In these times of market turmoil, where most assets are facing the music and dancing to the tune of price declines, a curious phenomenon has taken place. Dogecoin (DOGE), the beloved memecoin, has caught the attention of crypto aficionados far and wide.
On the 16th of February, our dear friends – the investors and intraday traders – were feeling particularly bullish about this memecoin, as reported by the on-chain analytics firm, Coinglass. But, dear reader, let us not get ahead of ourselves and instead delve into the details of this canine-themed coin’s mysterious allure.
$18 million DOGE outflow: A whiff of potential accumulation 🐾
Data from Spot Inflow/Outflow analysis revealed that cryptocurrency exchanges had experienced an outflow of a staggering $18 million worth of DOGE in just 24 hours. Quite intriguing, wouldn’t you say? This substantial outflow from exchanges might be indicating a potential accumulation of Dogecoin by some cunning foxes in the crypto world.
76% of DOGE traders bet long: A pack of bullish traders 🐕💸
As for the whales and long-term holders making strong bullish bets, it seems that intraday traders are following suit, favoring long positions with fervor. Indeed, Binance‘s DOGE/USDT long/short ratio was at 3.15, meaning that for every 3.15 long positions, there was but one short position. A clear indication of a strong bullish sentiment among Binance traders, wouldn’t you agree?
Moreover, 76% of top DOGE traders on Binance were holding long positions as of this writing, while a mere 24% were holding short positions. Quite a lopsided affair, don’t you think?
Current price momentum: A sleeping DOGE 💤
Alas, despite these bullish on-chain metrics, they have yet to impact DOGE’s price. As of this writing, the memecoin was trading near $0.26, having experienced a price drop of over 3.5% in the past 24 hours. Quite a disappointment for the bulls, wouldn’t you say?
DOGE technical analysis and key-level: A golden opportunity? 🌟
AMBCrypto’s technical analysis suggests that DOGE has been trading within the golden Fibonacci zone, between the 50% and 61.8% levels, on the daily time frame. This level is considered an ideal opportunity to go long by trading and investing experts. However, the current market sentiment appears to be creating a hurdle, preventing DOGE from breaching the $0.28 resistance level.
Nonetheless, if DOGE manages to break this resistance and close a daily candle above $0.28, there is a strong possibility it could soar by 35% to reach $0.39 in the coming days. A tantalizing prospect for the bulls, wouldn’t you agree?
On the positive side, DOGE is trading above the 200 Exponential Moving Average (EMA) on both the weekly and daily time frames, indicating that the asset is in an uptrend. When combining these on-chain metrics with technical analysis, it appears that DOGE could soon breach the resistance level that has been acting as a hurdle for the meme coin.
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2025-02-17 09:14