Dogecoin – Long traders lost $16 million; here’s where that leaves you

• Dogecoin’s Long Liquidations Totaled $16 million on April 12
• Bearish sentiments continue to follow memecoin

Dogecoin (DOGE) long liquidations reached a 30-day high in the last 24 hours, according to Coinglass. This, following the decline of the market as a whole following Bitcoin’s own price depreciation on the charts. In fact, the entire cryptocurrency market saw trade positions worth over $860 million liquidated among 270,993 traders.

On-chain data revealed that DOGE long liquidations totaled $16 million. The last time the crypto saw such a high volume of long liquidations in its futures market was March 6.

Source: Coinglass

Liquidations occur in an asset’s futures market when a trader’s position is forcibly closed due to insufficient funds to maintain the position. Long liquidations occur when there is an unexpected drop in the price of an asset, forcing traders who have open positions in favor of rising prices to exit their positions.

In comparison, on the day in question, DOGE short liquidations totaled $3.08 million, according to Coinglass data.

Prepare for a further drop in value

Extending its weekly losses of 6%, the price of DOGE fell 13% in the last 24 hours, according to CoinMarketCap. At press time, the leading memecoin was valued at $0.1721 on the charts.

An assessment of the altcoin’s price movements on the 1-day chart showed that it could lose more gains this weekend. The key momentum indicators observed revealed a steady decline in demand for DOGE.

For example, its Relative Strength Index (RSI) and Money Flow Index (MFI) values ​​were 46.85 and 46.53, respectively. These indicators indicate a decline in demand for altcoin among market participants and an increase in coin sales.

Realistic or not, here is the market capitalization of DOGE in terms of BTC

Additionally, the coin’s Directional Movement Index (DMI) readings showed that its positive Directional Index (green) fell below its negative Directional Index (red) on April 12. When these lines move this way, it suggests a shift from bullish to bearish momentum. This signals the re-emergence of bears and a slight resumption of profit-taking activities.

Finally, DOGE’s MACD line was above its Signal line at press time and confirmed it. This also indicates that DOGE’s short-term moving average was higher than its long-term moving average.

Source: TradingView

When these lines are arranged in this way, it is considered a sign of increased coin sales. Ergo, it’s going to be a tough time for a Dogecoin holder.