The past 24 hours have been particularly challenging for traders who placed bullish bets on Dogecoin (DOGE). Data shows that long positions worth $1.12 million were liquidated during this period, while short positions saw a comparatively minor liquidation of $100,180. This disparity led to a 1,120% daily difference between bullish and bearish liquidations.
Investors who anticipated an upswing in DOGE’s value were caught off-guard, largely due to the underperformance of the leading cryptocurrency. DOGE’s price plummeted by 5.16% within a span of two hours and continued to dip in a very narrow range. This negatively impacted investors who thought the decline had ended and resumed buying DOGE.
Yesterday, DOGE’s price dropped by 7.28%, which triggered a bullish sentiment for the coming days and prompted traders to open long positions. This, in turn, resulted in millions of dollars in liquidations. However, the full picture is more complex, as other factors are also at play. Earlier in the week, DOGE’s price experienced a surge.
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Is this merely a normal correction, or could it signal the start of another major downturn in DOGE prices, reminiscent of the early August decline? Unfortunately, the answer remains uncertain. What is clear is that this popular cryptocurrency continues to be a focal point and an attractive asset for traders.
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