After Bitcoin (BTC) and Ethereum (ETH) registered a price decline of over 4%, Dogecoin (DOGE) has lost its crucial support and is now poised for a massive drop. On March 10, 2025, the overall cryptocurrency market experienced a notable decline following the opening bell of the U.S. market.

DOGE Current Price Momentum 

Amid this price decline, DOGE has dropped over 6.5%, falling below the key level of $0.17 and currently trading under $0.16. This marks the first time in the past three months that DOGE has fallen below this crucial level.

Dogecoin (DOGE) Price Action and Upcoming Levels

According to expert technical analysis, DOGE appears bearish as it has failed to hold the $0.17 level. Based on recent price action and historical patterns, this breakdown suggests a strong possibility that the asset could drop another 20%, reaching the $0.125 level in the coming days.

At present, DOGE’s Relative Strength Index (RSI) is below 26, indicating that it is in an oversold zone and lacks the strength for a price recovery. Meanwhile, its 200 Exponential Moving Average (EMA) is trading far above, signaling a continued downtrend.

$31 Million Worth of DOGE Outflow 

Despite the bearish market sentiment and price action, the meme coin has seen a notable outflow from exchanges, according to on-chain analytics firm Coinglass. Data from spot inflows and outflows reveal that, in the past 24 hours, exchanges have recorded an outflow of $31 million worth of DOGE, indicating potential accumulation.

Such an outflow in a bearish market suggests potential accumulation, which could create a buying opportunity and trigger a further upside rally.