Dogecoin (DOGE) Long Traders Suffer Unexpected Blow

Dogecoin Liquidations Spike Amidst Market Volatility

Cautiousness reigns within the Dogecoin (DOGE) community as the coin's volatility has intensified. In line with the bearish trend, DOGE has seen an increase in liquidations, particularly among long traders.

Liquidation Insights

Data from CoinGlass reveals a total of $5.32 million in DOGE liquidations over the past 24 hours. Long traders accounted for $3.88 million in liquidations, equivalent to approximately 31.9 million DOGE.

Despite being relatively modest compared to Bitcoin and Ethereum liquidations, this volume reflects the speculative nature of Dogecoin's price movements.

Price Outlook

Currently, DOGE trades at $0.1382, marking a 1.8% decline within 24 hours. Trading volume has also decreased by 21% to $1.38 billion, indicating subdued sentiment.

However, the Relative Strength Index (RSI) remains at 68.14, just below the overbought region. This suggests that the current retracement is a natural correction after a recent growth surge. Over the past week, DOGE has still gained 9.5%.

Future Prospects

Dogecoin whales may play a key role in reversing the current trend through accumulation. The ongoing sell-off could drive DOGE towards a support level near $0.1, as observed on October 3rd.

This setup could provide an opportunity for both whale and retail investors to increase their holdings. Long-term, DOGE's recovery is plausible, with a target price above the monthly high of $0.15.