Dogecoin (DOGE) attracted attention with the decrease in its price in recent days. The mass termination of long positions opened in leveraged transactions created a significant selling pressure, especially in the $0.105–0.106 range. DOGE, which was traded at $ 0.116-0.117 levels on May 6, fell to the $ 0.105 region with a rapid decline on May 8 and gave back most of its previous rise.
Liquidation Pressure is on the Rise
According to data shared by crypto analysis platforms, high-rate and leveraged long positions in Dogecoin were closed en masse as the price declined. As a result, it is noteworthy that liquidations are concentrated especially in the 0.105-0.106 dollar band. The fact that many investors lost their positions at this level increased the selling pressure even more.
Dogecoin price also created slight resistance zones during this decline, especially at the upper levels of $0.111, $0.114, and $0.117. These levels stand out as the levels where sellers can become active again if the price reacts to an increase in the future.
The rapid rise, which started after a short period in which it followed a horizontal course, could not be sustained above $0.113. After May 6, as the sellers gained weight, the retreat accelerated and the downward movement became stronger with the $ 0.111 support being broken.
Round Bottom Formation on Weekly Chart
The new structure on Dogecoin’s weekly price chart shows that the cryptocurrency has established a wide base in the $0.09–0.11 range. Sharing various analyzes on the crypto market, Moe also drew attention to this chart in the chart he published on X. Similar rounded bottoms on the weekly chart have previously been seen as heralding significant price rises.
In the last formation, it appears that the price started to decline after the 2025 peak and re-established a bottom around $0.09. Currently, DOGE is trying to break above the trend line by making an upward attempt in this area. Movements in this region are considered important in terms of whether the formation becomes stronger or not.
“According to the picture emerging on the chart, the current region is critical for DOGE because the price is trying to show whether it has completed the bottom formation here. If this structure is approved, a strong upward movement may be paved for it; but for the success of the formation, it will first have to stay above the $ 0.125 level.”
According to the analysis, exceeding the $ 0.125 level in the DOGE price may support the upward momentum in the weekly outlook. Above this level, $0.17, $0.24 and $0.33 regions are among the potential targets. However, if the price cannot hold in the range of $0.09-0.10, the current strong structure will weaken and sellers can be expected to regain dominance.
Since Dogecoin is known for its decentralized structure and community support, it is frequently the subject of speculation in the crypto market, especially on social media. One of the main factors that triggered the recent price movements stands out as the mass termination of high-risk leveraged transactions.
