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The crypto market is seeing selling pressure in early Tuesday session with the majority of crypto assets trading lower or posting minor gains.
According to CoinGlass data, crypto liquidations have totaled $371 million in the last 24 hours, the majority of which were long positions.
Dogecoin has seen a drop since the week's start, dropping for two consecutive days since the Aug. 31 high of $0.221.
Around the time of writing, DOGE was trading down 2.97% in the last 24 hours to $0.21, in line with the broader crypto market drop at September's start.
The decline has caught bullish traders expecting a price increase unawares, resulting in significant long liquidations.
In the last 24 hours, Dogecoin has seen a total of $8.11 million in liquidations; $6.98 million or nearly 32,924,528 DOGE accounted for long liquidations, while short liquidations came in at $1.13 million.
Market awaits major move
The crypto market is yet to make a major move as traders seem to be positioning for September, historically believed to be the weakest in the year for crypto.
The outlook remains highly uncertain in September, but key macroeconomic data releases could shape Fed policy. In this light, investors are looking toward the Federal Reserve's Sept. 16-17 policy meeting.
On what comes next for Dogecoin's price, investors are watching the broader market sentiment, and key resistance and support levels will also be watched.
According to Ali, a crypto analyst, Dogecoin defended the $0.208 support five times now, with this level now proving crucial for the next move. The $0.225 level, which coincides with the daily SMA 50, remains an immediate short-term barrier.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team