Dogecoin Long Traders Suffer $8.59 Million Liquidations as Price Falls Below Key Support
Dogecoin long traders faced significant losses as the cryptocurrency's price plummeted, pushing it below a key technical level. According to data from CoinGlass, Dogecoin recorded a $8.59 million liquidation imbalance in long positions, accounting for almost all forced closures.
Total DOGE liquidations reached approximately $8.91 million, comprising $8.59 million in long positions and $319,190 in shorts. This indicates that many leveraged traders had positioned themselves for a continued recovery before the sharp decline forced exchanges to close their positions.
The decline came after Dogecoin approached $0.095 during the weekend, when buyers appeared to be extending its earlier recovery. However, selling pressure pushed Dogecoin lower for four consecutive trading sessions and drove the token below its daily 200-day moving average, which stood near $0.088.