Dogecoin slipped 2.95% over the past 24 hours, settling at $0.142 and lagging behind the broader cryptocurrency market, which declined just 0.46%. The drop stems from a confluence of technical breakdowns, cascading liquidations, and tepid enthusiasm surrounding its newly launched ETF—factors that together have dampened sentiment around the once high-flying memecoin.
The technical picture turned decisively bearish after Dogecoin broke below the critical $0.146–$0.148 consolidation zone, falling beneath the 23.6% Fibonacci retracement level at $0.1467. On the 4-hour chart, a death cross formed on December 9, as the 50-day exponential moving average crossed below the 200-day EMA—a classic signal of weakening momentum. This breakdown has dismantled short-term bullish structures and activated algorithmic sell orders. Traders are now eyeing $0.135 as the next major support level, a psychologically significant zone that previously absorbed $364 million in liquidations during late December 2025. A daily close above $0.146 would be needed to negate the current bearish trajectory.
Compounding the pressure, a wave of forced liquidations swept through leveraged positions. Approximately $2.05 million in longs were wiped out within 24 hours—the largest such event since December 27—following Bitcoin’s rejection at the $94,000 mark. The fallout from a $730 million outflow in Bitcoin ETFs on January 7 spilled over into altcoins, with Dogecoin particularly vulnerable due to its elevated turnover ratio of 0.0688. This metric, which compares trading volume to market capitalization, underscores DOGE’s susceptibility to volatility and rapid deleveraging during risk-off episodes.
Adding to the bearish mix is the underwhelming debut of Grayscale’s Dogecoin ETF, ticker GDOG, which launched on January 8 with just $1.4 million in trading volume—far below market expectations. In stark contrast, Ethereum spot ETFs drew $177.6 million in inflows on December 10, highlighting a clear institutional preference for assets with stronger fundamentals or regulatory clarity. Despite Dogecoin’s $23.9 billion market cap, it now trails both XRP and Solana in ETF-related investor interest, signaling a shift away from retail-driven hype toward more substantiated digital assets.
While the 7-day RSI of 64.8 suggests Dogecoin hasn’t yet entered oversold territory, its ability to stabilize above the 30-day simple moving average—currently at $0.1335—will be crucial, especially with the U.S. CPI data release looming on Thursday. That macroeconomic event could further sway risk appetite across markets. For now, Dogecoin’s fate hinges on reclaiming $0.146; without it, a test of the $0.135 support appears increasingly likely.
Source:: $0.146 Holds the Key: Dogecoin’s Fragile Support in a Risk-Off Market