Dogecoin (DOGE) is testing critical support today as derivatives liquidations surge across the market. Traders are closely watching for a potential breakdown or reversal at this key level.
DOGE trades near $0.093 after repeated rejection below resistance, according to CoinMarketCap data. Trading volume continues to decline, signaling reduced market participation.
Historical Support Tested For Third Time
Crypto analyst Trader Tardigrade stated that Dogecoin has now tested the same long-term trendline support level for the third time in its history. He also noted that the trendline support has been in place for over 10 years and has produced powerful rallies after each time the price touched the trendline.
Both times the price touched the trendline in past cycles, the rallies were enormous. At this time, the third test is starting to develop and could potentially kickstart a new and powerful rally.
Also Read | Dogecoin Nears Critical $0.09 Level, Next Move Could Trigger Rally
Technical Indicators Show Downside Momentum
Based upon the 1-day chart on TradingView, DOGE is trading below both the 50 EMA ($0.0999) and the 200 EMA ($0.1369). The 50 EMA is serving as immediate resistance directly above DOGE’s current price.
The 200 EMA is clearly located at a much higher level than the current price and therefore represents a larger trend. Since the price of DOGE is currently below both EMAs, the bearish market structure continues.
Signals of Momentum Weakening
The RSI is currently at 46. This means that the current price action does not represent sufficient bullish strength to support a reversal.
The MACD signals have attempted crossovers but have been unsuccessful, and there is little histogram expansion. These factors suggest that the coin’s recovery attempts continue to lack sufficient strength to sustain a prolonged recovery.
Lower Timeframe Creates Lower Highs & Lows
On the daily chart, DOGE continues to produce lower highs and lower lows. The recent candles illustrate that DOGE is experiencing rejection in the $0.095-$0.096 price range.
Therefore, the short-term trend remains bearish, even when the DOGE price temporarily bounces. The volume on the lower timeframes continues to be inconsistent and further decreases the probability of a successful breakout.
Liquidations Show Increasing Market Pressure
Data from CoinGlass shows that total Dogecoin liquidations totaled $1.79 million in the last 24 hours. Longs made up $1.37 million of those forced liquidations.
Short liquidations were much smaller, totaling $423,929 during the same timeframe. The disparity in the liquidation figures shows that longs were mostly affected by the recent price decline. The largest single liquidation was $247,286 and occurred during the most volatile times.
Open Interest Falls As Participation Decreases
Derivatives data from CoinGlass illustrates that the open interest on futures contracts decreased by 1.73% to $969.17 million as of March 24, 2026. In addition, the volume of futures contracts decreased by over 33%, which can be considered a sign of decreasing speculative interest.
The long/short ratio is at 0.93, which is slightly bearish. The decline in open interest, coupled with the decline in price, illustrates deleveraging conditions.
Why This Matters
Weak momentum and heavy long liquidations increase the likelihood of further downside despite strong historical support.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read | Dogecoin Eyes Major Breakout: Could DOGE Hit $2.00 in 2026?
