Dogecoin Dips 6% – Is This Just the Beginning of a Bigger Crash?

Updated

April 9, 2025

Gambar Dogecoin Dips 6% – Is This Just the Beginning of a Bigger Crash?

Jakarta, Pintu News – Dogecoin , the king of meme coins, has made another splash in the crypto market after it managed to jump 15% on April 8 after the “Black Monday” that made the market bleed.

But, behind this euphoric recovery, analysts warn that selling pressure and bearish technical signals are still strong.

As DOGE tries to break the important resistance at IDR2,544 ($0.15), a big question arises: Can DOGE continue to climb up to IDR2,884 ($0.17)? Or will it bounce and slide back?

Before discussing further, what is the price movement of Dogecoin today, April 9, 2025?

Dogecoin Price Drops 6.69% in 24 hours

On April 9, 2025, Dogecoin (DOGE) saw a 6.69% drop over the past 24 hours, trading at $0.1405 or around IDR 2,399. Earlier in the day, DOGE reached a high of IDR 2,657 before slipping to a low of IDR 2,336.

At the time of writing, Dogecoin’s market cap stands at around $20.89 billion, with trading volume also dropping 45% to $1.88 billion within 24 hours.

DOGE Rises from the Brink, but Resistance Wall is Still Strong

After plummeting to IDR 2,205 ($0.13)-the lowest level in six months-DOGE finally recorded an impressive rebound on April 8, 2025.

This surge came as the overall crypto market recovered to form a V-shaped reversal pattern, particularly in the meme coin sector.

However, technically, DOGE has not managed to break the 23.6% Fibonacci level at IDR 3,025 ($0.1781). On the daily chart, an evening star pattern was formed which usually signals a reversal to a downtrend.

The Doji candle appeared as a signal of uncertainty, plus the MACD which again showed a bearish crossover signal, making DOGE’s situation still in the vulnerable zone.

DOGE Derivatives Rise Sharply, but Market Sentiment Remains Hesitant

Furthermore, data from the derivatives market revealed that despite DOGE’s recovery, large investors started to open massive short positions. Open interest in the DOGE futures market rose 10.54% to IDR 23.2 trillion ($1.37 billion), signaling increased speculation on the next price movement.

Although the positive funding rate of 0.0055% showed the dominance of bullish traders, the long-to-short ratio fell sharply from 1.0555 to 0.8591.

This means that the number of short positions is starting to rival and even outnumber the long positions. This could be a sign that many traders are starting to take defensive positions, preparing in case the DOGE fails to break the resistance and instead reverses downwards.

Two DOGE Price Scenarios: Towards $0.17 or Plunge to $0.10?

Quoting The Crypto Basic report (4/8/25), if DOGE manages to break and stay above the horizontal support at IDR 2,369 ($0.1397), then there is a chance to retest the resistance at IDR 3,025 ($0.1781).

This hike will reinforce the narrative that DOGE is still on a recovery path and give holders room to breathe.

However, if the selling pressure gets stronger and DOGE breaks the downward support again, the price could fall to the psychologically important level of ID R1,696 ($0.10). This could be the tipping point that turns the medium-term trend fully bearish.

The combination of negative technical signals and increasing short positions makes this scenario worth watching out for.

Overall, Dogecoin did show great strength in the short-term recovery. However, technical indicators and derivatives market dynamics signal that the journey to IDR 2,884 ($0.17) will not be easy.

Investors and traders need to pay attention to key levels and watch out for high volatility that can shake up prices at any time. In the world of cryptocurrency, especially meme coins like DOGE, everything can change in an instant.

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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.

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