Dogecoin (DOGE), the popular and world’s largest crypto meme coin, has finally lost support over the ascending trendline it has maintained since March 11, 2025. Following this breakdown of crucial support, the meme coin is now poised for a massive price decline.
According to CoinPedia’s technical analysis, DOGE appears bearish as it has lost control over a crucial support level. This bearish price action is further reinforced by the overall negative market sentiment.
Based on recent price action and historical momentum, if DOGE remains below the $0.166 level, it could drop by 18% to reach $0.136 in the future.
With the bearish price action and negative market sentiment, traders and investors are ignoring the meme coin, leading to a sharp drop in trading volume. Data from the on-chain analytics firm Santiment reveals that DOGE’s trading volume over the past 24 hours has dropped significantly, reaching its lowest level of 2025.
At press time, DOGE is trading near $0.166, having registered a price drop of over 5% in the past 24 hours. However, during the same period, its trading volume has dropped by 30% compared to the previous day.
With the bearish price action and a record low in trading volume, DOGE’s daily active addresses have also fallen significantly since the beginning of March 2025. Santiment recorded a drop of over 50% in active addresses, declining from 81,566 to 42,563.
Looking at the current market sentiment, traders have shifted their stance and are strongly betting on the bearish side, as reported by the on-chain analytics firm Coinglass. Data reveals that traders are currently over-leveraged at $0.165 on the lower side, with over $4.60 million worth of long positions.
Conversely, $0.173 is another over-leveraged level where short traders dominate, having built $21 million worth of short positions.
This data shows that bears are strongly dominating and may push the price further downward.
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