Dogecoin (DOGE) Crashes to $0.12 on Coinbase, But This Market Metric Hints at Hope

Dogecoin fell to a low of $0.121 on the Coinbase crypto exchange in Monday's trading session. The dog coin fell more than 7% from $0.131 to $0.121 as the broader crypto market saw a sell-off. Major cryptocurrencies fell on Monday as fears of new U.S. tariffs on European goods triggered a broader sell-off across global markets.

Liquidations rose in the last 24 hours following the sell-off, with nearly $878 million in crypto positions wiped out, according to CoinGlass data, with long positions accounting for the majority.

Digital assets had seen a promising start to the year, after ending 2025 in a malaise following the inability to sustain a recovery from the massive sell-off last October.

Dogecoin market metric hints at hope

The Dogecoin price drops to $0.12 following multiple rejections near $0.137-$0.138. However, volume rose significantly amid the price drop. In the derivatives market, volume rose 169% in the last 24 hours to $4 billion, with $35.38 million wiped out in liquidations.

This scenario presents a high volume liquidation flush, which might precede a price reversal. It suggests leverage being removed from the market, with stabilization now awaited for Dogecoin's next move.

In the spot markets, Dogecoin's trading volume has risen 227% in the last 24 hours to $1.99 billion, suggesting increased activity despite the market sell-off.

What's next？

The hourly RSI indicator has dropped below 30, hinting at oversold conditions. This setup hints at a potential relief rally in the short term.

On the daily chart, Dogecoin is poised to mark its sixth day of drop since Jan. 13. This trend was also seen in the week before, when Dogecoin fell all through Jan. 6 to 12, closing all days in red.

With speculative leverage being flushed from the markets, Dogecoin might seek to build a base for its next price move.

If a price bottom is confirmed at $0.121 and Dogecoin can recover once again above the daily MA 50 at $0.136, the next targets will be $0.154 and $0.192.