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Following
DOGE Dogecoin fell back to around US$0.086, and leveraged long liquidations exacerbated the decline.
On September 10, the price of Dogecoin fell back to around US$0.086, a decline of about 4% in 24 hours. Due to a failed breakthrough and the forced liquidation of leveraged long positions, the largest memin by market value has moved closer to key support areas.
According to the latest DOGE market analysis, the sell-off occurred after prices failed to effectively break the 200-day indexed moving average of approximately $0.0964. The analysis pointed out that US$0.082 to US$0.084 is the current direct support area; if this range falls, it may be further exposed below the psychological barrier of US$0.08.
Although the overall performance of Dogecoin over the past week still shows positive signs, the latest trend shows that when speculative positions are too crowded, market momentum can reverse very quickly.
Leveraged long positions intensify their decline
The latest round of decline does not seem to have been triggered by any major Dogecoin exclusive announcements. Conversely, leveraged positions amplify price fluctuations.
Long exposure in Dogecoin perpetual contracts is at a high level at the beginning of the trading session. Once prices fail to break through resistance, forced liquidations and selling are triggered. Therefore, the current price decline reflects more a rebalancing of market positions than a fundamental change in dogcoin's network fundamentals or adoption story.
This technical weakness also contrasts with the strong accumulation trend that emerged earlier this year. Previously, we highlighted that there is an important historical support cluster for dogcoin around US$0.081, and more than 30 billion DOGE pieces have changed hands in the region. This makes the current $0.08 to $0.084 area particularly critical.
Dogecoin ETF failed to provide sufficient support
Institutional demand is also relatively sluggish. As of September 9, the assets of the 21Shares Dogecoin ETF (TDOG) were only approximately US$2.66 million; while the REX-Osprey Dogecoin ETF, although larger, is still at the modest (moderate/smaller) level compared to major Bitcoin or Ethereum funds.
This is in line with the pattern pointed out earlier by Coinpaper: When demand for Dogecoin ETFs continues to weaken, retail trading behavior and derivative positions become the more important price drivers in the short term.
