Dogecoin Slides 17% In 7 Days: What Is Going On?

Dogecoin DOGE/USD has dropped 17% in the past seven days, sparking debate among analysts on whether more downside is ahead.

What Happened: Crypto chart flagged a potential move to $0.060, noting that Dogecoin has broken down from an ascending parallel channel—a bearish technical signal that could open the door to further losses.

In another X post, Martinez explained that since October 2023, Dogecoin has consistently held a rising trendline, which now aligns with the 61.8% Fibonacci retracement level at $0.13.

This confluence marks a critical support zone to watch closely for potential bounce or breakdown.

#Dogecoin $DOGE is breaking out of an ascending parallel channel, signaling a potential move toward $0.060! pic.twitter.com/p4nclPILNr

— Ali (@ali_charts) April 7, 2025

However, not everyone agrees.

Trader Tardigrade pointed out a possible Wyckoff Accumulation structure forming on DOGE's chart. While not a textbook setup—Phase B shows a slightly elevated range—the pattern still checks several key boxes. If valid, it could signal an impending bullish breakout.

Meanwhile, trader Kevin highlighted a bullish divergence on the daily timeframe.

Dogecoin briefly dipped below its "line in the sand" bull market support level but quickly recovered and closed back above it—similar to recent Bitcoin price action.

Also Read: Dogecoin Surges 6%: What’s Going On?

Why It Matters: According to Coinglass, DOGE saw $9.9 million in liquidations in the last 24 hours—the highest since early March—with long positions making up $5.88 million of that.

Open interest stands at $1.3 billion, indicating high trader engagement despite the volatility.

The broader crypto market correction, fueled by TradFi selloffs, has pushed Dogecoin down to ninth place by market cap, losing one spot on the leaderboard.

Read Next:

• Dogecoin Whales Scoop 220 Million DOGE In March Despite 25% Drop: What Do They Know?

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