Dogecoin Liquidations Surge as DOGE Hits $0.10: Should You Buy the Dip?
Release: 2024/07/05 21:19 Reading: 792
Dogecoin Liquidations Surge, Leaving Investors Questioning Whether to Buy the Dip
Amid an ongoing market decline, Dogecoin (DOGE) has experienced a spike in liquidations, losing over $11 million in the last 24 hours. The erratic market conditions have made the ideal buy-in point for DOGE around $0.12 elusive, but a window of opportunity may present itself soon.
Increased Liquidations and Market Movement
Data from Coinglass indicates that Dogecoin liquidations have increased by over 98% to $11.15 million within the last day. Long positions account for the majority of these liquidations at $10.07 million, while short liquidations stand at $1.08 million. The surge in liquidations corresponds with DOGE's price dropping to $0.10, marking a 13.6% decrease in the past day.
Liquidation Heatmap and Price Analysis
A liquidation heatmap, which identifies areas of potential large-scale liquidations, shows a concentration of liquidity around $0.12. If buying pressure increases, DOGE's price may rise towards this level. Conversely, if selling persists, this prediction may be invalidated.
Network Activity and Price Divergence
Despite Dogecoin's recent price decline, a divergence between price and Daily Active Addresses (DAA) suggests a potentially bullish outlook. DAA measures the number of unique addresses interacting with the Dogecoin blockchain. When the price increases more than DAA, it typically indicates a sell signal. However, in this case, DAA is negative -58.32%, suggesting that network activity is growing faster than the price. This may indicate that DOGE is undervalued relative to its on-chain activity.
Considerations for Buying the Dip
Multiple factors should be considered before buying the dip in DOGE. Short-term, DOGE may consolidate around $0.10. However, a shift in investor sentiment could lead to accumulation, potentially driving the price back towards the $0.12 support zone. For those optimistic about Dogecoin's future, this may be an opportune time to start accumulating.
Renewed Investor Sentiment and Future Predictions
Despite liquidations, DOGE's 24-hour trading volume has increased by 62% to $1.6 billion, indicating renewed investor interest. Analysts have predicted that DOGE could eventually approach $2, based on its historical performance. While positive market sentiment bodes well for DOGE, investors should carefully observe network activity and price movements before making investment decisions.
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