Dogecoin Price Struggles at $0.20 Support Amid Whale Selloff and Futures Liquidations
The Dogecoin price is struggling to maintain the $0.20 support level as significant investors offload holdings and leveraged traders exit. The price briefly exceeded $0.21 but has since decreased by over 2%, indicating increased selling pressure.
- Whales sold over 500 million DOGE in the past week, contributing to fears of further decline.
- Futures open interest fell by 61% from $5.03 billion to $1.95 billion, showing widespread liquidations.
- Dogecoin’s 24-hour trading volume rose 17.5% to nearly $2 billion, reflecting seller dominance.
Futures Liquidations and Technical Indicators
- Traders are closing long positions rather than increasing exposure.
- Technical indicators suggest a “death cross” between the 50-day and 200-day EMAs, signaling potential further decline.
- If selling continues, Dogecoin could fall towards $0.166, aligning with its ascending trendline.
- This trendline has previously led to strong rebounds, offering some optimism for recovery if support holds.
Key Price Levels to Monitor
- Current price is near $0.20 with a market cap of $30.3 billion, struggling to regain momentum.
- Resistance is between $0.204 and $0.210; a drop below $0.19 could lead to $0.18–$0.166.
- Future movement depends on whale distribution and new buyer demand.
- A recovery to $0.23–$0.25 is possible if fresh inflows and futures activity stabilize.
Without renewed interest from large holders, Dogecoin risks extended consolidation or deeper retracement before a new bullish phase begins.