Meme Coin DOGE Continues to Decline Amid Liquidation and Massive Selling

Dogecoin kembali menjadi pusat perhatian pasar dengan penurunan yang signifikan, mencerminkan tekanan yang lebih luas terhadap aset kripto berrisiko tinggi, khususnya logo meme yang menjadi target utama deleveraging. Memasuki pekan ini, DOGE mengalami tekanan berkelanjutan yang membawa harganya lebih dalam ke zona pemangkasan posisi, sementara volume perdagangan memicu cascade liquidations yang mendorong penjualan terkoordinasi di seluruh platform.

Increased Liquidation Pressure: Why Meme Coins Are the Hardest Hit

The surge in liquidation activity has been the main catalyst behind DOGE’s decline this week. In a market environment showing significant risk aversion, retail investors and high-leverage traders simultaneously close their exposure to speculative assets. Meme coins—including Dogecoin with its iconic meme logo—become the most vulnerable due to their volatile nature and generally higher leverage levels compared to mainstream tokens.

As overall market sentiment weakens, outflows from high-risk coins create a domino effect. Short-term holders seeking an exit trigger high volume, further resulting in sustained selling pressure. The current market structure reflects a pure uptrend sell-off pattern, where every rally attempt is subdued by coordinated selling pressure from liquidators and short sellers.

Technical Analysis: From $0.1271 Towards Critical Support Levels

On January 23, DOGE started at $0.1271 but was squeezed during the US trading session with a sharp decline. Trading volume surged to 556 million tokens—exceeding the 24-hour average by 124%—forcing the price through the short-term support level at $0.1254 and continuing to a session low of $0.1233.

By the end of the analyzed period, the price briefly rebounded from $0.1245 to $0.1253, surpassing the intraday downtrend line with a notable volume spike. However, this movement failed to hold—this rebound is more a result of short-term short covering than substantial new buying interest. DOGE is back around $0.1250 with momentum continuing to weaken.

Strong resistance has formed in the $0.1260–$0.1270 zone, where sellers consistently enter whenever the price approaches these levels. The descending peak and trough pattern confirms a deeper bearish nature of this movement, not just a normal technical correction.

Oversold Signals and Sideways Consolidation Opportunities

On higher timeframes, momentum indicators show ongoing weakness, although the short-term chart begins to display oversold conditions. This combination—long-term weakness paired with short-term oversold signals—usually results in volatile consolidation rather than an immediate trend reversal.

If DOGE manages to hold the support area between $0.124 and $0.123, a sideways consolidation scenario becomes likely, providing a basis for a future bottom pattern formation. However, a decisive breakdown below $0.123 will open the door to deeper downside targets: $0.12 and $0.115, unless aggressive buyers regain control of the momentum.

Recent Data and Price Projections

Based on the latest data as of January 29, 2026, DOGE’s decline has continued with the current price at $0.12, representing a 3.2% loss in the last 24 hours. This movement indicates that the pressure experienced by DOGE on January 23 was never fully resolved and has instead extended to lower levels.

With daily trading volume reaching $19.18 million—significant but more stable compared to the spike of 556 million tokens previously—current conditions reflect consolidation within selling pressure rather than mass liquidation. This suggests traders have adapted to the bearish environment and are now more cautious in their positions.

Trader Guide: Key Levels for DOGE in the Short Term

For traders monitoring DOGE, several critical levels should be watched:

• Main Resistance: $0.126–$0.127 remains a strong selling zone. As long as DOGE stays below this level, rallies will continue to be sold
• First Support: The $0.124–$0.123 area is critical for maintaining the possibility of consolidation. If this level breaks, downside expectations target $0.12 and $0.115
• Breakout Level: A significant sentiment reversal requires DOGE to reclaim and hold above $0.126 consistently—something not achieved since the initial decline began

The sell-into-rally pattern still applies, but downward momentum shows signs of slowing. Short-term traders should avoid oversized positions until a clear reversal signal appears, while long-term investors may look for substantial accumulation only after confirmation of a strong bottom pattern forming at lower support zones.

In conclusion, Dogecoin with its distinctive meme logo remains one of the most sensitive tokens to changes in global market risk. Ongoing liquidations and the inherent bearish structure will continue to dominate price action in the near term.