Dogecoin Price Prediction as ‘Excess Bullish Leverage’ Leads to Sharp Drop –Is the Market Resetting?

Dogecoin Price Prediction as ‘Excess Bullish Leverage’ Leads to Sharp Drop – Is the Market Resetting?

Dogecoin (DOGE) has pulled back sharply from the multi-month highs it hit on Monday at $0.1075 amid a flushing out of excessive bullish leverage that had built up during the cryptocurrency’s push higher in the past few weeks.

DOGE was last changing hands around $0.0940, down over 12% from Monday’s amid a wave of long position liquidations in the futures market.

As per coinglass.com, leveraged long futures positions worth over $9 million were liquidated on Monday, the largest amount in one day in at least three months.

The open interest-weighted funding rate paid to open a leveraged futures position has also dropped back from multi-month highs hit earlier in December and was last around 0.0233% versus Saturday’s highs of over 0.05%.

*Source: https://cryptonews.com/news/dogecoin-...
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