The crypto market has experienced a dramatic reversal in price performances over the past day, as prices of leading cryptocurrencies return to previous lows.
This negative trend has greatly impacted Dogecoin’s liquidation for long positions, as projected in Coinglass's latest data.
The data shows that Dogecoin’s total liquidation over the last 4 hours reached a total of $1.85 million, with long-position traders of the leading meme coin suffering more liquidations than losses recorded by short-position traders during the period.
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DOGE liquidation flips against bulls
The mild liquidation event, which happened in a matter of a few hours, resulted in Dogecoin printing a massive liquidation imbalance of 3,444% in favor of bear traders.
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Per the data, Dogecoin investors suffered over $1.85 million in liquidation losses, but short positions were seen catering for only $52,750. As such, the investors who bet long on DOGE suffered the highest losses, totaling over $1.80 million.
Source: Coinglass
This shows that investors who had placed their bets on DOGE’s price surge were massively flushed out in a span of 4 hours as the token fell deeper against bullish expectations.
With DOGE long positions being suddenly wiped out at a rate 3,444% higher than short positions, this significant liquidation imbalance has shattered the strong confidence in DOGE's future price action, as the crypto market shows signs of high volatility.
DOGE slumps 4%
With Dogecoin posting notable gains the previous day, when its price soared as high as $0.167, investors' confidence had remained on the high side amid strong expectations for a sustainable price rally.
With DOGE traders expecting that the positive market trend was not coming to an end anytime soon, they started to open long positions. This eventually led to the unequal dynamics, as the sudden fall in DOGE’s price saw the long positions getting liquidated in millions of dollars.
The dramatic shift in market sentiment saw DOGE fall deeper, showcasing a price decline of about 4% over the last day. As such, DOGE is trading at $0.158 as of press time.
Source: CoinMarketCap
Nonetheless, the notable decline in DOGE’s price, which saw its 4-hour liquidation trend move in favor of bears, has seen traders brace for more turbulence as the new month kicks off to a bearish start.
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