TLDR
- Dogecoin trading volume has dropped over 90% since November 2024 highs
- Current daily volume remains below $5 billion in April 2025
- DOGE has lost over 50% of its value in less than six months
- Key technical support level established at $0.1660
- Analyst Trader Tardigrade predicts potential 1,500% price surge to $2.1
Dogecoin, the popular meme cryptocurrency, has experienced a sharp decline in both trading volume and price since reaching two-year highs in November 2024. This comprehensive analysis examines the current state of DOGE, technical indicators, and expert predictions about its future movement.
The once-booming cryptocurrency has seen its daily trading volume plummet from over $60 billion in November 2024 to below $3 billion by the end of March 2025. This represents more than a 90% reduction in trading activity in just four months.
According to data from Coinglass, April 2025 has shown only modest improvement, with daily volume averaging below $5 billion. This persistent low volume coincides with the ongoing price decline.
Price Action and Market Conditions
DOGE is currently trading around $0.1572, having experienced a 2.9% pullback on recent 15-minute charts. The price has fallen dramatically from its November peaks, with investors seeing over half of the coin’s value erased in less than six months.
The decline appears connected to broader market conditions. Donald Trump’s tariffs have triggered what some are calling the worst stock market crash since 2010, creating bearish pressure across cryptocurrency markets.
As typically happens during market downturns, altcoins like Dogecoin have suffered more severe losses than Bitcoin. While Bitcoin has declined approximately 25%, DOGE has dropped by more than double that percentage.
Recent liquidation data shows long traders bearing the brunt of these losses. On a recent Sunday, over $4 million in liquidations occurred, with more than 80% affecting long positions.
Technical Analysis
The immediate support level for Dogecoin sits at $0.1660, which has functioned as a base during recent consolidation periods. If this level fails to hold, DOGE could potentially fall to $0.1640 where previous buying interest emerged.
On the resistance side, DOGE faces challenges in the $0.1720-$0.1740 range. The cryptocurrency has tested this supply zone multiple times but has failed to establish closing prices above it, creating a short-term double top formation.
The MACD (Moving Average Convergence Divergence) indicator shows promising signs for DOGE holders. The histogram has begun turning green after an extended red phase, suggesting weakening bearish pressure. Additionally, the convergence of MACD and signal lines points to a potential bullish crossover.
In higher timeframes, Dogecoin maintains a generally bullish structure with the 200 EMA remaining below current price levels. The current retracement fits the pattern of a healthy correction rather than a full reversal.
Optimistic Outlook
Despite the overwhelming bearish pressure, some analysts maintain optimistic predictions for Dogecoin’s future. Crypto analyst Trader Tardigrade has pointed out similarities between current patterns and those seen in the 2016 and 2021 cycles, when DOGE experienced remarkable price movements.
Dogecoin is about to Surge again 🔥 pic.twitter.com/QZ35KbNrcl
— Trader Tardigrade (@TATrader_Alan) April 6, 2025
According to Tardigrade’s analysis, these historical patterns suggest DOGE could potentially surge by over 1,500%, potentially reaching prices as high as $2.1. “Dogecoin is about to Surge again,” the analyst stated on social media.
Dogecoin continues to benefit from its strong community support, meme-driven popularity, and potential payment utility. Elon Musk’s continued endorsement and speculation around integration with X (formerly Twitter) contribute to ongoing speculative interest.
While lacking native smart contract capabilities, Dogecoin’s relatively low transaction fees and network simplicity make it an attractive option for micro-transactions, which could support future adoption and price recovery.
In Q1 2025, Dogecoin’s on-chain activity showed moderate growth. Whale accumulation has been noted, with larger wallets increasing their holdings during price dips, potentially indicating long-term bullish sentiment despite current market conditions.
For the short term, Dogecoin remains in a neutral-to-bullish position according to technical indicators. Traders should watch for a bullish close above $0.168 to confirm upside continuation or monitor for breakdown below $0.155, which would signal further potential declines.
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