Dogecoin Price Dips Today (2/27/25): Network Activity Plunges 95% – Is DOGE Facing a Red Alert?

Jakarta, Pintu News – The price of Dogecoin DOGE->Current DOGE PriceRp 0Market Cap-Trading Volume-Circulating Supply- experienced a slight correction of 2.81% today, February 27, 2025, after experiencing significant volatility for some time.

While this price drop is relatively small, there are warning signs emerging from Dogecoin’s network activity showing a drastic decline. According to the latest data, DOGE’s network activity has recorded a decline of almost 95%, which has sparked concern among investors.

Dogecoin price drops 2.81% in 24 hours

On February 27, 2025, Dogecoin (DOGE) saw a 2.81% correction, trading at $0.2056 (approximately 3,390) IDR. The price fluctuated between a high of 3,511 IDR and a low 3,230 IDR over the past 24 hours.

As of now, Dogecoin’s market capitalization is around $30.49 billion, with trading volume declining by 34%, reaching $1.98 billion during the same period.

Read also: Ethereum Price Dropped 6% to $2,330 today (2/27/25). Can ETH Make a Rebound?

Decreased Tissue Activity: A Danger Sign for DOGE?

Amid increased market volatility, Dogecoin network activity has seen a sharp decline. According to a recent tweet from Ali Martinez, a crypto analyst, Dogecoin network activity has dropped by almost 95%.

In November 2024, the number of active addresses reached 2.66 million, but has now dropped dramatically to 130,282 active addresses.

Amid this decline in network activity, the analyst highlighted the possibility of a Bitcoin crash. With the rising channel pattern seen on the weekly chart, the analyst warns that if the price closes below $0.19, it could trigger a deeper correction to reach $0.060.

Dogecoin Price Analysis: Bearish Pressure Grows Stronger

On the daily chart (2/26/25) reported by CoinSpeaker, Dogecoin price action showed a bullish failure to break the local price at $0.2428, leading to a closing price of $0.2104. With a lower price rejection and a Doji candlestick, Dogecoin showed a potential morning star pattern.

Read also: Bitcoin Price Dropped 5% Today (27/2/25): What’s Driving the Decline in BTC?

During the recent price drop, the 50-day and 100-day EMA lines had a negative crossover. Additionally, the 20-day and 200-day EMA lines also showed negative alignment.

This crossover increases the probability of a death cross between the 50-day and 200-day EMA. Also, the latest crash has lowered the daily RSI line to the oversold zone.

Although the EMA indicator shows downside potential, oversold RSI conditions favor a possible retest of the resistance trendline. Hence, the technical indicators still show a divided view on DOGE’s price direction.

Dogecoin Open Interest Experiences Recovery

As Dogecoin faces a crucial point, derivatives data shows significant fluctuations. Open interest calculated based on the funding rate has turned positive, recovering to 0.0029% after being negative.

In addition, open interest gradually recovered by almost 3%, reaching $1.89 billion. Currently, the long-to-short ratio for Dogecoin remains at 1, reflecting a balanced number of bulls and bears.

However, traders on leading exchanges such as Binance and OKX are showing a very bullish sentiment towards Dogecoin. The long-to-short ratio based on accounts and positions reflects bullish positions of almost 2x to 3x, indicating the dominance of bullish sentiment despite bearish pressure.

Read also: Dogecoin Price Prediction: Ali Martinez Predicts a Potential Massive Rebound for DOGE!

Nevertheless, liquidations in the last 24 hours (2/26) were recorded at $15.15 million. Long liquidations recorded $9.13 million, while short liquidations increased to $6.02 million.

Further, in support of the bullish opportunity, Dogecoin showed dominance at the 50% Fibonacci level around the psychological price of $0.20. A bullish recovery in this meme coin is likely to test the upper trend line around the $0.23 level.

However, in case of a bearish breakdown of the 50% Fibonacci level, Dogecoin could potentially drop to the 61.80% retracement level of $0.1716.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinspeaker. Dogecoin Price Analysis: Will $0.20 Support Hold? Accessed on February 27, 2025