- Dogecoin liquidation total over time $16 million on April 12th
- Bearish sentiment continues to trail meme coins
Dogecoin’s [DOGE] According to the report, the number of long-term liquidations reached a 30-day high in the past 24 hours. coin glass. This comes against the backdrop of the broader market falling following Bitcoin’s own price drop on the charts. In fact, in the entire crypto market, he has liquidated trading positions worth more than $860 million among 270,993 traders.
On-chain data reveals that DOGE’s total liquidation over time has reached $16 million. The last time the crypto futures market recorded such a large volume of long-term clearing was on March 6th.
Source: Coinglass
Liquidations occur in the futures market for an asset when a trader’s position is forced to close due to insufficient funds to maintain the position. Long-term liquidations occur when there is an unexpected fall in the price of an asset, forcing traders who held positions that favored rising prices to exit their positions.
By comparison, DOGE’s short-term liquidations on the day in question totaled $3.08 million, according to Coinglass data.
Prepare for further decline in value
According to the report, DOGE’s price plummeted 13% in the past 24 hours, expanding its weekly decline by 6%. coin market cap. At the time of writing, the leading meme coin was valued at $0.1721 on the chart.
An evaluation of the altcoin’s price movement on the 1-day chart shows that there is potential for further gains this weekend. A key momentum indicator observed is that demand for DOGE is steadily decreasing.
For example, the values of Relative Strength Index (RSI) and Money Flow Index (MFI) were 46.85 and 46.53, respectively. These indicators showed a decline in demand for altcoins among market participants and a surge in coin sales.
Whether it’s realistic or not, DOGE’s market cap in BTC terms is:
Additionally, the coin’s directional index (DMI) measurements showed that the positive directional index (green) fell below the negative index (red) on April 12th. When these lines follow this trend, it signals a transition from bullish momentum to bearish momentum. This suggests the re-emergence of bears and increased profit-taking activity.
Finally, DOGE’s MACD line is above the signal line at the time of writing, confirming this. This also shows that the short-term moving average of DOGE is higher compared to the long-term moving average.
Source: TradingView
When these lines are placed like this, it is seen as a sign that the coin is about to sell. Therefore, it will be a difficult time to be a Dogecoin holder.