Dogecoin investors have high faith in the future of the MEME currency despite its recent price fall, showed market data, Tuesday.
Dogropa fell to $ 0.153 from April 16 after the price reached a high of $ 0.168 on April 13, by 3% over the past 24 hours. This is after the latest price increase after US President Trump’s customs declaration for some countries on April 10.
Long positions dominate market activity
The atmosphere among traders at Binance is Fast Hausse for the Dogecoin future prospects. Data from Coinglass Show that over 74% of commercial accounts have long positions in Cryptocurrency, while only 25% are short. This places the long-to-short account of 2.90, which proves extensive optimism among traders.
Long positions increased rapidly on April 12, which shows that investors expect Dogecoin to bounce back from their current correction period. They are willing to pay premiums to maintain their positions, as shown in positive OI-weighted financing signals that have remained above zero since April 7.
Long|Short DOGE by accounts. Source: Coinglass
Holders patterns indicate diversified strategies
Intotheblock -Statistics reveal significant changes in the way people keep Dogecoin. Investors who hold Dogge for over a year increased by marginally 0.13%. These types of “hodlers” as they are called within the Cryptocurrency forum are a solid support base for the currency.
Source: IntoTheBlock
Meanwhile, the holders of half -time (holder of Dogge decreased for one to 12 months) by 2.50%. Short -term traders experienced the largest increase, with addresses held for less than 30 days that increased by 109%. This new trader reflects an increasing demand for rapid profit from Dogecoin price measures.
Technical analysis points to future price instructions
A TradingView account, Fuacacany, has planned Dogecoin’s movement in what analysts call a rising channel. On the basis of this trend, two general scenarios for dogecoins Future price offered.
The first scenario shows that Dogecoin is recovering from the lower edge of this channel and continues to trend upwards. This would follow what happened earlier when the price recovered from $ 0.05 to higher levels.
The second scenario means a temporary decline under the bottom line of the channel, which falls to about $ 0.08 before growing higher, both scenarios bearing long -term hausse signals, with certain forecasts that appreciate Dogecoin to reach $ 0.70.
This week’s performance is still positive despite the decline
Despite the recent decline, Dogecoin is still positive over the week. In fact, Cryptocurrency has shown a fairly substantial rise in the week for about 7.40% over the past week despite that dip.
DOGE price up in the last week. Source: CoinMarketCap
The prize began in early April with an initial volatility before the starch with the president’s customs declaration by Trump. After the monthly peak on April 13, and reached 0.168, Dogecoin met what traders know to be a consolidation phase, where prices continue to trend sideways while being formed in preparation for another move.
According to market observers, this pattern of gains and then consolidation is typical of Cryptocurrency markets. The strong level in long positions shows that most traders see the current price fall as just a temporary hick and not the beginning of a larger baisse -like trend.
Image from Coinflip, chart from TradingView
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