Dogecoin declined toward $0.16 amid capital rotation to smaller meme tokens, with derivatives data showing $60M in short positions creating resistance at $0.18.
Dogecoin DOGE $0.17 24h volatility: 3.0% Market cap: $25.29 B Vol. 24h: $1.32 B price slides 8% in 48 hours renewed investor risk appetite tilts demand towards low-cap memes. Can bulls flip the looming SHORT leverage clusters at the $0.18 mark?
DOGE Traders Face $60M Sell Wall as Market Rotates into Smaller Memes
Dogecoin declined toward $0.16 on Monday, July 1, continuing its 2-day correction even as broader crypto market sentiment remained upbeat. The market dip coincides with wider capital rotation, with traders chasing returns in low-cap meme tokens like $USELESS, which surged over 2000% in June.
Moreover, derivatives data from Coinglass shows that large sized short-contracts looming overhead further exacerbating the current Dogecoin price downtrend. The liquidation map chart below tracks the value of active futures contracts listed as specific price levels, highlighting potential pivot points.
Dogecoin liquidation map | Source: Coinglass, July 1, 2025
As seen above, the short traders remain dominant within the Dogecoin derivatives markets with $143 million active short contracts far outpacing the $103 million in corresponding long leverage positions.
Looking closely, short-sellers concentrated over $60 million in open DOGE short positions over the past seven days, creating significant resistance at the $0.18 mark.
This increased speculative demand and risk appetite for low cap memes has diverted inflows away from legacy meme assets like DOGE. Despite the decline, DOGE maintains solid support from bull traders who appear to be defending the $0.15 level.
If DOGE price absorbs selling pressure and avoids a breakdown below $0.15, a sharp rebound breaching the $0.18 level may stage for a short-squeeze potentially driving an accelerated rally above $0.20.
Falling Wedge Pattern Eyes $0.24 as DOGE Holds Key Support
From a technical standpoint, Dogecoin’s daily chart is flashing a Falling Wedge pattern, often seen as a precursor to bullish price breakouts. A falling wedge is formed when an assets’ price action creates a narrowing range between lower highs and lower lows. The pattern often resolves to the upside once price breaks above the descending trendline.
Dogecoin price forecast
Currently, DOGE is testing the wedge’s upper resistance around $0.16. A sustained breakout, especially with rising volume, could project DOGE to as high as $0.22, based on the measured move target from the wedge’s height. Supporting this scenario is the Relative Strength Index (RSI) at 37, which remains below overbought levels, suggesting considerable upside potential.
Conversely, a breakdown below $0.15 could invalidate the optimistic Dogecoin price forecast , potentially triggering a steeper pullback toward $0.12.
Snorter Gains Traction DOGE Price Consolidates
While Dogecoin consolidates, traders hunting exponential gains are eyeing Snorter—a Solana-based presale project blending memecoins with on-chain trading bots. Snorter has already raised over $1.3 million, offering early buyers access at $0.0965 with built-in staking rewards and DeFi tools.
As meme rotations intensify, early-stage projects like Snorter offer potential asymmetric returns, especially in this cycle’s hunt for the next BONK-like explosion. With presale ending soon and Solana hype peaking, $SNORT is quickly becoming one of the most watched tokens this week.
Visit Snorter’s official presale page to enter the $SNORT presale.
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