All news is rigorously fact-checked and reviewed by leading blockchain experts and seasoned industry insiders.
- Dogecoin leads weekly losses in the crypto market with an 18% drop, falling below key price levels.
- Over $613 million in leveraged positions were liquidated in 24 hours, adding pressure across altcoins like Cardano and Solana.
Dogecoin (DOGE) is under pressure as the crypto market sees a drastic drop. Rising inflation fears and uncertainty about interest rates have made investors nervous. Notably, many are pulling out of risky positions, and this is starting to show.
Dogecoin Drops 18% in One Week as Traders Exit Risky Bets
Previously, CNF covered that the broader crypto market faced a strong pullback. The current market data shows that Dogecoin has taken a big hit, falling by 18% over the past seven days. It is the worst-performing coin among the top ten by market size. The sell-off started near its recent high of $0.287. Since then, the price has dropped steadily and is now sitting around $0.199.
According to CoinGlass, more than $613 million worth of leveraged positions were wiped out in the last 24 hours. Most of the losses came from long traders who bet on prices going up. However, instead, prices dropped rapidly. Dogecoin was one of the hardest hit, along with Cardano and Solana.
Right now, Dogecoin is close to its 50-day simple moving average at $0.194. If it holds that level, it could bounce back to around $0.22 or $0.287 again. However, if it breaks below $0.194, the next level to watch is $0.14. That would mark a serious setback for traders hoping for a recovery.
Likewise, the daily chart shows that the relative strength index is below the middle line. This proves that buyers are not in control right now. Despite being one of the MVP coins of this year, the coin price of Dogecoin may stay stuck between $0.14 and $0.29 for some time unless stronger moves come in.
Cardano, Solana also Slide as Broader Market Weakens
It is worth adding that Cardano has also lost ground, dropping by 13.55% in the last seven days. It was recently trading at $0.7126, falling from a high of $0.935 on July 21.
The price is now heading toward its 50-day simple moving average at $0.68. If it does not stay above that level, it could fall to $0.56 or lower.
Beyond price outlook, Cardano is seeing impressive community engagements. As CNF reported, Cardano founder Charles Hoskinson described USDM as the most advanced stablecoin ever built. This came after W3i’s CTO explained how the stablecoin can integrate with complex payroll systems.
In addition to Cardano and Dogecoin, Solana is in a similar bearish position. It is down by just over 13% this week. The drop across altcoins shows that traders are backing away from risk. Many are closing out their leveraged positions, and that is adding pressure on prices.
Solana also has positive fundamental updates in its ecosystem. As outlined in our recent blog post, Solana treasury holder DeFi Dev increased its Solana holdings to 999,999 tokens following a $19 million purchase in July.
However, Dogecoin remains a key focus for now as its sharp fall is a clear sign of fear in the market. Whether it can recover in the short term will depend on how it reacts around support levels.
