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On Binance, most traders are betting that Dogecoin (DOGE) will keep rising, as recent analysis shows that 81.05% of all open Dogecoin positions on the platform are long. This suggests that traders are feeling pretty optimistic about the popular meme coin.
Only a small percentage of traders are betting on a price decline, with the remaining 18.95% of positions being short. The long-to-short ratio is currently an impressive 4.28, which suggests a big change in how optimistic people are about Dogecoin.
Tomiwabold OlajideOn top of that, the funding rate is also positive, as shown in the CoinGlass data. When funding rates are positive, it's a sign that traders are happy to pay to maintain their long positions because they think the price will rise. All this points to DOGE being set for more growth.
But this optimism is a bit at odds with what has been happening in the market recently. On the day the analysis was done, Dogecoin's price dropped by almost 1%. But the bigger picture is more complex.
A few days earlier, DOGE had surged by over 10% after finding support at a local bottom around $0.314. It looks like Dogecoin is going through a bit of a roller coaster, with some big swings in price, but the long-term picture is looking good.
Yuri MolchanThe liquidation data is also interesting. In the last 24 hours, most of the liquidated positions were shorts. In fact, fewer than half of the closed DOGE perpetual futures positions were long. This suggests that traders who bet against Dogecoin's price action got caught on the wrong side of the market.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Tomiwabold Olajide
Dan Burgin
Vladislav Sopov