Dogecoin Price Forecast: DOGE flashes extreme downside risk amid broader market sell-off
- Dogecoin is down over 2% so far on Thursday, extending a decline below the $0.1000 psychological level.
- DOGE futures see roughly $10 million in total liquidation over 24 hours amid the broader market sell-off.
- The technical outlook for DOGE is bearish, flashing a downside risk to $0.0879.
Dogecoin (DOGE) faces intense selling pressure, extending its decline below $0.1000 at press time on Thursday. Roughly $10 million has been wiped out from DOGE futures over the last 24 hours, reflecting a sell-off wave under broader market pressure. The technical outlook is bearish, with the path of least resistance targeting $0.0879.
Market pressure wipes out Dogecoin longs
Dogecoin, the biggest meme coin with a market capitalization of over $16 billion, generally mirrors Bitcoin (BTC) sentiment. The recent pullback in Bitcoin below $74,000 on Thursday triggered over $900 million in liquidations in the last 24 hours, exerting downside pressure on Dogecoin.
CoinGlass data confirms sell-side dominance, with DOGE long liquidations totaling over $9 million out of $9.95 million in total liquidations over the last 24 hours. This wipeout erased nearly 2% of Dogecoin futures Open Interest (OI), bringing the notional value of outstanding contracts down to $1.29 billion.
Technical outlook: How low will Dogecoin go?
Dogecoin maintains a bearish near-term bias with its five-day declining trend extending below the 50-, 100-, and 200-day Exponential Moving Averages (EMAs) clustered between roughly $0.1030 and $0.1240. The intraday decline in DOGE tests ground below the $0.1000 psychological level, and a decisive daily close could confirm the breakdown.
The path of least resistance for Dogecoin highlights the February 11 low at $0.0879 as the next crucial area for buyers to potentially regain control. A break below could test the February 6 low at $0.0800.
The Relative Strength Index (RSI) near 36 on the daily chart remains in a downtrend without yet signaling oversold conditions, while the Moving Average Convergence Divergence (MACD) remains below the zero line with its signal line, hinting at persistent downside pressure but with limited momentum.
On the topside, initial resistance emerges at the horizontal barrier around $0.1000, ahead of the 50-day EMA at $0.1033 and the 100-day EMA at $0.1060, which together form a dense supply zone that would need to be reclaimed to ease the current bearish tone. A sustained break above these levels could open the way toward the 200-day EMA near $0.1242, while failure to overcome $0.1000 would keep DOGE vulnerable to further declines, even though immediate chart-based support is not well-defined on the daily timeframe.
(The technical analysis of this story was written with the help of an AI tool.)
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