Dogecoin [DOGE] has fallen by over 40% since September 22nd, losing its position among the top-10 cryptocurrencies by market cap. The memecoin has declined over 12% in the past seven days, with its market cap now around $9.88 billion and the price at $0.063 at the time of analysis.
Technical indicators suggest mounting selling pressure. The Chaikin Money Flow reading dropped from 0.20 to 0.01, indicating capital outflow despite remaining above neutral levels. Daily trading volumes have declined significantly, with an average net volume of 265.5 million DOGE tokens exchanged for USDT on Binance's spot market showing seller dominance.
The memecoin is trading in a descending trend channel with support identified at the $0.059–$0.060 level. Traders have been defending a slanting trendline support running from $0.0885 to $0.0566, though bulls face intense selling pressure at these levels.
ETF Activity and Derivative Market Concerns
Dogecoin ETFs in the U.S. have shown minimal activity over the past month. The last recorded movement occurred on October 13th, when the products saw $138.57K in net outflows. Over one year, cumulative net inflows total just $15 million.
On derivative markets, Hyperliquid long positions are significantly underwater, with an average entry price of $0.0842—28.41% above the current price level. Large liquidation clusters are positioned at $0.061 and $0.03 levels, adding to existing selling pressure.
Potential Scenarios Ahead
If support at $0.060 holds and bulls absorb leveraged selling, a rebound toward the mid-range around $0.074 could follow. Should the support break, $0.04 represents the next potential demand level. The $0.0842 level currently acts as dynamic resistance; reclaiming it would shift it into a support function.
