Doge prices by 11.32% in 7 days risking hitting a 6-month low. Total liquidations have hit $3.2 million indicating strong bearish sentiment
, the largest memecoin by market cap, has experienced a sustained decline over the past month. While crypto markets have witnessed extreme volatility in the recent past, memecoins have been hit hard.Prior to this, the memecoin has experienced a sustained decline, dropping by 17.87% over the last 30 days. With this sustained decline, DOGE remained 87% below its all-time high.
After hitting a local low of $0.08 last month, it has attempted to recover, hitting a high of $0.11 before losing all the gains.has surged by 79.25% to $492.4 million.Will DOGE’s bearish trends continue?AMBCrypto’s analysis showed that DOGE was experiencing a strong bearish market. For starters, the token’s MACD was negative, indicating the signal line was above the MACD line.Equally, Chaikin money flow was negative at -0.05, suggesting increased selling pressure.
Higher liquidation for long positions is a strong bearish signal, as investors seem to be betting on price increases. Thus, long position holders lack the conviction to pay premiums and hold their positions.Additionally, the Doge OI-Weighted Funding Rate was negative at -0.0026%, which further supported the reduced demand for long positions. This suggested that the market was bearish, with increased demand for short positions.
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