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Dogecoin

Dogecoin Price Action: Why A 10% Drop Would Cost Traders $66 Million

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
Dogecoin has been quite strong over the weekend despite other assets in the crypto space taking a beating. This has seen the meme coin favor long traders during this time. However, bulls are not completely out of the woods and a drop in price from here would be detrimental to the tune of tens of millions of dollars.

Dogecoin Price Drop To $0.15 Would Wipe Out $66 Million

The Dogecoin price is still holding steady above $0.17, but long traders face a threat if the price were to break down and retreat from here. According to data from Coinglass, there are a lot of traders who would lose money if the DOGE price were to fall 10% from its current level.

Related Reading: Investment Genius Cathie Wood Says Bitcoin Is Headed To $1.5 Million – Here’s Why

The liquidation heat map on the website shows that right above the $0.153 level, there is a lot of leveraged longs. A total of 2.43 million DOGE in leveraged longs have their liquidation price at this point, and a drop below this price mark would lead to massive liquidations. In total, there are $66.89 million worth of longs at this level, and a 10% drop would trigger this liquidation trend.

Dogecoin liquidation mapSource: Coinglass

On the other end of the spectrum, there are a large number of leveraged shorts that will be liquidated if the price were to rise another 10% from here. Coinglass data shows that the liquidation volumes, if Dogecoin moves above $0.1908, would cross more than $55 million.

In the shorter term, short traders stand to suffer $20 million in liquidations if the DOGE price reaches $0.18. Whole long traders risk a similar amount if the price of the meme coin breaks down below $0.17.

Can DOGE Price Reclaim $0.2?

The Dogecoin price continues to get a lot of support, and one of the most recent instances of this is the price surging when the social media platform X (formerly Twitter) announced that it had gotten a number of licenses for its money transmitter business.

Related Reading: Sam Bankman-Fried Getting Ready For Prison Sentence? US Gov’t Gets Greenlight To Sell Assets

Crypto analysts have also shown bullishness toward the meme coin, expecting the Dogecoin price to continue to rise. One such case is from crypto analyst DonAlt who believes that the DOGE price could reach a new all-time high with a target at $1.

DonAlt explains that the meme coin has being trading quite well alongside Bitcoin, so the possibility that it rallies towards $1 is high. The crypto analyst believes that DOGE is a great investment and it would be a great buy if it does dip to $1 again.

Dogecoin price chart from Tradingview.com

DOGE price rises to $0.17 | Source: DOGEUSD on Tradingview.com
Featured image from Yahoo Finanza, chart from Tradingview.com
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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