DOGE dips below a nickel-and-a-dime worth of hope, liquidates the bulls anyway 🐕

Dogecoin slipped beneath the $0.08 support level for the first time in nearly three weeks, reaching a low of $0.079. As of this writing, the memecoin traded at $0.07907, down 5.54% over the previous 24 hours, according to market data. The drop pushed DOGE below its 9-day and 21-day moving averages, a configuration consistent with a bearish trend.

The breach triggered forced liquidations across leveraged positions. According to CoinGlass, $7.68 million in long positions were liquidated, indicating that traders had positioned for the $0.08 floor to hold. The move also coincided with a shift in derivatives activity. On perpetuals, sell volume rose to 1.3 billion while buy volume fell to 1.1 billion, leaving net buying at -1.1 billion. Over the past 24 hours, $460 million flowed out of futures against $413 million in inflows, sending the memecoin's futures netflow down 459% to -$46 million.

Momentum indicators reinforced the downside picture. Dogecoin's Relative Strength Index fell to 28, placing it in oversold territory. Market analysts noted that similar setups have historically preceded extended weakness, with further losses potentially taking the price toward $0.075 if derivatives selling persists.

Spot market activity, however, told a different story. Dogecoin's spot netflow dropped to -$7.7 million, reflecting higher outflows and suggesting holders lacked the incentive to sell at current levels. A recovery, according to market participants, would require the memecoin to first reclaim $0.08 and then close above $0.085 in the short term.