Dogecoin plummeted below thirteen cents on Tuesday, marking a significant drop in value. The cryptocurrencys price fell by 2.3% over 24 hours, breaking the key psychological barrier at thirteen cents. This decline coincided with a massive surge in derivatives activity, with BitMEX reporting a 53,000% increase in futures volume to $260 million. Traders are betting on increased volatility as the spot price weakens. Dogecoin is seen as a high-beta play on sentiment, making it more susceptible to positioning shifts and liquidity gaps. The cryptocurrency is currently trading in a descending channel, with short-term moving averages capping any quick rallies. The big watch level is thirteen cents, with a potential short-covering bounce to thirteen point two cents if reclaimed, but a failure could test demand around twelve point eight five to twelve point eight cents. With futures signaling more swings ahead, those moves could sharpen fast as liquidity thins.

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