Dogecoin Alami Penurunan Besar: Inilah Penyebabnya!
Release: 2024/07/06 12:24 Reading: 898
Dogecoin Struggles Amidst Market Dip, Liquidations Pile Up
Dogecoin (DOGE), the original memecoin, has taken a significant hit amidst the broader crypto market decline. The meme-inspired cryptocurrency has plunged over 14% in the past 24 hours.
Mass Liquidations Plague Dogecoin
According to data from crypto derivatives data platform Coinglass, DOGE witnessed a staggering $4.8 million worth of long positions liquidated.
NewsBTC reports that this liquidation event signifies that many investors who bet on DOGE's price appreciation were forced to sell at a loss as its value plummeted.
Conversely, short positions (bets on a price decline) faced minimal liquidations, amounting to only $56,680.
The mass liquidation event coincides with a significant price drop for DOGE, pushing it to a three-month low. Currently, DOGE's price fluctuates between $0.099 and $0.117, a critical support zone identified by blockchain analytics firm IntoTheBlock.
This range is significant as it represents a high concentration of wallets holding DOGE, and if the support zone holds, there is potential for a price rebound towards $0.142.
Wider Market Impact
Dogecoin is not the only cryptocurrency facing liquidation woes. The broader market correction has led to over $321 million in total liquidations across various cryptocurrencies.
Interestingly, DOGE ranks fourth in terms of significant liquidations, even surpassing larger cryptocurrencies like Solana (SOL). Additionally, younger memecoins such as Dogwifhat (WIF) and Pepe (PEPE) have also faced notable liquidations.
Despite the bearish sentiment in the derivatives market, the spot market, where actual buys and sells of cryptocurrencies occur, does not appear to be experiencing significant sell pressure.
Data suggests that DOGE's buy orders exceed sell orders by nearly $1 million, giving some hope for the cryptocurrency.
Technical Analysis
Dogecoin's technical indicators currently paint a bearish picture. Price predictions suggest a further 13% decline by August 4, in line with the prevailing sentiment.
The Fear and Greed Index, which measures overall market sentiment, sits at 29, indicating a state of fear. This further reinforces the bearish outlook for DOGE in the near term.
The current market conditions pose a significant challenge for Dogecoin and its investors. However, the support zone identified by IntoTheBlock provides a glimmer of opportunity.
If the price successfully holds within this range and buying pressure continues to outweigh selling pressure, DOGE could witness a rebound.
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