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On Binance, most traders bet that Dogecoin (DOGE) will continue to rise, as recent analysis shows that 81.05% of all open Dogecoin positions on the platform are long. This suggests that traders are feeling quite optimistic about the popular coin.
Only a small percentage of traders are betting on a price decline, with the remaining 18.95% of positions being short. The long/short ratio is currently at an impressive level of 4.28, suggesting a big change in people’s optimism towards Dogecoin.
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In addition to this, the funding rate is also positive, as shown by CoinGlass data. When funding rates are positive, it is a sign that traders are willing to pay to maintain their long positions because they believe the price will increase. All of this indicates that DOGE is poised for more growth.
But this optimism is somewhat at odds with what has been happening in the market recently. On the day of the analysis, the price of Dogecoin fell by almost 1%. But the bigger picture is more complex.
A few days earlier, DOGE had surged more than 10% after finding support at a local bottom around $0.314. It seems like Dogecoin is going through a roller coaster, with big price fluctuations, but the long-term picture looks good.
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Liquidation data is also interesting. Over the past 24 hours, most positions liquidated were short positions. In fact, less than half of the positions closed on DOGE perpetual futures were long. This suggests that traders who bet against The price of Dogecoin the stock ended up on the wrong side of the market.
Disclaimer: The opinions expressed by our editors are their own and do not represent those of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.