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#Dogecoin #Binance #CryptoTraders #LongVsShort #MarketSentiment #Cryptocurrency #Investing #Trading #Bullish #Recovery
Despite recent struggles in the Dogecoin price, investors continue to show strong optimism towards the meme coin. Data from Coinglass reveals that a significant 72% of Binance traders are leaning towards a bullish stance on Dogecoin, preferring a potential recovery over further decline. This shift is notable as there has been a sharp decrease in short positions, indicating a growing positive sentiment among traders.
The Long/Short Ratio on Binance underscores the preference for long positions on Dogecoin, with 72.46% of open bets currently being long compared to 27.54% short. While this bullish trend is primarily observed on Binance, the broader market suggests a more balanced sentiment, with shorts slightly dominating total open bets. Despite the daily trading volume surpassing $700 million, sellers still seem to exert control over the market, impacting the price decrease.
Although Dogecoin’s open interest remains relatively low due to cautious trading amid price declines and market anxiety, some analysts foresee a potential reversal. A crypto analyst points out the formation of a strong Ascending Wedge pattern for Dogecoin, predicting a possible long-lasting rally with a target price of $1.161. This projection implies an explosive surge of more than 580% from the current levels, offering a glimmer of hope for Dogecoin’s recovery amidst market uncertainties.
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