Dogecoin Struggles to Maintain $0.7 Amid Market Fluctuations

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DOGE and the $0.7 mark: Can the price hold?

The price of the cryptocurrency Dogecoin (DOGE) has experienced significant fluctuations recently. The question many investors are asking is: Can DOGE hold the $0.7 mark?

DOGE in the bear’s grip

DOGE has recently experienced constant price fluctuations that keep the price firmly in the grip of the bears. Despite a strong start to the week, Dogecoin could not maintain its momentum. DOGE buyers became less aggressive as the bullish sentiment subsided.

DOGE longs see liquidations

The rise in the Dogecoin price on January 20 led to over $3 million in short liquidations, with long liquidations of around $460,000. However, this was the last significant occurrence of short liquidations, as long liquidations dominated in recent days. This pattern of liquidation suggests that traders who have speculated on a price increase of DOGE have suffered losses.

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Is Dogecoin’s recent rise enough to trigger a bull trend?

The daily timeframe chart of Dogecoin showed a remarkable close of the previous week. On January 20, Dogecoin recorded gains of 16.14%, which helped its price rise to $0.09. However, it experienced a decline of almost 15% in the following three days. Despite a slight uptick in price history reflecting a modest increase of over 2%, the price remained in the $0.7 range.

DOGE buyers remain cautious

The price trend in Dogecoin has reduced the aggressiveness of buyers, as the funding rate on Coinglass shows. The funding rate, although still positive, has declined in recent weeks. At the time of this update, there was a slight increase in the funding rate, fluctuating around 0.01%. This recent movement is attributed to the observed upward trend in DOGE.

Conclusion

Although DOGE is currently struggling to hold the $0.7 mark, the cryptocurrency remains an interesting investment for speculative investors. However, recent price fluctuations and buyer caution show that there are still significant uncertainties. Therefore, investors should always be cautious and carefully consider their investments.

Sources: Coinglass, TradingView, AMBCrypto

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Last update: 19. February 2024

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