Doge checks out of $0.08 hotel, perps pack their bags as $7.68M longs get evicted 🐶

Dogecoin extended its bearish streak over the past 24 hours, breaching the $0.08 support level and sliding to a low of $0.079 for the first time in nearly three weeks. As of writing, DOGE traded at $0.07907, down 5.54% on the daily charts, leaving the memecoin 90% below its all-time high set five years ago. The drop pushed the price below its 9- and 21-day moving averages, confirming a bearish structure reinforced by a rejection below the 200-day MA.

The move below $0.08 triggered sharp liquidations across leveraged positions. According to CoinGlass data, $7.68 million in long positions were wiped out, indicating traders had expected the support level to hold. Perpetuals reflected the selling pressure, with Sell Volume climbing to 1.3 billion against Buy Volume of 1.1 billion and Net buying falling to -1.1 billion. On the futures side, $460 million flowed out over 24 hours compared with $413 million in inflows, driving Futures Netflow down 459% to -$46 million.

Technical indicators added to the bearish picture. The Relative Strength Index dropped to 28, an oversold reading that signaled bears remained in control. The memecoin also broke down below a sideways range that had been in place since February, confirming the breakdown with a retest at $0.08926 and surpassing February's low. Smaller timeframes reinforced the weakness, with Dogecoin respecting a slanting trendline resistance and the Chaikin Money Flow at -0.17, indicating capital continued to flow out.

Despite the bearish backdrop, spot market data and select indicators hinted at potential support. The memecoin's Spot Netflow fell to -$7.7 million, suggesting holders lacked the incentive to sell and that sellers may be nearing exhaustion. Net volume surged 98.85%, indicating mild buying interest, while a TD Sequential buy signal, as noted by analyst Ali Martinez on X, pointed to the possibility that the downtrend could be paused. Additionally, Dogecoin Spot ETF activity remained thin; over the past month since May 19, only two days recorded positive net inflows — June 2 and June 17 — with $662K and $200K worth of DOGE purchased respectively, totaling $863K in inflows. The combination of oversold conditions, potential buyer re-entry and a key buy signal could position DOGE to recover if it first reclaims $0.08 and closes above $0.085 in the short term.