Dogecoin (DOGE), the king of meme coins, has printed an unusual liquidation as short position sellers disappeared. CoinGlass data reveals that short traders were not forcibly liquidated in the midst of price movement in the crypto space.
Did recent DOGE rally discourage bearish bets?
Notably, for Dogecoin to print $0 in short liquidations in an hour, it implies that most traders were betting long on the meme coin and bullish on the price. It could also mean that the volume of short traders was not significant enough to produce liquidations on the heat map.
Dogecoin short sellers may have reported $0 in short positions because they were pressured to close their positions manually. That is, before it could hit liquidation levels, these traders closed, leading to losses in market fees, buys and slippage.
Dogecoin’s price performance in the last seven days provides insight into the zero-dollar liquidation. The king of meme coins had been on an upward climb, rising over 4.35% within the period. This positive sentiment may have led to fewer short bets.
However, following the market-wide pullback, DOGE has slipped more than the broader crypto market. As of this writing, Dogecoin changed hands at $0.09429, which represents a 4.61% decline in the last 24 hours.
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The price decline was triggered by rejection at DOGE’s resistance level and amplified by Bitcoin’s slip. Despite this, volume remains up by 27.84% at $1.81 billion.
Can Dogecoin rally to $0.10?
Interestingly, at the start of the trading week, Dogecoin soared to 87% in volume after it formed a golden cross.
The technical signal inspired more engagement from market participants as users anticipated a rebound for the meme coin.
It remains to be seen if DOGE can show resilience and break through barriers limiting it from retesting the $0.10 price level. If Bitcoin, to which DOGE is coupled, recovers, it might support the meme coin’s rebound journey.
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