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Dogecoin (DOGE), the king of meme coins, has fallen by over 1.10% in the last 24 hours, as its performance triggers liquidation for long but not short traders. As per CoinGlass data, in the last 60 minutes, short position traders have not suffered any losses amid the mild price decline.
One-sided liquidations signal possible DOGE bottom
Meanwhile, long position investors have seen $320,810 wiped out within the same one-hour time frame. The one-sided pressure on bullish traders with no forced exit on bears suggests that although Dogecoin declined, it was not enough to affect bears.
It could signal the end of a downside for DOGE as weak hands exit the market. If this continues to play out, it represents the perfect setup for Dogecoin to rebound.
Notably, as per historical data, Dogecoin downside exhaustion usually precedes a rebound for the meme coin. If the current pattern lingers, Dogecoin is likely to recover, with the price moving in an upward direction.
As of this writing, Dogecoin is changing hands at $0.2143, representing a 1.3% decline in the last 24 hours. DOGE dropped from a daily high of $0.2207 to its current level. However, the price dip has not affected investors’ appetite to acquire the meme coin.
Trading volume has soared by 35.98% to $2.16 billion within the same period. This suggests investors are looking to take the opportunity of the dip to increase their portfolio.
Crypto traders anticipate Dogecoin "god candle"
As recently reported by U.Today, there is high anticipation of a bullish move for Dogecoin.
Kaleo, a renowned crypto trader, noted that DOGE was long overdue for a "god candle" in its Bitcoin pairing. This could support a massive spike in the price of the meme coin in an instant.
With Dogecoin holders anticipating an unexpected price explosion for the meme coin, the waiting game is on as market observers monitor price movements.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team