- 83.15% of top traders on Binance held long positions of DOGE.
- Dogecoin could soar by 25% to reach the next resistance level of $0.45 if it holds itself above the $0.345 mark.
As a seasoned analyst with over two decades of market experience under my belt, I find myself intrigued by the current state of Dogecoin [DOGE]. Despite the recent market turmoil caused by Fed Chair Jerome Powell’s anti-crypto stance and the subsequent sell-off, DOGE seems to be holding its ground.
Dogecoin [DOGE] was gaining attention from crypto enthusiasts despite a recent price decline.
After the Federal Reserve Chair, Jerome Powell, announced a rate cut and expressed skepticism towards cryptocurrencies, investor attitudes changed dramatically. Consequently, there was a large-scale selling off of cryptocurrencies in the market.
Rising interest in Dogecoin
In the midst of stock market drops, Dogecoin (DOGE) has seen a drop in price exceeding 13.5%. However, large investors (whales) and long-term holders have exhibited significant interest in the meme currency, as reported by on-chain data analysts at Coinglass.
The data on Dogecoin’s inflow/outflow showed a substantial exit of approximately $150.03 million in Dogecoins from various cryptocurrency exchanges.
The outflow represents a measure that tracks the amount of Dogecoin (DOGE) being removed from exchanges by significant investors (whales) and long-term holders. This data implies a possible increase in price momentum, making it an attractive point for investment.
Beyond just long-term investors, there’s a lot of enthusiasm among traders regarding this meme cryptocurrency. The Binance DOGEUSDT Long/Short Ratio from Coinglass stands at 4.93, suggesting that the majority of traders have a very bullish outlook.
Currently, 83.15% of top traders on Binance hold long positions, while 16.85% hold short positions.
Technical analysis and key levels
Amidst a robust optimism among traders and financiers regarding Dogecoin (DOGE), it’s been able to maintain its position above the vital threshold of $0.345. Based on AMBCrypto’s technical assessment, DOGE continues to exhibit bullish tendencies, and with ongoing backing from market participants, this popular meme currency has started climbing in the daily chart format.
According to a technical evaluation, if Dogecoin (DOGE) manages to stay above $0.345, there’s a possibility that it might increase by approximately 25%, potentially rising up to $0.45, which represents the next potential resistance level.
By considering these on-chain statistics along with traditional chart analysis, it seems that meme coins are presently under the control of the buyers. This control is helping to shield it from any additional price drop.
Read Dogecoin [DOGE] Price Prediction 2024-2025
Currently, Dogecoin is being exchanged around $0.36, and it has seen a drop of more than 4.65% in its value over the last day.
Over that specific timeframe, there was a significant surge in its trading activity, growing by 51%. This suggests a higher level of involvement from both traders and investors relative to the preceding day.
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2024-12-19 21:11