With Bitcoin’s price stuck around the $75,000 support level, analysts believe Dogecoin’s current rally may soon lose momentum as it follows the dominance of Bitcoin.Crypto markets rebounded as force deleveraging cleared excess leverage, with total liquidations topping $523 million and both long and short positions flushed.Dogecoin led gains among major tokens as traders rotated back into higher-beta assets.Analysts warned the rebound may be tactical, noting Bitcoin still looks heavy and memecoins lack clear catalysts despite improving sentiment.
Crypto markets have recovered over the last 24 hours, with Dogecoin (DOGE) leading gains among major tokens as traders returned to higher-beta assets following a strong leverage reset in derivatives markets.
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The small rebound coincided with heavy forced deleveraging, with total liquidations hitting $523.43 million on the last day, as per CoinGlass data. Long holdings accounted for $290.61 million, while short positions lost $232.83 million, indicating a two-sided flush even as market sentiment improved.
According to SoSoValue data, the broader market recovery pushed the global cryptocurrency market capitalization to $2.71 trillion, up 1.9% on the day, as most crypto sectors moved higher, led by decentralized finance (DeFi), which rose 3.53%, followed by meme tokens up 2.21%, Layer 2 up 1.83%, centralized finance (CeFi) up 1.52%, and Layer 1 up 1.46%, while non-fungible token (NFT) and gaming finance (GameFi) sectors continued to post losses.
Dogecoin Leads In Daily Gains
Among the top cryptocurrencies by market cap, Dogecoin’s price posted a 4.03% daily gain, trading at $0.1059. The coin saw roughly $3.90 million in liquidations during the last 24 hours, including $2.07 in long liquidations. On Stocktwits, retail sentiment around Dogecoin remained in ‘bearish’ territory, with chatter levels at ‘normal’ over the past day.
Dogecoin’s market structure is still bearish, according to market watcher Fadil Crypto, who has asserted that sellers still hold sway over the token despite its recent recovery.
“If you look at the chart, we recently broke through key support with strong momentum. Now, we are simply waiting for the retest,” Fadil wrote in a post on X. He went on to say that he is not shorting at the current levels because he would rather wait for the price to rebound into what he called a “grey box” supply zone, where smart money is anticipated to replenish short positions.
Dogecoin does not trade on its own, according to Fadil, who pointed out that it follows Bitcoin’s more general market direction. He claimed that there is “no reason to long meme coins right now” because Bitcoin appears to be heavy.
As of Monday night, Bitcoin (BTC) was trading at $77,818, up 2.98% over the previous day. The apex crypto saw about $168.24 million in leveraged positions liquidated during the period, including $83.33 million in long liquidations and $84.91 million in short liquidations. On Stocktwits, retail sentiment around Bitcoin improved from ‘extremely bearish’ to ‘bearish’ territory, as chatter around the coin remained at ‘extremely high’ levels over the past day.
Ethereum, Solana Lead In Liquidation
Ethereum (ETH) was trading at $2,33.8, up 5% over the past 24 hours, with approximately $191.72 million in liquidations recorded during the period, including $107.64 million in long liquidations and $84.08 million in short liquidations. On Stocktwits, retail sentiment around Ethereum remained in ‘bearish’ territory, while chatter levels around it improved from ‘normal’ to ‘extremely high’ over the past day.
Solana (SOL) changed hands at $104.24, rising 4.1% over the last 24 hours, as around $19.85 million in leveraged positions were wiped out, with $12.18 million in long liquidations and $7.67 million in shorts. On Stocktwits, retail sentiment around Solana remained in the ‘neutral’ territory, as the chatter levels around it stayed at ‘neutral’ levels over the past day.
XRP (XRP) traded at $1.61, up 2.1% on the day, while total liquidations over the past 24 hours reached roughly $ 6.80 million, comprising $3.69 million in long liquidations and $3.11 million in short liquidations. On Stocktwits, retail sentiment around XRP remained in ‘bearish’ territory, while chatter levels around it improved from ‘extremely high’ to ‘high’ levels over the past day.
BNB (BNB) traded at $773.80, gaining 2.6% over the last 24 hours, as about $2.88 million in leveraged positions were liquidated, with $2.23 million in long liquidations and $646,110 in short liquidations. On Stocktwits, retail sentiment around BNB remained the ‘bearish’ zone, while chatter levels around it dipped slightly from ‘normal’ to ‘high’ levels over the past day.
Read also: Ethereum Bull Jack Yi Says Early ETH Bullish Bet Was Mistimed And ‘A Mistake’
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