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Dogecoin bleeds 14% in June with $132 mln in unrealized losses – What now?
The past month has not been kind to Dogecoin (DOGE) investors, as the token’s value plummeted by a staggering 14%. As of the 30th of June, DOGE was down significantly, resulting in a whopping $132 million in unrealized losses. Despite this dismal performance, some traders remain committed to their short positions.
It appears that these shorts are holding on for a deeper price correction, with many anticipating a significant decline in the token’s value. According to data from CoinGlass, taker sell volume dominated buy-side activity, indicating bearish sentiment. The Long/Short Ratio also fell to 0.92, signaling growing short pressure.
Furthermore, the liquidation heatmap revealed clusters of unrealized losses below $0.165, which could potentially serve as a gravitational pull for DOGE’s price action. If this predicted decline occurs, these short sellers would see their unrealized losses transform into realized gains.
Not all is lost for DOGE investors, however. Despite bearish sentiment dominating the market, some bulls are still accumulating DOGE, with $5.5 million worth of purchases made on June 30 alone. This could potentially curb the price decline or even lead to a reversal if buying pressure continues.
Despite this glimmer of hope, it appears that bullish momentum has begun to wane. Weekly accumulation rates have been steadily declining since reaching an all-time high of $105 million on June 9th. If this trend persists, bears may regain control and further fuel the downtrend.
In conclusion, the current market conditions suggest a prolonged bearish period for DOGE, with short sellers determined to ride out their positions despite heavy losses.
Source: ambcrypto.com
