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Dogecoin (DOGE) held a closely watched support area while a long-term on-chain indicator reached a record level. Traders tracked the setup as broader crypto markets weakened and liquidations increased.
DOGE traded at $0.09664, down about 1% on the day, while the broader crypto market fell more than 2%. Trading volume rose 85.05% to $893.28 million. DOGE moved within a daily range of $0.09173 to $0.09735, with buyers active just below $0.097.
Analysts said the next directional move will likely depend on volume, participation, and sustained breakout above resistance.
Recent charts show Dogecoin defending a descending trendline across several daily tests. Analyst Trader Tardigrade said DOGE tested the trendline across six consecutive daily candles and stayed above support each time.
He described the structure as technically constructive, yet he pointed to weak follow-through. “The structure remains bullish. But the uptrend momentum is lacking strength,” he wrote in a post.
Tardigrade said buyers have not shown enough conviction to confirm a breakout. He stressed that traders should watch for strong daily candles and clear volume expansion. Thin participation can produce misleading moves, even when support holds.
As a result, traders often place more weight on high-volume closes above resistance than repeated low-volume tests.
On-chain data showed a milestone in the “Number of Days Spent at a Profit” metric. Analyst Joao Wedson said the reading moved above 1,100 historical days where Dogecoin traded at higher prices than today. He said this marks the first time DOGE has reached that level.
Wedson framed the metric as cycle-focused rather than a short-term trading trigger. The figure suggests that many prior holders sit underwater relative to current prices.
In other crypto cycles, similar conditions have coincided with longer accumulation phases. Still, the metric does not set timing. Traders often pair it with price structure and participation data to gauge whether demand starts to rebuild.
Wedson also highlighted the link between the historical metric and current technical support. The combination gives analysts two reference points for tracking DOGE: trendline behavior in the near term and cycle positioning across its full history. This pairing can help traders separate short-lived bounces from shifts in broader holder behavior.
The market downturn triggered heavy liquidations across crypto, with about $470 million wiped out over 24 hours. Long positions accounted for most of the forced exits, which added pressure during the sell-off. Market commentary tied the move to fresh macro uncertainty and geopolitical headlines.
Dogecoin followed the broader risk-off move, yet derivative activity increased. Open interest slipped 0.93% to $1.09 billion, while total derivatives volume rose 65.74% to $1.78 billion, according to CoinGlass data. Options activity also expanded, with options volume up 24.05% and options open interest up 39.16%.
Liquidation data showed $6.17 million in DOGE positions closed over 24 hours. Long liquidations reached $5.40 million, while short liquidations totaled $773,620, based on CoinGlass figures. This imbalance showed stronger pressure on bullish positioning during the decline.
Analyst Whale Factor described the $0.097 area as an “ultimate support” zone, citing two prior strong reactions. He outlined potential upside targets near $0.15 and above $0.20 if the base remains intact. For now, DOGE continues to consolidate near support, while traders watch for volume-backed moves that confirm direction.
Also Read: Will Dogecoin (DOGE) Repeat History with Third Base Pattern in 2026?
