- 83.15% of top Binance traders had long DOGE positions.
- Dogecoin could rise by 25% to reach the next resistance level of $0.45 if it holds above the $0.345 mark.
Dogecoin (DOGE) was receiving attention from crypto enthusiasts despite the recent decline in prices.
After the announcement of a rate cut and the anti-crypto stance by Jerome Powell, the Fed Chairman, market sentiment shifted. As a result there was a huge sell off in the crypto market.
Growing interest in Dogecoin
Among the sales of the market, DOGE has declined in prices by more than 13.5%. Despite this decline, whales and long-term holders have shown strong interest in the meme fund, according to the analysis company Coinglass.
Data from DOGE's Spot Inflow/Outflow revealed a whopping $150.03 million worth of DOGE flows from exchanges across the cryptocurrency market.
Source: Coinglass
The outflow is an on-chain metric that shows how much DOGE whales and long-term holders have withdrawn from an exchange. These metrics suggest an upside trend and a good buying opportunity.
In addition to the participation of long-term holders, traders are very optimistic about the meme coin. Coinglass DOGEUSDT's Long/Short Ratio is at 4.93, indicating strong bullish sentiment among traders.
Currently, 83.15% of Binance's top traders have long positions, while 16.85% have short positions.
Technical analysis and key levels
With this strong strong sentiment among traders and investors, DOGE has been staying above the crucial support level of $0.345. According to AMBCrypto's technical analysis, DOGE continues to appear bullish, and with continued support from traders and investors, the meme coin has started to move up on the daily time frame.
Source: TradingView
Based on technical analysis, if DOGE holds above $0.345, it could rise by 25% to reach the next resistance level of $0.45.
Combining these chain metrics with technical analysis, it looks like bulls are currently dominating the meme base. This dominance protects it from further price reductions.
Read Dogecoin (DOGE) price predictions 2024-2025
At press time, DOGE was trading near $0.36 and has seen a price decline of over 4.65% in the past 24 hours.
In the same period, its trading volume increased by 51%, showing more participation from traders and investors compared to the previous day.
Source: https://ambcrypto.com/dogecoin-breaking-this-resistance-is-key-for-a-25-doge-rally/
