Why is Dogecoin price down today?

Quick Summary:

Over $23 million in long DOGE positions liquidatedDogecoin’s bearishness on March 11 is accompanied by significant liquidations in the derivatives market, signaling strong bearish pressure.Key points:Over $23.1 million worth of long DOGE positions have been liquidated over the last 24 hours alone, compared to $4.4 million in short liquidations.

Notably:A key barrier sits between $0.24 and $0.26, within which the 200-day simple moving average (SMA) at $0.247 and the 50-day SMA at $0.257 are currently. Since Feb.3, DOGE bulls have attempted to rise above this level three times, but on each occasion, the altcoin produced a lower high than the previous one. This means that traders sell every time the price tries to cross this zone.

Source: CoinGlassA total of $161 million in long DOGE positions have been liquidated since Feb.24, accompanying a 41% drop in price over the same period.

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Author / Journalist: Cointelegraph by Nancy Lubale

Category: Crypto

Markets: United States

Topics: Dogecoin Bitcoin price Technical analysis DOGE price today Altcoin Why is Dogecoin price down today? Twitter Elon Musk Why is DOGE price down

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-11 @ 12:58:26 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 145 words

Reading Time: 1 minutes read

Sentences: 10 lines

Sentence Length: 15 words per sentence (average)

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Copyright Owner: © Coin Telegraph

News ID: 26892121

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About Coin Telegraph

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