Dogecoin extended its bearish streak, dropping over 10% to trade near $0.089. The decline followed a broader market sell-off triggered by escalating geopolitical tensions. On-chain data revealed a 78% plunge in daily active addresses and a significant sell-off in futures markets, indicating waning investor demand and intense selling pressure. Technical indicators suggest the bearish momentum could continue.
Dogecoin’s price fell sharply as geopolitical tensions escalated. The memecoin dropped below its short-term moving average, closing at lower lows for three consecutive sessions.
On-chain activity has plummeted dramatically alongside falling adoption. Santiment data showed the Price DAA Divergence hit a two-month low of -46%, signaling reduced network usage.
Daily Active Addresses collapsed 78.34% from 87.7k to 19k in February. This decline suggests most traders have closed positions or are sitting on the sidelines.
Sellers have totally dominated the market across both futures and spot trading. Futures Netflow plunged 418% to -$77.39 million, a clear sign of aggressive selling.
Long position liquidations totaled $6.5 million, with $3.3 million liquidated in just four hours. Spot trading also showed a negative Buy Delta of -$48 million, confirming the selling pressure.
The negative index of the Directional Movement Index jumped to 54, while the positive index fell to 28. These momentum indicators showed strong bearish momentum and a high likelihood of continuation.
If the market sell-off persists, DOGE could drop towards $0.0800. For a trend reversal, the memecoin needs to close above its short-term moving averages.
