Dogecoin’s support at $0.088 in danger as technical indicators point to more decline
March 8, 2026
Dogecoin has recently struggled to break through the $0.1 resistance level, facing this challenge twice in late February. Despite attempts, the meme-inspired cryptocurrency has been unable to surpass this critical threshold. Over the past 24 hours, Dogecoin has experienced a 1.24% decrease in price, but Open Interest has actually increased by 4.6%.
Upon closer examination of the data, it is evident that the Funding Rate has been negative since March 6th. Furthermore, the OI has continued to rise even as prices have been on a downward trend. The Spot CVD has been declining and is nearing local lows, indicating that both speculative and spot market participants anticipate a further decline in Dogecoin prices in the short term.
Social media engagement surrounding Dogecoin has been relatively positive in recent weeks, with the Weighted Sentiment displaying significant spikes, reflecting bullish online sentiment. The surge in positive engagement was particularly noticeable on March 4th as Dogecoin approached the crucial $0.1 supply zone. While the 30-day MVRV briefly entered positive territory, recent price movements have shown that short-term holders have opted to take profits, resulting in a pullback towards the $0.088 support level.
Looking ahead, the long-term swing structure for Dogecoin appears bearish, with key Fibonacci retracement levels at $0.117, $0.109, and $0.103 serving as resistance points. The recent attempts to surpass $0.1 signal a selling opportunity rather than a breakout possibility. Currently, Dogecoin is testing the $0.088 support level from February, with the OBV declining, a long-term bearish trend, and the RSI failing to cross above the neutral 50 threshold, indicating that sellers are in control and further losses may be on the horizon.
Traders are advised to brace for a drop below the local support, as the Liquidation Map reveals a significant cluster of long liquidations in the $0.084-$0.088 range. These high-leverage liquidations are likely to occur in the coming days, especially if Bitcoin continues its bearish momentum towards the $63k-$65k support zone.
In conclusion, despite positive social media engagement, Dogecoin speculators have increasingly taken a bearish stance over the past 48 hours. The failure to maintain short-term bullish momentum suggests that a drop below the $0.088 support level is imminent. It is important to note that the information provided is the opinion of the writer and should not be taken as financial or investment advice.
