On Binance, a large majority of traders are placing bullish bets on Dogecoin (DOGE), as it’s shown that 81.05% of all open Dogecoin positions on the platform are long positions. This indicates that traders have a generally optimistic outlook towards the well-known meme coin.
Approximately 90% of traders are betting on an increase in Dogecoin’s price, while the rest (about 18.95%) have chosen to go short, indicating a low level of pessimism. The high long-to-short ratio of 4.28 implies that there is a significant shift in optimism among traders about Dogecoin.
In addition, the funding rate is positively charged, as evidenced by CoinGlass data. When the funding rate is positive, it suggests that traders are willing to pay to hold their long positions, indicating they anticipate the price will increase. This trend implies that DOGE may continue to grow further.
As an analyst, I’m sharing some intriguing insights: Approximately 81.05% of active traders on Binance who have opened Dogecoin positions are optimistic about its price increase.
— Ali (@ali_charts) January 12, 2025
However, this optimistic outlook seems somewhat incongruous with the trends observed in the market lately. While the assessment was made, Dogecoin’s value actually decreased by nearly 1% on that particular day. Yet, it’s essential to consider the larger context, as the overall situation is more intricate.
In recent times, DOGE experienced a significant increase of more than 10% following its stabilization at approximately $0.314, acting as a support level. Currently, Dogecoin appears to be on a thrilling ride, with noticeable fluctuations in price, but the overall long-term perspective seems optimistic.
The information about liquidation is intriguing as well. Over the past 24 hours, it appears that a majority of the liquidated trading positions were short on Dogecoin. To be specific, less than half of the closed DOGE perpetual futures positions were long. This trend implies that many traders who wagered against Dogecoin’s price movement found themselves on the losing end of the market.
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2025-01-12 17:53