Dogecoin price remained under pressure on Thursday after spot market flows turned sharply negative, even as the broader cryptocurrency market faced renewed selling. Data from CoinGlass showed a steep decline in spot flow over the past 24 hours, reflecting cautious sentiment among traders while global risk assets weakened.
The pullback came during a wider sell-off across digital assets, U.S. equities, and precious metals. Futures tied to the Nasdaq-100 traded lower, while crypto markets recorded heavy liquidations. Despite the negative flow, Dogecoin continued to trade inside a range that has held since early February, signaling uncertainty rather than a confirmed trend reversal.
Spot Flow Turns Negative as Outflows Beat Inflows
CoinGlass data showed that Dogecoin recorded $83.26 million in spot inflows in the last 24 hours, while outflows reached $97.17 million. The difference produced a negative netflow of $13.92 million. This translated into a drop in spot flow of 1,120.38%.
Negative spot flow often reflects more coins leaving exchanges than entering them. In some cases, this suggests accumulation as holders move tokens to private wallets. However, in the current market environment, the decline appears tied to defensive positioning rather than strong buying demand.
The broader crypto market also faced pressure during the same period. Around $253 million in crypto positions were liquidated across exchanges. Long positions accounted for about $203 million of the total, while short liquidations stood near $50 million. The imbalance showed that traders were positioned for upside before the sell-off began.
Large liquidations tend to increase volatility. When long positions are forced to close, prices can drop quickly. This pattern was visible across major cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.
Market sentiment indicators continue to reflect caution. The Crypto Fear and Greed Index remains in the fear zone, showing that traders are avoiding aggressive risk exposure. Options market data also points to defensive positioning, with more demand for downside protection than bullish bets.
Dogecoin Price Fails to Break Key Resistance
Dogecoin price attempted to move higher earlier this week but failed to hold above a key technical level. The meme coin rose for three consecutive sessions between March 23 and March 25 before losing momentum.
During the rally, Dogecoin reached a high of $0.09793. Buyers tried to push the price higher, but the move stalled near the daily 50-day moving average, which currently sits around $0.095. This level has acted as resistance since January and continues to cap upside attempts.
At the time of writing, Dogecoin trades at around $0.09132, down 5.28% in the last 24 hours.
Source: https://coinpaper.com/15749/doge-price-prediction-dogecoin-holds-key-support-at-0-08-amid-negative-spot-flow
