Dogecoin Slides to $0.12 on Coinbase as Volume and Liquidations Surge — Oversold Signal Offers Short-Term Relief Hope
Dogecoin (DOGE) dropped to $0.121 on Coinbase after falling more than 7% in a broader market sell-off tied to geopolitical trade concerns. In the past 24 hours DOGE spot volume surged ~227% to $1.99 billion while derivatives volume rose 169% to $4 billion. Nearly $35.38 million in DOGE liquidations were recorded and CoinGlass data shows close to $878 million wiped out across crypto positions globally, with longs dominating losses. The hourly RSI dipped below 30, indicating oversold conditions and a possible short-term relief rally. Analysts note the move may represent a high-volume liquidation flush that removes speculative leverage and could allow DOGE to form a base. Technical levels: a confirmed bottom at $0.121 and a recovery above the daily 50‑day moving average (~$0.136) would open targets near $0.154 and $0.192. Key takeaways for traders: elevated volume and liquidations signal forced deleveraging (higher short-term volatility), oversold momentum suggests potential relief rallies for quick entries, and confirmation above MA50 is needed before targeting higher levels.
Neutral
The immediate price action is bearish—DOGE fell sharply and suffered notable liquidations—so short-term sentiment is negative. However, the sharp rise in spot and derivatives volume plus a drop in the hourly RSI below 30 point to a classic liquidation flush and oversold condition. Historically, similar high-volume liquidation events (forced deleveraging) often produce heightened volatility followed by short-term relief rallies as leverage is removed and buyers step in. For traders: expect elevated intraday volatility and possible quick rebound trades (short-term bullish opportunities) but limited confidence for a sustained uptrend until DOGE reclaims the daily 50‑day moving average (~$0.136) and holds it. Longer-term outlook remains contingent on broader market direction and macro risks that triggered the sell-off; therefore the net impact is neutral — bearish in the immediate term but offering tactical long entries if technical recovery confirms.