Because of the coin's volatility, traders in the Dogecoin (DOGE) ecosystem are becoming more cautious. Dogecoin has experienced an increase in liquidations during the last day, primarily impacting long traders, in response to the bearish market trend.
Cautious Trading in Dogecoin
With total liquidations reaching $5.32 million over the last day, including $3.88 million from long traders (31.9 million DOGE), the Dogecoin price trend warns traders to avoid overexposure. This indicates rising wagers on Dogecoin's price recovery, even though it is little in comparison to Bitcoin and Ethereum. The price of DOGE is currently $0.1382, down 1.8% over the past day, and the trading volume has dropped 21% to $1.38 billion, suggesting that mood has soured. Interestingly, the Relative Strength Index (RSI) is currently at 68.14, which is just below the overbought level. This indicates that the recent correction comes after a 9.5% natural growth surge during the previous week.
Whale Accumulation and Market Sentiment
Dogecoin whales have the potential to shift perceptions in the future by accumulating substantial amounts. DOGE may get close to a floor price of $0.1, which is comparable to the level on October 3, if the current sell-off continues. Both whales and individual investors may be encouraged to accumulate in this scenario. In the medium to long term, a recovery for Dogecoin appears probable, with a price objective above the monthly high of $0.15.
You are not Signed in