DOGE Under Pressure: $242K Liquidations Trigger Downside Risk

Dogecoin is taking heat today. The coin dropped 2.39% in 24 hours and has now shed 13.52% over the past week, as forced liquidations pile on the selling pressure.

What’s Crashing DOGE?

The liquidation data tells the story: on November 6, traders got absolutely wrecked with $3.94M in long positions hitting the liquidation engine, while only $961.79K in shorts got flushed. That’s a 12,129% imbalance—basically one-sided carnage.

Here’s the problem: DOGE trades with razor-thin liquidity (turnover ratio just 7.5%). When that many longs get liquidated, there’s nowhere for sell orders to hide. Every forced exit becomes another hammer on the price.

Futures open interest dropped 6.8% week-over-week, showing traders are pulling back. Funding rates at -0.002% suggest bearish leverage is still stuck in the system—not a good sign for a bounce.

The Technical Picture Isn’t Pretty

• RSI (14): 32.23—oversold, but no reversal yet
• MACD: -0.01328 (still bearish)
• Momentum (10): -0.039 (momentum negative)
• EMA (10/50/200): All stacked above price—DOGE is trading below every meaningful moving average

Translation: the trend is down, and technicals aren’t flashing a bounce signal.

Altcoins Getting Crushed in Broader Selloff

This isn’t just DOGE’s problem. The Crypto Fear & Greed Index is at 24 (Extreme Fear). Investors are rotating hard into Bitcoin (now 60% dominance), and DOGE’s correlation with BTC dropped to 0.65—meaning it’s no longer a reliable bet during risk-off periods.

The Line in the Sand

$0.15 is where the defense ends. If DOGE closes below that level, algos could trigger a cascade down to $0.12–$0.114 (the 2025 lows). On the flip side, a sustained hold above $0.17 could signal stabilization and pull some confidence back in.

For now? Watch the support. The liquidation damage is fresh, and macro headwinds aren’t easing up.