Dogecoin’s daily trading volume has plummeted over 90% since November 2024 highs
Current daily volume remains below $5 billion throughout April 2025
Price has declined more than 50% in less than six months
Technical analysis shows key support at $0.1660 and resistance at $0.1720-$0.1740
Some analysts remain bullish, with one predicting a potential 1,500% surge to $2.1
Dogecoin, the popular meme cryptocurrency, has experienced significant price declines since reaching two-year highs in November 2024. The drop coincides with decreasing trading volumes and broader market downturns, leaving investors wondering about the future direction of the digital asset.
The most notable change has been in Dogecoin’s trading volume. After peaking above $60 billion on November 13, 2024, daily volume has fallen dramatically, dropping below $3 billion by the end of March 2025.
This represents over a 90% decrease in trading activity in just four months.
April 2025 has shown only slight improvement. According to Coinglass data, the daily average trading volume remains below $5 billion for the month so far.
This sustained low volume suggests continued price struggles may lie ahead.
Market Forces Behind the Decline
The price decline has hit long traders particularly hard. On a recent Sunday, over $4 million in liquidations occurred, with more than 80% affecting long positions as bearish pressure mounted.
Most analysts attribute the decline to broader economic factors. The stock market recently experienced its worst crash since 2010, largely driven by President Trump’s tariff policies.
This downturn has created a bear market environment, pushing Bitcoin toward the $80,000 mark.
As is typical during market contractions, altcoins like Dogecoin have suffered even greater losses due to their volatile nature. While Bitcoin has declined roughly 25%, Dogecoin has lost more than double that percentage.
Currently, Dogecoin trades at approximately $0.1572, having recently experienced a 2.9% pullback on short-term charts.
Technical Analysis Perspective
From a technical standpoint, Dogecoin sits at a critical juncture. Several key levels will likely determine its next move.
The immediate support level sits at $0.1660, which has acted as a base during recent consolidation periods. If this level fails to hold, DOGE could drop to $0.1640 or lower.
Major resistance exists between $0.1720 and $0.1740, forming a zone that has repeatedly rejected upward movements. This area must be reclaimed for bullish momentum to resume.
On technical indicators, the MACD histogram has begun turning green after an extended negative phase, potentially signaling weakening bearish pressure.
The chart structure shows a rounded top pattern, indicating exhaustion at higher levels. However, current price action has been forming higher lows, which could suggest a possible bullish reversal if the pattern holds.
Bullish Case Remains
Despite the market’s bearish tilt, some analysts maintain optimistic outlooks for Dogecoin. Crypto analyst Trader Tardigrade has pointed to similarities with the 2016 and 2021 market cycles, where Dogecoin experienced dramatic price increases.
According to this analysis, DOGE could potentially surge by over 1,500%, reaching as high as $2.1 if historical patterns repeat.
Fundamental factors supporting long-term bullish sentiment include Dogecoin’s strong community, potential payment utility, and continued endorsement from figures like Elon Musk.
Speculation around integration with X (formerly Twitter) continues to drive interest in the cryptocurrency.
On-chain data from Q1 2025 showed moderate growth in network activity. Notably, whale accumulation has increased during price dips, suggesting confidence among larger investors.
For short-term traders, key levels to watch include $0.168, which would confirm upside continuation if broken, and $0.155, which represents a breakdown risk level.
If bulls maintain momentum and push above the $0.172 resistance, Dogecoin could potentially retest the $0.175-$0.180 range in the coming days.
However, without a significant increase in trading volume, sustained price recovery may prove challenging. The cryptocurrency market continues to respond to broader economic conditions, with Dogecoin’s high-beta nature amplifying these movements.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.
By Nermeen Nabil Khear 
