Dogecoin Market Analysis

• 76% of top DOGE traders on Binance currently hold long positions.
• Exchanges have witnessed an outflow of $18 million worth of DOGE.

During the ongoing market uncertainty, where most assets are facing notable price declines and selling pressure, Dogecoin (DOGE), the largest memecoin, is gaining significant attention from crypto enthusiasts.
On February 16th, investors and intraday traders were notably bullish on the memecoin, as reported by the on-chain analytics firm Coinglass.

$18 million Worth of DOGE Outflow

Data from Spot Inflow/Outflow analysis showed that cryptocurrency exchanges have witnessed a significant outflow of $18 million worth of DOGE. This trend indicates potential accumulation and buying pressure.
This substantial outflow from exchanges occurred in the past 24 hours, suggesting a positive shift in sentiment.

76% of DOGE Traders Go Long

When it comes to whales or long-term holders making strong bullish bets, intraday traders are showing the same enthusiasm, heavily favoring long positions.
Data revealed that Binance’s DOGE/USDT long/short ratio was at 3.15, meaning there are 3.15 long positions for every short position.
As of this writing, 76% of top DOGE traders on Binance held long positions, while 24% held shorts.

Current Price Momentum

However, despite these bullish metrics, they have not significantly affected DOGE’s price. As of this writing, the memecoin was trading near $0.26 and has experienced a price drop of over 3.5% in the past 24 hours.
During the same period, its trading volume declined by 45%, indicating lower participation from traders.

DOGE Technical Analysis and Key-Level

According to AMBCrypto’s technical analysis, DOGE has been trading within the golden Fibonacci zone, between the 50% and 61.8% levels on the daily timeframe. This could explain traders’ bullish outlook.
However, current market sentiment poses a hurdle preventing DOGE from breaching the $0.28 resistance level.
If DOGE breaks this resistance and closes a daily candle above $0.28, it could soar by 35% to reach $0.39 in the coming days.

On the positive side, DOGE is trading above the 200 Exponential Moving Average (EMA) on both the weekly and daily time frames, indicating that the asset is in an uptrend.
Combining these on-chain metrics with technical analysis suggests DOGE could soon breach the resistance level that has been a hurdle for the meme coin.