Dogecoin Traders Remain Extremely Bullish Despite Price Crash, Here Are The Numbers
Dogecoin has been trading sideways over the past 24 hours, with price data showing a 14.5% drop in seven days. But falling prices haven’t had much effect dampened the general mood around Dogecoin, especially on the long-term horizon. As part of the lingering optimism surrounding the meme coin, data highlighted by crypto analyst Ari Martinez reveals surprisingly bullish sentiment among Dogecoin enthusiasts on cryptocurrency exchange Binance.
Most Binance traders bet on Dogecoin price rise
Most Dogecoin traders Still bullish Although Dogecoin’s recent price drop from just below the $0.4 mark Since January 7th. This bullish sentiment Highlighted as Cryptocurrency analyst Ali Martinez trades on cryptocurrency exchange Binance. At the time, the long/short ratio showed that around 81.05% of all traders with Dogecoin positions on Binance were betting on price growth.
The bullish stance is further underlined by the Binance DOGEUSD_PERP ratio, which shows that 90.43% of perpetual contract accounts are in long positions, According to Coinglass data. Perpetual contracts have no fixed expiration or settlement date, reflecting traders’ expectations for an indefinite period. This imbalance in long positions shows that most Dogecoin traders remain confident in the meme coin’s long-term growth potential, especially as they look forward to Another major bull market in 2025.
Interestingly, on-chain data shows that Dogecoin whales are also taking advantage of falling prices to accumulate more Dogecoin tokens. This accumulation trend has resulted in whale addresses holding between 10 million and 100 million DOGE tokens Increase collective shareholding Approximately 470 million tokens were issued within 48 hours.
DOGE needs to stay above $0.3
At the time of writing, Dogecoin is trading at $0.33, down 3.35% in the past 24 hours. This downturn is part of a broader trend of subdued price performance over the past 30 days, during which time Dogecoin hasKeep working hard to break through above $0.40 mark. The most recent example is when this price level comes into play as an important resistance Levels during the brief surge in Dogecoin prices in the first few days of January 2025.
The focus of Dogecoin traders and investors has now shifted from breaking the $0.40 resistance to defending the $0.30 support zone, which is becoming increasingly important in financial markets. Maintaining the long-term bullish narrative For meme coins. To keep the bullish momentum intact, Dogecoin must stay firmly above this support, as a breakout could signal the beginning of a deeper correction.
Having successfully held above the $0.3 mark, the bullish trajectory is still in play and Dogecoin can easily rebound at any time. However, failure to maintain the $0.30 support could lead to more pullbacks towards the $0.25 mark. This situation would not only weaken its technical prospects, but also undermine the impressive returns even if the overall crypto market begins to recover.
