Dogecoin Sell-Off Intensifies! Over $5 Million in DOGE Long Positions Wiped Out, Bears Dominate as Price Threatens New Lows?

金色财经Published on 2025-12-18Last updated on 2025-12-18

Abstract

Dogecoin (DOGE) continues its decline, with selling pressure intensifying as large holders reduce their holdings. On-chain data shows addresses holding 100 million to 1 billion DOGE have significantly lowered their supply since early December. Derivatives markets reflect growing bearish sentiment, with short positions rising to 53.91% and over $5 million in long liquidations in 24 hours. Technically, DOGE has broken below key support levels and is approaching the S1 pivot at $0.1231. A breakdown could lead to a test of the $0.1000 psychological level. Key indicators like MACD and RSI signal continued downward momentum. A rebound would face resistance near the 50-day EMA around $0.1556.

Dogecoin (DOGE) extended its decline, continuing its downward trend on Thursday. Following a 4% drop in the previous trading session, selling pressure in the market intensified further. On-chain data indicates that large investors continued to reduce their holdings, leading to a significant decrease in DOGE's circulating supply after profit-taking operations.

Meanwhile, short positions in the derivatives market have increased noticeably, reflecting a rise in bearish sentiment as retail interest wanes. Technical analysis shows that DOGE has broken below its April low, strengthening the downtrend, with the next key target level looking toward the $0.1000 mark.

On-Chain Demand and Retail Sentiment Weaken Simultaneously

According to Santiment, addresses holding 100 million to 1 billion DOGE currently hold 34.77 billion coins, down significantly from 36.14 billion on December 1. Although this group shifted to a wait-and-see approach after a concentrated sell-off of over 1 billion DOGE on December 10, their overall share of holdings has dropped from a peak of 53.95% on December 3 to 50.70%, indicating continued capital outflow.

Derivatives Market Dominated by Bears

Amid the cautious overall sentiment in the cryptocurrency market due to the release of U.S. CPI data on Thursday and the Bank of Japan's interest rate decision on Friday, DOGE's performance faced simultaneous pressure. According to CoinGlass data, the proportion of DOGE derivative short positions has risen from 52.59% on Wednesday to 53.91%, with bearish forces taking the lead.

In the past 24 hours, DOGE long positions worth over $5 million were liquidated, further confirming intensified selling pressure in the market.

Technical Analysis: Will the $0.10 Level Be Tested?

So far, DOGE has accumulated a decline of over 6%, with its price gradually approaching the S1 pivot support at $0.1231. The meme coin's daily closing price hit a new low since October 17, 2024, and it has fallen for the third consecutive week.

If the $0.1231 support level is broken, DOGE could further decline toward the psychological barrier of $0.1000. Technical indicators also lean bearish: the MACD indicator crossed below the signal line on Monday and has continued to decline, highlighting downside risks; the RSI indicator is currently at 33 and shows a downward trend, gradually approaching oversold territory, reflecting significant bearish pressure in the market.

Conversely, if DOGE finds support near $0.1231 and stages a rebound, the 50-day Exponential Moving Average (EMA) around $0.1556 will form a key near-term resistance level.

Related Questions

QWhat is the current trend in Dogecoin (DOGE) prices according to the article?

ADogecoin is experiencing a continued decline, with selling pressure intensifying and prices falling for the third consecutive week.

QHow much were DOGE long positions liquidated in the last 24 hours?

AOver $5 million in DOGE long positions were liquidated in the past 24 hours.

QWhat key support level is DOGE approaching, and what is the next target if it breaks?

ADOGE is approaching the S1 pivot support level at $0.1231. If this support breaks, the next key target is the psychological level of $0.1000.

QWhat does the short position percentage in the DOGE derivatives market indicate?

AThe short position percentage has increased from 52.59% to 53.91%, indicating that bearish sentiment is dominant and short sellers are in control.

QWhich technical indicators are mentioned as showing bearish signals for DOGE?

AThe MACD indicator crossed below its signal line and continues to trend lower, and the RSI is at 33 and falling, approaching oversold territory, both indicating significant bearish pressure.

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3.3k Total ViewsPublished 2025.02.03Updated 2025.02.03

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