Analyzing Dogecoins hit to 2023 lows – Can DOGE reclaim $0.07?
Amid a broader crypto pullback, Dogecoins downward momentum strengthened significantly. The memecoin breached the $0.07 support and dropped to $0.068. Dogecoin last touched these levels in November 2023. At press time, Dogecoin [DOGE] traded around $0.069 after falling 4.3% on the daily chart. Over the same period, the memecoins Trading Volume climbed 57% to $866 million, reflecting increased market activity. Source: CoinGlass The decline also triggered increased liquidations across Dogecoins leveraged positions. According to CoinGlass, $8.20 million worth of long positions were liquidated over 24 hours. Short liquidations reached only $552,490, showing that the decline disproportionately affected bullish traders. Why are Dogecoin traders exiting? As Dogecoin plummeted, rising liquidation risk prompted leveraged traders to reduce their exposure. According to Coinalyze, Dogecoins Sell Perps Volume climbed to 493.04 million. Meanwhile, Buy Perps Volume stood at 426.535 million. Source: Coinalyze As a result, the Buy-Sell Delta fell to -66.505 million. Net Buying also remained negative at -1.385 billion. Both readings showed that selling activity outweighed buying across Dogecoins perpetual market. The Futures market recorded similar capital outflows. Futures Outflows climbed to $520.41 million, while Futures Inflows stood at $425.94 million. Consequently, Futures Netflow declined 361.34% to -$94.46 million. Source: CoinGlass This indicated that considerably more capital exited Dogecoin futures than entered during the measured period. These