Dogecoin Slips To $0.22 As Liquidations Spike 200%, Crucial Support at $0.21

Dogecoin (CRYPTO: DOGE) is currently trading at $0.2219, down 2.49% in the last 24 hours and about 1.6% over the past week. The token's price fluctuated between a daily high of $0.232 and a low of $0.2222. The turbulence in price is marked by a sharp 200% liquidation event, and delayed payments solutions by Elon Musk's X, formerly Twitter.

DOGE underwent disruption when a 200% liquidation imbalance occurred within just one hour, causing long-position traders to incur losses totaling $123,000, according to CoinGlass. The sudden wave of liquidations sparked a swift price decline from $0.232 down to $0.2266, surprising many participants who had positioned themselves for a technical rebound.

Don't Miss:

• Trade crypto futures on Plus500 with up to $200 in bonuses — no wallets, just price speculation and free paper trading to practice different strategies.
• New to trading crypto? Get up to $400 in rewards for successfully completing short educational courses and placing your first qualifying trade on Coinbase.

According to CryptoNews, Carter Feldman, CEO and founder of Psy, explained how their trustless bridge connecting Dogecoin and Solana (CRYPTO: SOL) addresses issues related to cross-chain bridge's vulnerability to hacks and exploits.

Feldman highlighted that unlike traditional bridges relying on multisignature signers or centralized custodians, Psy's bridge directly verifies Dogecoin's proof of work on Solana. The approach allows Solana to cryptographically confirm Doge's state without trusting any intermediaries. 

He also noted that the decision to bridge Dogecoin to Solana was driven by the goal of combining proof-of-work security with the programmability of proof-of-stake chains.

The launch of AI-driven cloud mining solutions by Fitbit Cloud Mining 2025 presents a new tech-driven investment model that enhances mining efficiency using algorithms and renewable energy. Supporting cryptocurrencies such as Dogecoin, it enables diversified portfolios with stable returns.

Enthusiasm for Dogecoin has taken a hit since X quietly started limited beta testing, while Dogecoin has remained absent from the rollout. Regulatory hurdles explain the cautious pace for X payments, as it has secured money transmitter licenses in 41 states but notably lacks approval in New York, where stringent BitLicense rules govern crypto activities. The exclusion from the beta has left supporters frustrated after years of DOGE endorsements have yet to translate into concrete integration within Musk's visions.

Dogecoin has continued its decline after failing to break above the $0.2550 resistance level, unlike other major cryptocurrencies such as Bitcoin and Ethereum. The price fell below the key support level at $0.2429 and $0.2400, dipping under $0.2200 and reaching a recent low of around $0.2157 before stabilizing.

DOGE is trading below the $0.2350 level, and the 100-hour SMA, with a bullish trend line offering support near the $0.230 on the hourly chart.

The resistance levels stand at $0.230, followed by stronger barriers at $0.2350 and $0.2420. Clearing $0.2420 could open the way for a move back toward $0.2550 and potentially $0.2640.

Failure to break above $0.2350 could lead to further losses, with support levels at $0.2200 and $0.2150. A break below the critical $0.2120 level could trigger further declines toward $0.20, or even $0.1840 in the near future.

More Opportunities:

• Grow your IRA or 401(k) with Crypto – unlock the power of alternative investments including a Crypto IRA within your retirement account.
• Trade, earn, and grow your crypto portfolio with Crypto.com — plus receive up to $500 worth of rewards in the most popular tokens if you're a new customer.

Image: Shutterstock