Dogecoin at a make-or-break point: What $0.30 support means

On-chain metrics reveal that exchanges have witnessed an outflow of $54 million worth of DOGE memecoins.
DOGE could soar by 25% to reach the $0.40 level if it holds a 0.30 level.

In simpler terms, there’s a lot of interest among cryptocurrency fans for Dogecoin (DOGE), the well-known and biggest digital currency based on a meme, due to the present market volatility.

currently, it seems that the entire cryptocurrency market, encompassing key players such as Bitcoin (BTC) and Ethereum (ETH), among others, is experiencing some difficulties.

81.44% of traders on Binance hold DOGE’s long positions

Despite the overall market decrease, there’s been a notable surge of interest and faith among traders and investors in the digital currency known as Dogecoin, as suggested by data from on-chain analysis company Coinglass.

Currently, the long/short ratio for DOGEUSDT on Binance is 4.53, suggesting that a majority of traders are feeling optimistic (bullish) about Dogecoin’s price movement. Specifically, as we speak, around 81.9% of top traders have taken long positions, while approximately 18.56% have opted for short positions.

As a crypto investor, I can’t help but notice the significant long positions taken by traders on Binance, which undeniably points towards a strong optimism or bullish stance, even amidst the ongoing price adjustments sweeping across the digital currency market.

Besides the optimistic outlook among traders towards the market, it seems that long-term investors are also building up their token stash, as suggested by on-chain statistics.

$54 million worth of DOGE outflow from exchanges

As a researcher analyzing recent trends, I’ve discovered some fascinating data about Dogecoin (DOGE) from Spot Inflows/Outflows. Over the past 48 hours, there has been a substantial outflow of approximately $54 million worth of these memecoins from exchanges.

It seems that long-term investors are either selling or buying significant amounts of these tokens, as they perceive a potential price decrease before Donald Trump’s inauguration.

Dogecoin’s current price action

It seems that optimistic on-chain indicators are emerging now that DOGE has hit a significant support point at around $0.30. Previously, when the meme coin touched this level, it experienced a price surge of more than 25%, reaching close to $0.40.

However, this time, experts and analysts are expecting a similar rally in the coming days.

Based on professional assessments of technical analysis, Dogecoin (DOGE) is currently at a critical support point of approximately $0.30. This position is crucial because it represents a turning point considering the prevailing market mood. If DOGE manages to stay above this level, there’s a high chance it could reach its projected value.

If the sentiment stays the same and the price drops beneath this support point and ends up closing lower, there’s a possibility that it could decrease by approximately 25% to reach the next support at $0.225.

Is your portfolio green? Check the Dogecoin Profit Calculator

As an analyst, I’m observing that at the moment, my analysis shows Dogecoin (DOGE) is hovering around $0.318. In the last 24 hours, there has been a notable drop of more than 6.5% in its value.

In that timeframe, its trading activity significantly increased by 60%, suggesting a rise in involvement from both traders and investors due to market instability.

2025-01-14 11:03

81.44% of traders on Binance hold DOGE’s long positions

$54 million worth of DOGE outflow from exchanges

Dogecoin’s current price action

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