- DOGE recently dropped nearly 5%, but it’s still up over 20% in the past month, with technical resistance holding strong yet again.
- Spot traders are actively accumulating DOGE, moving $16.91M off exchanges, while futures markets show bullish sentiment through rising funding rates.
- A large liquidation cluster above the current price ($1.4M) could act as a magnet, potentially triggering a sharp upward move if bulls regain control.
Dogecoin’s been slipping a bit lately — down about 4.97% — but zoom out just a bit, and the meme coin’s still up more than 20% over the past month. So, is this just a short break before another leg up, or the start of a deeper dip?
Well… it depends on where you’re looking.
Resistance Line’s Still Being a Pain
DOGE is staring down a resistance level that’s given it trouble — a lot — in the past. It’s bounced off this line five times already, and only once has it actually managed to stay above it for any real amount of time.
That said, most of those rejections didn’t send the price into free fall. And based on what we’re seeing across other indicators, this may not be any different.
Spot Buyers Are Loading Up
Over in the spot market, people are clearly buying DOGE again. In fact, recent data shows around $16.91 million worth of DOGE has been bought up and pulled off exchanges — that’s usually a good sign that folks plan to hold, not flip.
On top of that, funding rates are creeping higher. The Open Interest Weighted Funding Rate is now sitting at 0.0047%. That basically means long contracts are still the majority in the market — futures traders aren’t backing off yet.
So, between spot accumulation and strong futures positions, there’s still real interest brewing here.
Liquidations Could Trigger a Pop
Now, here’s where it gets juicy — DOGE’s liquidation heatmap shows a pretty intense cluster of potential liquidations above the current price. We’re talking about $1.4 million worth of shorts that could get squeezed.
And historically? Prices love to drift toward these hotspots.
If this plays out like it has before, DOGE could snap right back up, triggering a bunch of liquidations and maybe even reigniting the momentum we saw earlier this month.
