Dogecoin (DOGE) ended June on a turbulent note, having shed over 14% of its value during the month. Despite a modest 5.47% gain over the past week, the overall trend points to mounting bearish pressure. While the surface-level action seemed relatively calm on June 30, data indicates intensifying friction between bulls and bears, with directional clarity still lacking.

What’s especially striking is the persistence of short positions even in the face of staggering losses. According to Glassnode, DOGE traders collectively held $132.2 million in unrealized losses as of June 30. In contrast, only $5 million sat in profit—creating a 26:1 ratio of losing to winning trades. These losses are classified as “unrealized,” meaning the traders haven’t exited their positions yet. The open contracts are still active, and thus these paper losses could still be reversed or worsened depending on future price movement.

This raises an important question: Why are short sellers holding on despite the significant downside exposure? AMBCrypto’s analysis suggests that these traders are doubling down on their bearish outlook, expecting Dogecoin’s price to decline even further. In fact, multiple market indicators support their stance.

One such metric is Taker Sell Volume, which continues to outpace buy-side activity. According to CoinGlass, 51.97% of DOGE trades on June 30 came from the short side. Meanwhile, the Long/Short Ratio dipped to 0.92. Typically, a ratio below 1 signifies that short positions are dominating the market and that sellers are shaping the current narrative. This trend reflects tightening bearish control and underscores how sentiment has shifted sharply in favor of downside speculation.

Another revealing metric is the Liquidation Heatmap, which shows concentrated liquidity clusters just below the current trading price of $0.165. These clusters, essentially unfilled leveraged orders, often act as magnets for price movement. In Dogecoin’s case, these liquidation zones lie around $0.162 and $0.159. If the price moves downward to those levels, it could trigger long liquidations while simultaneously turning the short sellers’ unrealized losses into realized gains.

Despite this bleak outlook, bullish players haven’t completely backed down. On June 30, bulls purchased around $5.5 million worth of DOGE, pushing their total accumulation for the week to $49.16 million. This buying pressure has helped temporarily stabilize prices and slow down the rate of decline. The presence of such accumulation points to lingering optimism among some investors, who may be positioning for a potential rebound or price breakout.

However, that optimism may be losing steam. AMBCrypto noted that Dogecoin accumulation peaked at $105 million on June 9, and the volume has steadily declined since. This suggests that interest from bullish participants is waning, likely due to the token’s recent underperformance and lack of strong catalysts. If accumulation continues to slide, it could signal fading confidence in a near-term recovery.

Additionally, whale activity appears to have diminished. Large players are no longer leading the accumulation efforts, leaving retail investors to shoulder the bulk of the trading action. Without significant whale support, it becomes harder for bulls to build enough momentum to challenge resistance levels or trigger a reversal.

Taken together, the technical and on-chain data suggest that DOGE could be headed for more downside if the current trends persist. A drop toward the key liquidation zones around $0.162 and $0.159 could be imminent, especially if short pressure intensifies and bullish momentum continues to fade. While the broader crypto market may yet offer some relief or reversal opportunities, Dogecoin’s near-term prospects remain clouded by bearish sentiment, reduced accumulation, and heavy unrealized losses.

Until clear support emerges or whale interest reignites, Dogecoin is likely to remain under pressure. Traders should monitor liquidity zones, accumulation trends, and short interest closely to gauge the crypto coins next decisive move. As it stands, the bears seem to be in control—at least for now.