Dogecoin liquidations spike as DOGE hits $0.10

Traders with open Dogecoin [DOGE] contracts had to deal with a lot between the 3rd of June and the early hours of the 4th. This was because the total liquidations were over $5 million.

Out of this, long positions accounted for $5.38 million while short liquidations were under $60,000. For context, shorts are trading betting on a price decrease.

Longs, on the other hand, are those predicting a price increase using leverage. In Dogecoin’s case, the price action of the memecoin was the cause. At press time, DOGE changed hands at $0.10 which was a 7.28% decrease in the last 24 hours.The decline, was, however, in tune with what happened in the broader market.

But will the coin price continue to fall, or is respite close? To have an idea of this, AMBCrypto evaluated the liquidation heatmap.

Going forward, the price of the coin might consolidate around the $0.10 region. However, there is a chance that market participants might start accumulating the coin in the weeks to come.If this happens, DOGE might begin a slow movement that takes it toward $0.12 as stated earlier.

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