Dogecoin Dips 5% but Monthly Gain Hits 20.57%
Key Takeaways
- Dogecoin (DOGE) experienced a short-term price drop of 4.97%.
- Despite the dip, the monthly gain stands at 20.57%.
- A resistance level that has previously marked reversal points was reached again.
- Spot traders purchased DOGE worth 16.91 million USD – a sign of long-term interest.
- A liquidation cluster above the current price could create short-term upward pressure.
Dogecoin Under Pressure – But Strong Buying Activity Noted
Dogecoin (DOGE) recently declined by nearly 5%, even though it has posted significant gains over the month. The drop occurred at a well-known resistance level, which has historically acted as a turning point. DOGE has only managed to sustainably break through this area once before.
The current situation shows that despite the red numbers on the chart, there are signs of optimism. In particular, the behaviour of spot traders suggests a potential continuation of the upward trend.
Spot Traders Buying DOGE on a Large Scale
According to data from CoinGlass, DOGE worth 16.91 million USD has been purchased. These coins were transferred from exchanges to private wallets – an indication that the buyers are focused on the long term.
The so-called “Exchange Netflow” shows whether more coins are being moved onto or off of exchanges. A negative netflow, as seen with DOGE currently, means coins are being bought and withdrawn. This reflects confidence in the coin.
Funding Rate Indicates Bullish Sentiment
The “Open Interest Weighted Funding Rate” is currently in positive territory (+0.0047%). This indicates that long positions are dominating – traders are betting on rising prices.
This metric reflects the financing costs for ongoing futures contracts. A positive value means that buyers are willing to pay to hold their long positions – another bullish signal.
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Liquidation Cluster as a Potential Price Magnet
A look at the liquidation heatmap reveals a notable cluster above the current price level. There are open short positions worth approximately 1.4 million USD in that area.
Such areas often act like magnets: prices tend to move toward these liquidation zones, as market movements there automatically close positions and create additional momentum.
Our Assessment
Despite the short-term decline, Dogecoin remains technically and psychologically interesting. Strong demand in the spot market, a positive funding rate, and the liquidation zone above the current price all point to a potential upward move.
If you’re watching or invested in DOGE, it’s worth keeping a close eye on trader behaviour and key technical levels. Short-term momentum could follow – and in the long term, DOGE remains volatile but not without opportunity.
Sources
- TradingView
- CoinGlass
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
|
| Cons |
|
| Further practical applications | |
| Price | 0.22531 |
| 24h % | 1.19 % |
| 7d % | -6.64 % |
| 30d % | 25.54 % |
| 60d % | 31.53 % |
| 1y % | 37.22 % |
| Market Cap | $33,642,714,990.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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