Unusual Long-Short Liquidations Registered Crypto Prices Consolidate

Crypto prices have recently experienced a downturn, leading to notable liquidations, particularly affecting Ripple-linked XRP, Cardano (ADA), and Dogecoin (DOGE).

The imbalance in liquidations between long and short positions was a prominent feature of the market reset over the past 24 hours. Current data indicates that the prices of these cryptocurrencies have consolidated amidst a generally cautious market sentiment.

Imbalance Liquidation Between Long and Short Holders

Data from CoinGlass reveals that total liquidations in the cryptocurrency market over the last 24 hours amounted to $165.36 million. XRP, Cardano, and Dogecoin were significant contributors to these liquidation figures. Notably, traders holding long positions in XRP, ADA, and DOGE experienced greater liquidations compared to short traders during this period.

Specifically, XRP liquidations reached $2.5 million, equivalent to over 1,136,363 XRP, based on a valuation of $2.2. Long trader liquidations accounted for $2.29 million of this total, while short traders saw a cumulative liquidation of $250,880.

For Cardano, long trader liquidations reached $1.12 million, while short traders experienced $147,750 in liquidations. Total ADA liquidations amounted to $1.27 million.

Similarly, over $3.53 million in DOGE were liquidated from both long and short traders. Long traders bore the brunt, with $2.82 million in liquidations, compared to $695,200 for short traders.

This data highlights that long traders suffered disproportionately more losses than those holding short positions during this period. A surge in long liquidations often indicates a bearish market sentiment or a sudden price decline, forcing bullish traders to exit their positions.

Cardano, DOGE and XRP Price Consolidations in Spotlight

These intensified liquidations have contributed to downward pressure on the prices of ADA, DOGE, and XRP. These cryptocurrencies have experienced valuation drops within the past 24 hours.

As of the latest update, the price of XRP is down 0.7% to $2.2. Cardano has dropped 1.2% to $0.57, and Dogecoin price declined 1.66% to $0.1638.

Furthermore, these assets have all experienced declining trading volumes, suggesting that traders have reduced their purchasing activity. Data from CoinMarketCap shows that trading volume for XRP, ADA, and DOGE dropped 42.8%, 25%, and 22.9%, respectively.

The overall market state appears unfavorable for XRP, ADA, and DOGE. The market's low volume suggests a lack of conviction from both bulls and bears. This dynamic makes the prices of XRP, ADA, and DOGE susceptible to abrupt fluctuations in either direction.

Market analyst CasiTrades observed that XRP price pulled back to retest the $2.18-$2.16 consolidation zone after reaching the $2.30 resistance. The analyst predicts that XRP could target $2.69 and $3.04 if it stabilizes and reclaims the $2.25 support.

What Next for Crypto Prices and Altcoins?

The top market altcoins are currently experiencing downward pressure. Many altcoins have declined to lower levels over the past 24 hours.

Solana (SOL) is notable, with its price dropping 1.69% to $147.9. Recent movements in the SOL price reflect low enthusiasm within its community. It also suggests a lack of market confidence in established altcoins. This trend coincides with the recent drawdown in Bitcoin (BTC).

After closing above the crucial $109,000 resistance, BTC has declined to $108,158. Altcoins and crypto prices often move in correlation with Bitcoin, as the leading coin serves as the market’s benchmark.

Sharp drops in BTC price often trigger a broader market sell-off, causing most altcoins to decline as well. Therefore, top altcoins could see recovery once momentum returns to the Bitcoin market.