Sunday, August 14, 2022

Dogecoin traders’ bet on Binance showing positive signs

About 57 percent of Dogecoin’s traders hold long positions on the futures segment of crypto exchange Binance. The long-short indicator reflects the sentiments of most of the retail traders. The large number of traders holding long positions means that traders are more interested in buying.

In case of long traders going too high or too short volatility may increase. The number of long traders and the market trend have an inverse relationship. If the number of these traders increases significantly, then the price of that particular cryptocurrency or any other asset is high. However, if the long-short ratio is 1:1 then the market trend is likely to continue. Data from Coinglass shows that DOGE is down around 2.40 percent and is trading at $0.063. Its sellers can get some benefit from this that the RSI is just below the middle point, the moving average is also in favor.

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If DOGE price breaks below $0.06, it could be a sign that the bears are trying to regain control. After that, it may sell further and it may even fall below the $0.04 support. Conversely, if the price rises from the current level, it may give rise to buyers and try again to break the $0.08 level. After this it can also reach $ 0.10.

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Last week it was reported that Dogecoin was being transferred to several unknown wallets. Big whale accounts sometimes transfer millions or even hundreds of millions of crypto tokens from wallet to wallet, but a platform tracking the transactions of this mime coin has reported that around 200 million DOGE tokens can be transferred a day. The transfer was made to several unknown wallets. Elon Musk, the head of electric car maker Tesla, one of Dogecoin’s big supporters, says he will continue to support the meme coin. Musk said this through a tweet.

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