Dogecoin Breaks $0.129 Support as $0.15 Resistance Holds — Liquidations Surge
Dogecoin (DOGE) failed two breakout attempts at the key $0.15 resistance and reversed sharply after an 8.8% intraday rally on Jan 13. Price fell through the important $0.129 support (April 2025 low) and traded near $0.1296, down roughly 5–6% in 24 hours. Broader market weakness — including Bitcoin volatility and a 6.66% decline in the memecoin sector market cap — accelerated selling. Liquidations in the past 24 hours totaled $35.42 million, with about $33.69 million from long positions, highlighting forced deleveraging. On-chain signals show weak conviction from large holders, exemplified by a 500 million DOGE deposit to Binance, and limited buying pressure (Chaikin Money Flow barely above neutral). Technical indicators point to sustained seller dominance (On-Balance Volume weakness) and clear overhead resistance clusters at $0.136–$0.140 and $0.150. Trader guidance: expect heightened liquidation risk and a bearish short-term bias while DOGE remains below $0.15; consider selling bounced rallies into the $0.136–$0.150 zone unless DOGE reclaims and holds $0.15, or shows a decisive reclaim of the $0.129 level for signs of capitulation and potential trend change.
Bearish
The combined reports show clearly bearish price action and market structure for DOGE. Twice-failed breakout attempts at $0.15, a break below the $0.129 April low, heavy long liquidations (~$33.7M), weak on-chain conviction (large deposit to Binance) and selling-dominant volume metrics (OBV) all point to continued downward pressure in the short term. Overhead resistance at $0.136–$0.150 increases the risk of failed bounces; traders will likely face elevated liquidation risk if leverage remains. In the short term this favors further downside or range-bound weak action until clear signs of accumulation or a decisive reclaim of $0.15 occur. Longer-term implications depend on broader crypto market recovery (notably Bitcoin) and whether large holders shift from selling to accumulation; absent that, the structural bias remains negative.