TLDR
- DOGE price crashed 10% to as low as $0.217 before rebounding to $0.227
- $22.5 million in DOGE liquidations occurred, with over $19 million from long positions
- Currently the 8th largest cryptocurrency with a $33.7 billion market cap
- Technical indicators show bullish momentum with support at $0.235
- Price could target the $0.265 zone if it breaks above $0.2450 resistance
Dogecoin has experienced significant price volatility in recent days, with a steep 10% decline followed by signs of recovery. The popular memecoin, which had breached the $0.25 level earlier in the week, saw its price drop to as low as $0.217 during the latest market correction.
Despite this recent pullback, DOGE remains one of the strongest performers among major cryptocurrencies over the past week. The coin has posted gains exceeding 34% during this period, highlighting the volatile nature of memecoin trading.
The price decline triggered substantial liquidations across derivatives exchanges. Data from CoinGlass reveals that Dogecoin contracts worth $22.5 million were liquidated in a 24-hour period, making it the fourth-highest liquidation volume in the cryptocurrency sector.
Of these liquidations, more than $19 million came from long positions, reflecting the bearish price action. While these numbers are substantial for DOGE, they pale in comparison to Bitcoin and Ethereum, which saw liquidations of $154 million and $136 million respectively.
Currently, Dogecoin holds the position of the eighth-largest cryptocurrency by market capitalization, with a value of approximately $33.7 billion. This places it ahead of Cardano (ADA) in the rankings.
Technical Outlook
The recent price action shows DOGE finding support near the $0.217 level before staging a recovery. The memecoin has climbed back above several key levels, including the $0.225 resistance zone.
Bulls have pushed the price above the 50% Fibonacci retracement level of the recent downward move from $0.2531 to $0.2173. Technical analysis indicates the formation of a bullish trend line with support at $0.235 on the hourly chart.
DOGE is now trading above both the $0.235 level and the 100-hourly simple moving average, suggesting potential for further upside movement.
Immediate resistance appears at the $0.240 level, with more substantial resistance near $0.244 and the 76.4% Fibonacci retracement level. If buyers can overcome these barriers, the next major target would be the $0.253 level.
#Dogecoin is attempting to break the Bull Flag pattern, setting a target at $0.37 🔥$Doge pic.twitter.com/aqYIuSuRGq
— Trader Tardigrade (@TATrader_Alan) May 13, 2025
A successful break and close above $0.253 could potentially send the price toward the $0.265 resistance zone. Further gains might push DOGE to test levels around $0.272 or even $0.285.
Technical indicators are showing positive signals. The MACD for DOGE/USD is gaining momentum in the bullish zone, while the RSI (Relative Strength Index) has moved above the 50 level, indicating strengthening buying pressure.
However, if DOGE fails to break above the $0.244 resistance, another decline could occur. In this scenario, initial support would be found near $0.235, with stronger support around $0.225.
The main support level sits at $0.215. A break below this critical zone could lead to further declines, potentially testing the $0.20 level or even dropping to $0.188 in the near term.
While the short-term price action has been bearish, DOGE’s overall performance over the past week remains strong compared to other cryptocurrencies. The memecoin continues to attract substantial trading interest and speculative activity.
The latest price data shows DOGE trading at $0.227, representing a decrease of nearly 10% over 24 hours. Market participants will be watching key resistance levels to gauge whether the recovery will continue or if further consolidation is needed.
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