Dogecoin Plunges 7.30% Amid Fed Rate Hike Fears and Inflation Worries
Dogecoin's price plummeted by 7.30% in the last 24 hours to $0.083, amidst a broader crypto market sell-off driven by rising expectations of a Fed interest rate hike and renewed inflation concerns.
The sharp market downturn caught traders betting on a price increase off guard, leading to a significant liquidation imbalance. CoinGlass data revealed that about $8.91 million of leveraged DOGE positions were liquidated over the past 24 hours, with $8.59 million coming from long positions and $319,190 from shorts.
The percentage imbalance between long and short positions yields a staggering 2,691.19%, indicating a significant mismatch in market sentiment. Dogecoin's price touched an intraday low of $0.083, a crucial support level flagged by analysts for it to sustain a bullish outlook.