Dogecoin Bounces Back as Arthur Hayes Doubles Down on DOGE

  • With $60M swept on Derivatives, Dogecoin breaks a record in daily liquidations.
  • Cryptocurrency analysts believe the consolidation of DOGE is coming to a close.
  • Eccentric crypto aficionado Arthur Hayes extends support by topping up his bags.

Dogecoin (DOGE) faced the crypto bears, as bullish crypto Derivatives trades have burnt an eye-watering $60 million over liquidations. Yesterday’s plunge to a monthly low of $0.1181 has resulted in Dogecoin’s liquidations topping Bitcoin (BTC), as the leading digital asset incurred $47 million long position liquidations over the same time frame.

Though Ethereum (ETH) accounted for the most liquidations at $76 million yesterday, Dogecoin remained the second most liquidated asset due to a double-digit drop in DOGE’s price. As the meme coin sector faces a pullback this week, financial analysts expect more crypto traders to divert from relatively riskier crypto assets to less fluctuating ones.

However, some well-known crypto industry figures, such as Arthur Hayes, remain bullish on DOGE and take the 10% dip as a buying opportunity.

Is Dogecoin Nearing the Final Phase of Consolidation?

As crypto analysts are now in two minds about Dogecoin’s upcoming price movement, several technical analysts measure the chances of the token breaking out of the consolidation phase. Crypto Jack, a YouTuber with over 250K subscribers, highlighted Dogecoin’s ultimatum to close the weekly candle above $0.13 in order to break the triangle formation northward.

Technical cryptocurrency analyst Trader Alan expressed that DOGE is potentially trading in the ending phase of a triangle consolidation. “These triangles have been seen in every cycle just before the HUGE Surge,” predicts the analyst.

Several crypto analysts agree that a weekly close above $0.13 would validate the consolidation triangle upwards. However, the ongoing DOGE rebound surge is capped below a 3% daily upswing. As of press time, Dogecoin is changing hands at $0.125. Even though DOGE successfully rebounded from the 3-month lows of $0.118, the top dog’s market value remains in dangerous territory due to low whale activity and 24-hour sell orders on Spot still slightly outweighing the DOGE bids.

On the Flipside

  • According to the latest stats from CoinGlass, Dogecoin’s liquidations dramatically slowed down on Wednesday.
  • Out of the $3.50 million in overall liquidations, $2.35 million were DOGE longs, while short-sellers were set back $1.15 million.

Why This Matters

Leveraged positions in crypto bring an additional opportunity to capitalize on knowledge but also amplify the risks of getting liquidated if the position goes the opposite way as planned.

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Written by on 2024-06-19 16:00:00.

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