- The price of Dogecoin is around $0.173 on Monday following a nearly 30% drop last week.
- This recent price correction in DOGE has led to over $22 million in liquidations within the past 24 hours.
- Current technical indicators point towards a possible further pullback, aiming for a price of $0.142.
On Monday, Dogecoin (DOGE) remains at approximately $0.173 after experiencing a sharp decline of almost 30% the previous week. This correction has resulted in over $22 million in liquidations in the last day and a total exceeding $78 million in the week before. The technical analysis indicates a potential continuation of the downward trend, targeting the $0.14 level.
Dogecoin Price Drops, Leading to Over $22 Million in Liquidations in 24 Hours
As Dogecoin’s price fell by nearly 30% last week, it stabilized around $0.173 during the early European trading session on Monday. This decline has caused significant liquidations, amounting to over $22 million in just the last 24 hours and $78 million throughout the previous week, based on data from CoinGlass.
Such substantial liquidations can trigger Fear, Uncertainty, and Doubt (FUD) among Dogecoin holders, increasing selling pressure and possibly further driving down the price of DOGE.
Dogecoin liquidation chart last 24 hours.
DOGE total liquidation chart.
Dogecoin Price Outlook: DOGE Closes Below Its 100-Week EMA
Last week, Dogecoin’s price took a hit of over 30%, closing under its 100-week Exponential Moving Average (EMA) at $0.173 on Sunday—marking a low not seen since early November. On Monday, DOGE is holding steady around $0.173.
The Relative Strength Index (RSI) on the weekly chart is at 40, falling below the neutral 50 mark, which suggests increasing bearish momentum. Additionally, the Moving Average Convergence Divergence (MACD) indicator demonstrated a bearish crossover last week, pointing towards a possible continuation of the downward trend.
If DOGE maintains its correction, it could extend its decline to test the November 3 low of $0.142.
DOGE/USDT weekly chart
However, should DOGE manage to recover and close above the $0.181 mark, it could pave the way for a retest of its next resistance level at $0.220.