#Dogecoin Traders Are Long 57% on #Binance; Here’s What This Signifies for Price
According to Coinglass data, roughly 57% of Dogecoin traders on
Market volatility is likely to be extreme when the number of »long» traders approaches the two extremes (too high or too low). The number of »long» traders and the market trend are inversely correlated. In other words, the previous market trend is likely to continue if the number of »long» traders increases during a downward market trend or decreases during an upward market trend.
It is conceivable that the market trend will change if there is a big increase in »long» traders while the asset price remains high. However, the market trend is likely to persist if the long-short ratio is close to 1:1.
Overall, the Dogecoin long/short percentage in the last 24 hours remains at 49.53%/50.47% with a ratio at 0.94. This might suggest slight equality between bears and bulls, indicating consolidation, although the near-term picture remains slightly bearish. Given that the total value of long orders to short orders is always 1:1, but when the long-short ratio is higher than 1, there are more long traders than short traders and vice versa.
DOGE price action
Dogecoin (
If the price drops below $0.06, it might be a sign that the bears are trying to take control once again. The decline might be resumed by sellers to drive Dogecoin below the crucial support level of $0.05. At $0.04, there is another support.
On the other hand, if the price increases from where it is now, buyers may once again try to break through the $0.08 (MA 50) barrier. Dogecoin might then try to reach the $0.10 mark.