In the last 24 hours, the Dogecoin (DOGE) price jumped by over 3% to a peak of $0.2335 as positive sentiment supported the asset’s growth. However, the rebound move of the meme coin on the cryptocurrency market has triggered massive liquidation up to 200% within the same time frame.
Shorts get squeezed as DOGE follows Bitcoin's rally
CoinGlass data reveals that traders betting on DOGE lost a total of $8.81 million during this period.
Notably, the market recorded a staggering 200% liquidation imbalance as short position traders suffered more losses in the past hour. Within this period, long traders recorded $18.62, while short position traders shed $741,090.
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The investors who did not expect a price rally were stunned when broader market dynamics impacted the Dogecoin ecosystem. For instance, Bitcoin registered an uptick in price within the period, rising from $104,000 to $108,000 before correcting to $106,000.
It is likely that Dogecoin mirrored the surge in Bitcoin and left short traders with losses. Long-position DOGE traders recorded lesser losses, with $3.51 million wiped out.
Interestingly, Bitcoin traders witnessed the same liquidation imbalance, with short-position traders losing $46.68 million as against $20.56 million lost by long-position traders.
As of press time, DOGE was changing hands at $0.2259, a drop from its earlier peak of $0.2335, which resulted in the liquidation. Meanwhile, the uptick in price has supported trading volume, which has risen by 11.91% to $2 billion.
Will DOGE break higher or face selling pressure at $0.36?
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According to a recent U.Today report, Dogecoin might face resistance at $0.36, a significant supply wall that could trigger selling pressure if tested. Investors might keep a watchful eye on the level as the meme coin continues its bullish rally.
The ability of DOGE bulls to push the meme coin above its pennant patterns might determine how high Dogecoin could climb in the coming days.
