Dogecoin Price Plummets 7.30% Amidst Broader Crypto Market Sell-Off
Dogecoin's price plummeted over the past day, hitting a 7.30% decline to $0.083 amidst a broader crypto market sell-off. This drop caught traders who had bet on a price increase off guard, leading to a massive liquidation imbalance of 2,691%. According to CoinGlass data, over $8.9 million in leveraged DOGE positions were closed out, with the majority coming from long positions.
The sharp market sell-off was triggered by rising expectations that the Federal Reserve might hike interest rates and renewed inflation concerns. This move put pressure on bulls, causing a significant downturn for Dogecoin. The altcoin had recently surged to a high of $0.095 over the weekend but has since retreated.
Dogecoin's price touched an intraday low of $0.083, which is a crucial support level that analysts are watching closely. If this level is breached, the next demand zone will be at $0.08. The altcoin also recently integrated with Solana through Sunrise Protocol, allowing for its accessibility on platforms like Raydium and Jupiter.