Dogecoin (DOGE), the largest meme coin by market capitalization, has continued its recovery journey in the last 30 days. Within the last seven days, DOGE has found support above the $0.16 level in a slow rebound move. Despite slow progress, liquidations are visibly at a new low.
Dogecoin liquidations below par
Notably, CoinGlass data reveal DOGE recorded the lowest liquidations in months. The total liquidation stood at just over $3 million in the last 24 hours. The outlook shows long traders recorded more liquidations compared to short position traders.
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In a clear liquidation imbalance, long position traders lost $3.27 million within this time frame, while those who bet short on DOGE only registered a liquidation of $517,820. These figures are notably lower than the liquidation data from previous times.
The on-chain metric indicates that fewer traders were forced out of their positions compared to figures in the previous months. Notably, investors betting on a sharp increase in the price of DOGE were liquidated at a higher rate.
This implies that DOGE has remained slow in its recovery journey, and not as market participants anticipated it should.
Although DOGE has continued sideways movement, the bearish pressure will likely hinder its quick rise. This countered the bullish expectations of the DOGE traders, particularly long-positioned ones, who were left disappointed by Dogecoin’s stagnancy.
This trim down in liquidations might suggest the worst is over for the meme coin, with a price rally imminent.
Trading volume declines, Slowing DOGE’s market push
Regardless, observers note that the low liquidation suggests market volatility might have cooled off compared to previous months. Some opine that the worst might have passed for DOGE, which is currently consolidating in anticipation of a rally.
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CoinMarketCap data shows the DOGE price changing hands at $0.1690, a 0.87% increase in the last 24 hours.
Although the meme coin looks set to retest the $0.17 level, trading volume has dropped by 24.87% to $648.6 million. This likely contributed to the slow rebound and its delay in flipping Cardano regarding the rankings in the market capitalization rivalry.
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