Dogecoin (DOGE) is underperforming its top-ranking rivals, having fallen over 8% in the last 24 hours to trade at $0.158.What to know:Dogecoin lost 41% of its value between March 3 and March 11.The top memecoin established its lowest price in four months at $0.142 on March 11.DOGE/USD daily price chart. Source: Cointelegraph/TradingViewDogecoin’s downturn today and in recent months mirrors the panic across the memecoin sector.DOGE’s technicals and onchain data hint at further declines.DOGE leads memecoin slumpDogecoin’s declines today are part of a broader bearish sentiment in the memecoin sector.Key takeaways:Shiba Inu (SHIB), the second largest memecoin by market capitalization, was down 7% over the last 24 hours to trade at $0.00001167. Ethereum-based Pepe (PEPE) has dropped by approximately 8%.Solana-based SPX6900 (SPX) posted the most losses among the top-cap memecoins, dropping by 28%.Top memecoins’ performance. Source: CoinMarketCapThis bearish performance has seen the combined market capitalization drop by 7.5% over the last 24 hours, wiping out $4.54 billion from the market.Memecoin market cap. Source: CoinMarketCapThe risk-off behavior from investors comes amid increasing negative sentiment fueled by macroeconomic uncertainties tied to President Trump’s tariffs. This has spooked investors, pushing them away from volatile assets like memecoins.Over $23 million in long DOGE positions liquidatedDogecoin’s bearishness on March 11 is accompanied by significant liquidations in the derivatives market, signaling strong bearish pressure.Key points:Over $23.1 million worth of long DOGE positions have been liquidated over the last 24 hours alone, compared to $4.4 million in short liquidations.Bullish traders are forced to sell their positions when long positions are liquidated.Total DOGE liquidations. Source: CoinGlassA total of $161 million in long DOGE positions have been liquidated since Feb. 24, accompanying a 41% drop in price over the same period.Related: Memecoins are likely dead for now, but they’ll be back: CoinGeckoDOGE’s open interest (OI) has also dropped 37% in the past seven days, signaling a decline in trader participation.DOGE futures open interest. Source: CoinGlassThe low OI and long liquidations suggest that leveraged traders are exiting their positions, triggering forced selling.The funding rate has flipped negative, and its value at -0.0077% suggests a bearish outlook where short sellers are in control. DOGE OI-weighted funding rate. Source: CoinGlassMoving averages are not in Dogecoin’s favorThe ongoing drawdown comes after DOGE ran into a major resistance zone.Notably:A key barrier sits between $0.24 and $0.26, within which the 200-day simple moving average (SMA) at $0.247 and the 50-day SMA at $0.257 are currently. Since Feb. 3, DOGE bulls have attempted to rise above this level three times, but on each occasion, the altcoin produced a lower high than the previous one. This means that traders sell every time the price tries to cross this zone.An additional barrier sits higher up at $0.3129, which is also the 100-day SMA.DOGE/USD daily chart. Source: Cointelegraph/TradingViewOn the downside, a key area of interest lies between the psychological level at $0.150 and the range low at $0.127, reached on Oct. 26, 2024.This is an important level that bulls need to defend in order to avoid further losses to $0.10.Note that when the DOGE bounced off this level in November 2024, it initiated a 227% rally to $0.480. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
