72% Of Binance Traders Go Long On Dogecoin, What Does This Mean For Price?
Dogecoin's price has recently declined, yet investor sentiment remains bullish, particularly on Binance. Data shows that 72.46% of traders on Binance are long on Dogecoin, while only 27.54% are short. This bullish trend is not reflected across all exchanges, where 51.86% of open bets are short, totaling over $1.15 billion, compared to 48.19% long bets at less than $1.1 billion. Despite rising daily trading volume above $700 million, sellers still dominate the broader market. Open interest in Dogecoin is low as traders adopt a conservative approach amid market fear. A crypto analyst notes that Dogecoin is forming an Ascending Wedge pattern, which could lead to a significant price rally, targeting $1.161, representing a potential increase of over 580%.
