Dogecoin faced significant long liquidations totaling $16 million on 12 April, reaching a 30-day high, as per Coinglass data. The larger crypto market experienced a downturn following Bitcoin’s price decline, leading to over $860 million in liquidations among traders. DOGE’s long liquidations of $16 million indicated a steep decline in its Futures market, the highest recorded since 6 March, reflecting bearish sentiments within the memecoin community.
The bearish trend in Dogecoin continued as the cryptocurrency saw a 13% drop in value within 24 hours, further extending its 6% weekly losses. Key indicators such as the Relative Strength Index (RSI) and Money Flow Index (MFI) displayed decreasing demand for DOGE, with market participants engaging in more coin sell-offs. The Directional Movement Index (DMI) illustrated a shift from bullish to bearish momentum, signaling profit-taking activities and a rise in selling pressure among traders.
Additionally, the MACD line positioned above the Signal line confirmed the short-term moving average’s dominance over the long-term average for Dogecoin. This suggests a challenging time ahead for DOGE holders, as the arrangements of the directional indices and technical indicators hinted at intensifying the selling of Dogecoin in the market. The data indicated a bleak outlook for Dogecoin’s near-term price performance, indicating further declines in its value.