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Most traders within the Dogecoin (DOGE) ecosystem are now more cautious than ever, considering the coin's unpredictable volatility. In line with the general bearish market trend, Dogecoin has suffered more liquidations over the past 24 hours, with long traders specifically placed in the spotlight.
Dogecoin liquidation: Key insights
The Dogecoin price trend has continued to hint to traders to avoid overexposure. Data from CoinGlass places the total DOGE liquidation in 24 hours at $5.32 million. Long traders saw a total of $3.88 million liquidated, accounting for 31.9 million DOGE by volume.
While this figure might be small compared to Bitcoin and Ethereum’s liquidation in the past day, it generally underscores how many are betting on Dogecoin's price growing in the coming weeks. The Dogecoin price outlook proves a rally is imminent.
As of writing time, the price of the DOGE was $0.1382, down by 1.8% in the past 24 hours. Other metrics, including trading volume, are also down by 21% to $1.38 billion, a show of dampening sentiment.
Amid this trend lies a major twist. The Relative Strength Index (RSI) is pegged at 68.14, slightly below the oversold region. As such, the retracement is considered a very natural one after a week of a relatively mild growth surge. Over the past week, the coin has retained its growth by 9.5%.
What comes next?
Moving forward, Dogecoin whales will likely shift the sentiment with massive accumulation. If the ongoing sell-off continues, the meme coin might hit a related floor price close to the $0.1 recorded on Oct. 3.
This is arguably a positive setup for more accumulation by both whale and retail investors alike. Overall, Dogecoin's rebound is feasible in the mid-to-long term, with the price target set above the monthly high of $0.15.