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Dogecoin has seen its spot flow drop by 1,120.38% in the last 24 hours, according to CoinGlass data, even as the broader crypto market fell early Thursday.
Digital assets fell on Wednesday as the crypto market reeled from an overnight sell-off. The declines come alongside a sharp drop in U.S. equities and precious metals, with Nasdaq 100 futures trading down.
Across the broader crypto market, crypto positions worth $253 million were liquidated, with longs liquidation accounting for the majority at $203 million, while shorts came in at $50 million.
Dogecoin spot outflows surpassed its spot inflows in the last 24 hours even while the crypto market traded down. Spot inflows for the dog coin came to $83.26 million in the last 24 hours, while outflow arrived at $97.17 million. This amounted to a negative netflow of $13.92 million, representing a negative spot flow increase of 1,120.38%.
The drop in spot flows remains significant, as it might indicate Dogecoin leaving spot exchanges, a signal of demand.
Despite this, market sentiment remains one of caution, with most cryptocurrencies, including Dogecoin, remaining in a price range that has continued since early February despite multiple attempts to break out to the upside.
The crypto fear and greed index remains in the fear zone as the options market continues to reflect defensive positioning.
Dogecoin price
Dogecoin fell after a three-day rise from March 23 to March 25 after an unsuccessful attempt by buyers to push Dogecoin the price past $0.97.
Dogecoin rose to $0.9793 on March 25, but bulls could not push beyond here, with the price retreating below the daily MA 50 (currently at $0.095) that had capped Dogecoin's price since January.
With the Dogecoin price turning sharply from the daily MA 50, the chances of a drop below $0.09 level have increased. The next major support now lies at $0.06, although there is immediate support in the $0.08 range.
On the other hand, if Dogecoin sees a sustained breakout above the daily MA 50, it will target $0.10 and then $0.12, which will pose resistance for its price.