Dogecoin (DOGE) continues to attract traders' attention after a 15.69% price increase, pushing it to $0.2375. The market shows high trading volume and positive sentiment.
Observed Activity in the Futures Market
Currently, over 75% of traders on Binance Futures are holding long positions on DOGE, indicating strong bullish sentiment among both retail and institutional investors. The DOGE/USDT long/short ratio stands at 2.83 on Binance and 2.85 on OKX, reflecting sustained interest and support from traders.
Derivatives and Options Data
Open interest in Dogecoin futures surged by 23.52% in the last 24 hours to $2.76 billion. With rising prices, many traders are entering long positions, anticipating further growth. Trading volume also saw a 14.07% increase, reaching $7.22 billion, indicating high liquidity.
Technical Indicators and Price Forecast
At the time of writing, Dogecoin's RSI indicator was at 79.71, signaling a strong bullish movement. If the price breaks above $0.26 and holds above $0.21, it could target a new high near $0.27. Liquidation data indicates that more short positions have been liquidated over the past 12 hours.
The analysis indicates that Dogecoin is in a stable bullish trend supported by high trader activity in both spot and futures markets. Further growth is expected if the price can overcome key resistance levels.
