Why is dogcoin price declining today?

Dogecoin (Doge) were underperforming the leading rankings of rank, which dropped more than 8% in the last 24 hours to trade at $ 0.158.

What to know:

Doge has led to memecoin collapse

Dogecoin’s decline is now part of a broader emotion in the Memecoin sector.

Key Takeaways:

• Shiba inu (Shib), the second largest memecoin by market capitalization, dropped 7% in the last 24 hours to trade at $ 0.00001167.

• Ethereum-based Pepe (Pepe) drops by approximately 8%.

• Solana-Based SPX6900 (SPX) posted the most losses on top-caps Memecoinsdecreases by 28%.

• Risk behavior from investors came amidst increasing negative emotions fueled by Macroeconomic uncertainty Tied to President Trump’s tariffs.

• It was the investors, pushed them away from Pabagu -change of properties like Memecoins.

More than $ 23 million in long position of Doge Liquid

Dogecoin’s suffering on March 11 was accompanied by significant fluids In the derivatives market, the bearish pressure signing.

Basic Points:

• More than $ 23.1 million worth of Long Doge’s Long position has been lying in the last 24 hours, compared to $ 4.4 million in short liquidation.

• Bullish entrepreneurs are forced to sell their positions when long positions are liquid.

Related: Memecoins are likely to be dead so far, but they will return: Coingecko

• Open the Doge interest OI) also dropped by 37% in the last seven days, signing a decline in the businessman’s participation.

• The low OI and long avoidance suggest that businessmen are out of their positions, motivating forced sale.

• The funding rate has been negative, and its value at -0.0077% suggests a bearish outlook on which short sellers are in control.

Moving averages is out of Dogecoin’s favor

The ongoing drawdown will come after Doge ran into a major resisting zone.

Significant -noting:

• A major barrier is sitting between $ 0.24 and $ 0.26, within which the 200-day simple transfer of average (SMA) to $ 0.247 and the 50-day SMA at $ 0.257 is current.

• Since Feb. 3, the DOGE Bulls attempted to rise above this level three times, but on each occasion, altcoin made a lower high than the previous one.

• This means that entrepreneurs sell every time the price tries to cross this zone.

• An additional barrier is seated above $ 0.3129, which is also 100-day SMA.

• At the downside, a major area of ​​interest lies between the psychological level at $ 0.150 and the range of less than $ 0.127, reached October 26, 2024.

• This is an important level that the Bulls needs to defend to prevent further losses at $ 0.10.

• Note that when the DOGE booked from this level in November 2024, it started a 227% rally at $ 0.480.

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.