the long side, with over $4.60 million in long positions.
Conversely, at $0.173, short traders dominate with $21 million worth of short positions, indicating a strong bearish sentiment prevailing in the market.
In conclusion, the recent breakdown in support and bearish price action suggest that Dogecoin (DOGE) may be headed for a significant price decline in the coming days. Traders are advised to closely monitor the price levels and market sentiment to make informed decisions regarding their DOGE holdings.