Dogecoin has taken a steeper fall than Bitcoin as the broader crypto market saw a 4% decline in valuation.
By Parth Dubey
Editor Yana Khlebnikova
Updated
3 mins read
Following a brutal start to November, DOGE slid nearly 9% in the last 24 hours to around $0.165 with a 101% surge in trading volume.
While Bitcoin fell about 4% to $103K, the altcoin market was hit much harder. Ethereum and Solana each lost over 7%, and Dogecoin led the downside, briefly touching multi-week lows as long positions were wiped out in a wave of liquidations.
According to CoinGlass, over $1.16 billion in crypto positions were liquidated in 24 hours, most of them longs.
Analyst Maartunn from CryptoQuant noted that US spot market traders are driving much of the current sell pressure. However, this could be an optimal time to buy DOGE.
As per the 12H DOGE chart below, the meme coin has decisively broken below its mid-range channel support near $0.18.
The move signals renewed selling momentum that could extend toward successive supports at $0.16, $0.145, and $0.125, with a potential capitulation zone around $0.11.
The RSI has plunged to 24.01, indicating extreme oversold conditions that often precede short-term bounces.
The MACD remains negative but shows early signs of flattening, i.e., selling pressure might be exhausting.
Source: TradingView
If DOGE manages to hold above the $0.16 range and reclaims $0.18–$0.19, it could trigger a recovery phase targeting $0.26, and later the key resistance at $0.48.
A sustained bullish reversal would put the $1 price target back within reach.
Historically, Dogecoin’s steep declines have often preceded massive rallies.
The current correction, despite its intensity, could be another setup for long-term accumulation, especially with RSI and volume levels mirroring early 2023 recovery patterns.
However, failure to defend $0.16 would expose the market to another leg down.
While Dogecoin eyes a recovery, Maxi Doge ($MAXI), a meme coin that merges gym culture with the thrill of crypto trading, has raised a massive $3.9 million in its ongoing presale.
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Currently, reward rates stand at a massive 78% per annum.
To buy $MAXI before prices increase in the next two days, visit the official Maxi Doge website and connect a supported wallet, like Best Wallet.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
