Key Insights:

• Dogecoin dropped for three days as bearish sentiment strengthened, with sellers limiting recovery above $0.10 amid broader crypto market weakness and fear-driven trading.
• Long liquidations dominated derivatives markets, crossing $5 million in 24 hours, while open interest declined sharply, signaling reduced trader confidence and rising risk-off behavior.
• Technical indicators weakened as MACD momentum faded and the RSI remained neutral, while key support at $0.0879 remains critical for the near-term price direction.

Dogecoin extended its decline for a third straight day on Thursday, as sellers continued to cap price recovery attempts just above the $0.10 level. The broader crypto market weakened after the US Federal Reserve signaled a delay in interest rate cuts, reducing investors’ risk appetite. Consequently, meme coins like DOGE faced renewed selling pressure as retail sentiment turned cautious.

Market mood deteriorated further as Bitcoin slipped below $72,000, dragging the broader digital asset space lower. Besides, the Crypto Fear and Greed Index dropped to 33, reflecting growing fear among participants. This shift in sentiment added pressure on Dogecoin, which often reacts strongly to broader market trends and retail-driven flows.

Liquidations Accelerate Decline

Significantly, derivatives data revealed a sharp increase in forced liquidations tied to Dogecoin positions. Over the past 24 hours, total liquidations reached $5.49 million, with long positions accounting for $5.09 million of that figure. Hence, the dominance of long liquidations highlighted that bullish traders faced heavy losses as prices moved lower.

Additionally, Dogecoin futures’ open interest dropped by more than 8% during the same period, falling to $1.06 billion. This decline pointed to reduced participation in leveraged positions, which often signals a risk-off environment—moreover, the drop in open interest aligned with weakening confidence among short-term traders.

Price Structure Remains Weak

Dogecoin traded below $0.095 at the time of writing, maintaining a clear downward trajectory. The price stayed below its 50-day, 100-day, and 200-day Exponential Moving Averages, which reinforced the bearish structure. However, the recent rejection near the 50-day EMA at $0.1016 confirmed that recovery attempts faced strong resistance.

Technical indicators continued to reflect weakening momentum in the market. The MACD histogram started to contract after a brief positive phase, while the MACD line moved closer to the signal line. Meanwhile, the relative strength index hovered near 48, suggesting a neutral tone but lacking strong bullish conviction.

Traders now watch the February 11 low near $0.0879 as the next support level for Dogecoin. A break below this zone could expose the deeper support near $0.0800 recorded earlier in February. Conversely, a sustained move above the $0.1016 level could open a path toward the $0.1144 resistance level.