As the market continues to decline, Dogecoin traders are once again under pressure. At a time when selling pressure returns to the market, 17,833,333 DOGE long positions were liquidated. In the past 24 hours, the crypto market saw a total liquidation of $342 million, with Dogecoin accounting for a portion of that amount.

According to CoinGlass data, the total settlement amount of Dogecoin in the past 24 hours was 2.45 million US dollars, of which long positions were settled for 1.391 million US dollars (approximately 17,833,333 DOGE), and short positions were settled for 1.05 million US dollars.

When traders who have bet on rising prices are forced to close their positions, a long liquidation occurs, usually because losses have reduced their margin balance below the required level. When a large number of leveraged positions are liquidated in a short period of time, the resulting selling pressure can exacerbate the downward trend in prices.

Against this backdrop, as the market declined and investors digested the Federal Reserve's decision to keep interest rates unchanged at its October meeting, Dogecoin fell by nearly 3% in the past 24 hours, trading at $0.078.

Earlier this week, Dogecoin rose for three consecutive trading days, reaching $0.08, but market profit-taking caused its price to fall back.

What will happen next?

The inflation indicator favored by the Federal Reserve – the Personal Consumption Expenditures Price Index ( PCE ) – was released on Thursday. After the report was published, only a few cryptocurrencies managed to recover some of their losses.

The Personal Consumption Expenditures Price Index rose by 0.5% on a seasonally adjusted basis in the current month, pushing the annualized inflation rate up to 3.6%. The pace of price increases accelerated in September, keeping inflation well above the Federal Reserve's target.

Although the Federal Reserve maintained interest rates unchanged as expected on Wednesday, two officials voted against it, advocating for a 25-basis-point increase. Chairman Kevin Warsh ( Kevin Warsh ) did not give any hints regarding what might happen in December. Nevertheless, markets still expect a 25-basis-point rate hike by the central bank at its next meeting on December 9th.

If Dogecoin rebounds, the next key resistance levels are at $0.083 and $0.087; if prices continue to fall, the support levels are expected to be around $0.074 and $0.069 first.