Category: Forex News

Dogecoin Price Forecast: SHORT Traders Face $20M Losses if this Happens

An increase in funded wallets not only means increase in number of users, but it is also a bullish indicator of fresh capital flowing into the ecosystem.

It appears that X Payments’ license acquisition has stirred up optimism that Dogecoin could achieve global adoption surge if Elon Musk’s fulfills the long-term proposition to integrate DOGE into Twitter/X.

Historical, also shows that DOGE price action has been closely and positively  correlated to the changes in the number of funded wallets. Hence, strategic traders will keep an eye on the future developments surrounding this event.

Dogecoin (DOGE) price forecast: SHORT Traders to Lose $20M if DOGE breaks above $0.20

In the near-term, if the Dogecoin network continues to adds to its 70,000 newly-funded wallets, DOGE price could head toward the $.20 target in the week ahead.

However, Coinglass Liquidation map shows that the bears could mount a significant sell-wall at the $0.18 territory.

As seen below, SHORT traders currently have over $20 million leveraged futures contracts due to be liquidated if Dogecoin price surges above $0.18.

To avoid booking such large losses, the bears could activate tight stop-loss orders in the coming days. The sell pressure could in advertently slow down the DOGE price ascent.

But if the new entrant keep bringing in fresh capital as observed above, Dogecoin could attract sufficient demand to scale the looming sell-wall at $0.18, and potentially drive the rally above $0.20 as predicted.


Source link

Discover more from BIPNs

Subscribe to get the latest posts to your email.

Written by : Editorial team of BIPNs

Main team of content of bipns.com. Any type of content should be approved by us.

Share this article:

Share your opinion. And leave a reply within the comments from below.


Discover more from BIPNs

Subscribe to get the latest posts to your email.