Despite a notable price drop in the crypto market, Dogecoin (DOGE), the world’s largest coin, managed to stay above a crucial level and avoid a massive decline.
On January 13, 2025, the overall cryptocurrency market experienced a significant downturn, with major assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) suffering substantial losses. This breakdown of key support levels could further push asset prices lower.
Growing interest from traders and investors
DOGE saw similar price dynamics but managed to hold above a crucial level. This is due to growing interest from traders and investors over the past 24 hours as they placed large bets on the DOGE meme coin, according to on-chain analytics firm Coinglass.
On-chain bullish metrics
The data reveals that the Binance DOGEUSDT long/short ratio of 4.22 indicates that for every short position, there are 4.22 long positions, reflecting strong bullish sentiment among traders.
Currently, 80.83% of top traders on Binance hold long positions, while 17.17% hold short positions. These significant bets from Binance traders on the long side also helped maintain the support level at $0.30.
In addition to traders, long-term holders have also shown strong interest and confidence in the DOGE meme coin and appear to be accumulating massively. Spot inflow/outflow data reveals that exchanges saw an outflow of DOGE worth over $45.05 million.
This suggests that long-term holders took advantage of the recent price drop and withdrew a significant amount of meme coins. This significant outflow could create buying pressure and stimulate further bullish momentum.
DOGE Price Prediction
Apart from the lower price level, another factor that has attracted traders and investors is the support level. The last time DOGE reached this level, it saw a price increase of over 25%, hitting the $0.40 mark. Given the current market sentiment, investors and traders are speculating on a similar bullish recovery this time.
Current Price Dynamics
Currently, DOGE is trading near $0.3247 and has seen a price drop of over 4.20% in the last 24 hours. However, during the same period, its trading volume jumped 90%, indicating increased participation from traders and investors.