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- 83.15% of top traders on Binance held long positions of DOGE.
- Dogecoin could soar by 25% to reach the next resistance level of $0.45 if it holds itself above the $0.345 mark.
Dogecoin [DOGE] was gaining attention from crypto enthusiasts despite a recent price decline.
Following the rate cut announcement and the anti-crypto stance by Jerome Powell, the Fed Chair, market sentiment shifted. This resulted in a significant sell-off in the crypto market.
Rising interest in Dogecoin
Amid the market sell-off, DOGE has experienced a price decline of over 13.5%. Despite this decline, whales and long-term holders have shown strong interest in the meme coin, according to on-chain analytics firm Coinglass.
Data from DOGE’s Spot Inflow/Outflow revealed a significant $150.03 million worth of DOGE outflow from exchanges across the cryptocurrency market.
Source: Coinglass
The outflow is an on-chain metric showing how much DOGE whales and long-term holders have withdrawn from exchanges. These metrics suggest potential upside momentum and an ideal buying opportunity.
In addition to long-term holders’ participation, traders are strongly optimistic about the meme coin. Coinglass’s Binance DOGEUSDT Long/Short Ratio is 4.93, indicating strong bullish sentiment among traders.
Currently, 83.15% of top traders on Binance hold long positions, while 16.85% hold short positions.
Technical analysis and key levels
With this strong bullish sentiment among traders and investors, DOGE has managed to stay above the crucial support level of $0.345. According to AMBCrypto’s technical analysis, DOGE still appears bullish, and with continued support from traders and investors, the meme coin has begun moving upwards on the daily time frame.
Source: TradingView
Based on technical analysis, if DOGE holds above $0.345, it could potentially soar by 25% to reach the next resistance level of $0.45.
Combining these on-chain metrics with technical analysis, it appears that bulls are currently dominating the meme coin. This dominance is protecting it from further price decline.
Read Dogecoin [DOGE] Price Prediction 2024-2025
At press time, DOGE was trading near $0.36 and has experienced a price decline of over 4.65% in the past 24 hours.
During the same period, its trading volume increased by 51%, indicating heightened participation from traders and investors compared to the previous day.
