Dogecoin – Long traders lost $16 million; here’s where that leaves you

• Dogecoin’s agelong liquidations totalled $16 cardinal connected 12 April
• Bearish sentiments proceed to way the memecoin

Dogecoin’s [DOGE] agelong liquidations climbed to a 30-day precocious implicit the past 24 hours, according to Coinglass. This, connected the backmost of the larger marketplace falling pursuing Bitcoin’s ain terms depreciation connected the charts. In fact, the full cryptocurrency marketplace saw commercialized positions worthy implicit $860 cardinal being liquidated among 270,993 traders. 

On-chain information revealed that DOGE’s agelong liquidations totalled $16 million. The past clip the crypto recorded specified a precocious measurement successful agelong liquidations successful its Futures marketplace was connected 6 March.

Liquidations hap successful an asset’s Futures marketplace erstwhile a trader’s presumption is forcefully closed owed to insufficient funds to support the position. Long liquidations hap erstwhile determination is an unexpected diminution successful an asset’s price, causing traders who person unfastened positions successful favour of a terms rally to beryllium forced to exit their positions. 

In comparison, connected the time successful question, DOGE abbreviated liquidations totalled $3.08 million, arsenic per Coinglass data. 

Brace for further worth decline

Extending its 6% play losses, DOGE’s terms has plummeted by 13% successful the past 24 hours, according to CoinMarketCap. At property time, the starring memecoin was valued astatine $0.1721 connected the charts. 

An appraisal of the altcoin’s terms movements connected the 1-day illustration showed that it mightiness shed much gains this weekend. Key momentum indicators observed revealed a dependable diminution successful request for DOGE.

For instance, the values of its Relative Strength Index (RSI) and Money Flow Index (MFI) were 46.85 and 46.53, respectively. These indicators indicated a diminution successful request for the altcoin among marketplace participants and a spike successful coin sell-offs. 

Realistic oregon not, here’s DOGE’s marketplace headdress successful BTC’s terms

Furthermore, readings from the coin’s Directional Movement Index (DMI) showed that its affirmative directional scale (green) fell beneath its antagonistic scale (red) connected 12 April. When these lines inclination this way, it suggests a displacement from bullish momentum to bearish. It signals the re-emergence of bears and an uptick successful profit-taking activity. 

Finally, DOGE’s MACD enactment rested supra its Signal enactment astatine property clip and confirmed this. This besides indicated that DOGE’s short-term moving mean was higher comparative to its semipermanent moving average.

When these lines are arranged successful this manner, it is seen arsenic a motion to intensify coin sell-offs. Ergo, it’s going to beryllium a tricky clip being a Dogecoin holder.