I just looked at the Dogecoin trend, and this meme dog has been acting a bit off lately. Since the end of February, it’s been repeatedly testing around $0.10, but each time it failed to break through, and now the price has fallen back to the support level of $0.088, feeling a bit shaky.

The data makes it clearer: although it only dropped 0.54% in 24 hours, open interest is increasing, and the funding rate has been consistently negative, indicating that more and more traders are shorting the market. Interestingly, last week’s social media discussions were quite lively, and the sentiment was positive, but this hype couldn’t sustain the price. Instead, short-term holders started taking profits, and the price kept falling. The spot CVD indicator is also weakening, suggesting that both spot and futures market participants are not optimistic about the short-term outlook.

From a technical perspective, it’s even more pessimistic. The long-term trend is bearish, with Fibonacci retracement levels at $0.117, $0.109, and $0.103 acting as key resistance points. OBV continues to decline, RSI is stuck around 50 and unable to move, all indicating one thing: sellers currently have control of the situation. If the support at $0.088 really breaks, further decline is almost certain.

Interestingly, according to the liquidation map, there are a large number of long positions stacked between $0.084 and $0.088. Once this support is breached, these leveraged longs could be liquidated in the short term. Bitcoin is also trending downward now, and if BTC continues to weaken, Dogecoin’s downward pressure will intensify. So, be cautious in the near term—this meme coin really seems to be testing investors’ patience.