In the turbulent realm of cryptocurrency, Dogecoin (CRYPTO:DOGE) traders encountered a rough patch in the past 24 hours, largely due to the price volatility that ensued. Data from CoinGlass reveals that traders betting on the asset saw a collective $3.61 million wiped out.

Specifically, the market experienced a massive 123% liquidation imbalance, with long position traders bearing the brunt of the losses. Investors betting long on Dogecoin saw a total of $2.89 million wiped out.

Those new to the crypto space might look at the seven green candles and think that people would be in a good mood for more upside. However, Dogecoin encountered resistance after reclaiming the $0.180 level and plunged to a low of $0.1746.

In doing so, the dog-themed meme coin broke through several support levels, a development that did not bode well for the projected price at which long position traders were liquidated.

Conversely, traders who bet short on Dogecoin saw less than a million dollars of investment liquidated. Investors betting against the meme coin saw $720,160 wiped out as short position traders liquidated.

At press time, the Dogecoin price was trading at $0.1789, representing a 1.16% decline in the last 24 hours.

Meanwhile, the trading volume has also decreased slightly, with a 9.32% drop to $1.1 billion in the past 24 hours.

However, the ecosystem sentiment remains bullish, which might be linked to the recent activities of Dogecoin whales, whose transactions surged by over 500%. The spike signals that large investors anticipate a further rise in price.

Dogecoin diverges from Bitcoin as traders eye may upside

On the broader cryptocurrency market, Bitcoin (CRYPTO:BTC) did not experience a marked imbalance in its total liquidation of $40.72 million. Long position traders lost $20.47 million, while short position traders lost $20.25 million.

This suggests that Dogecoin price action did not mirror Bitcoin on the crypto market within this period.

Despite the liquidations, market participants have set their eyes on May, which has historically resulted in gains for the leading meme coin.