Dogecoin loses $0.13 floor as derivatives positioning signals bigger swings ahead

News backgroundBitMEX reported Dogecoin futures volume surging 53,000% to $260 million as traders ramped up exposure to the move, a sign that volatility expectations are rising even as the spot price weakens. The burst in derivatives turnover came alongside a heavy spot selloff that pushed DOGE through the $0.13 psychological floor, keeping the meme-coin complex under pressure while broader crypto markets remained uneven.

The rise in futures activity also comes as traders continue to use meme coins as high-beta expressions of sentiment, making DOGE more sensitive to positioning shifts and liquidity pockets than many large-cap tokens. That dynamic tends to amplify moves once key levels break, particularly around round-number supports like $0.13.

Technical analysisDOGE broke below $0.1300 after sellers pressed the market during US hours, with the key confirmation coming at 16:00 on Dec. 23 when volume hit 639 million tokens, about 101% above the session average. That spike marked a clear change in flow: buyers that had previously defended $0.13 stepped back, and the level flipped from support into overhead supply.

On the intraday chart, selling picked up again from around 01:41, with price slicing through interim supports at $0.1295 and $0.1292. The structure now resembles a descending channel, with DOGE leaning towards the lower boundary as it trades below short-term moving averages. That typically keeps rallies shallow until the market can reclaim the broken pivot.

Price action summary

• DOGE fell 2.3% from $0.1323 to $0.1292 over 24 hours
• The $0.1300 floor broke on the heaviest spot volume of the session
• Price steadied near $0.1290 late as volume cooled sharply from peak levels
• The intraday range widened to $0.0047 (about 3.6%), signaling growing volatility

What traders should know$0.13 is now the level that matters. If DOGE can reclaim and hold it, the move looks more like a flush-and-reset and could trigger a short-covering bounce back toward $0.1320. If it fails to retake $0.13, the market is likely to probe the next demand cluster around $0.1285–$0.1280, where buyers may attempt another defense.

The outsized jump in futures volume suggests traders are bracing for continued volatility rather than a quiet drift. That can cut both ways: it increases the odds of sharp squeezes, but it also means breaks can extend quickly if stops trigger below $0.1290 and liquidity thins.