Dogecoin (DOGE) has attracted significant interest from investors, particularly whale participants, leading to potential bullish signals for the memecoin. Recent data indicates that a substantial 68.28% of the top DOGE traders on Binance are maintaining long positions, which further emphasizes the optimistic sentiment surrounding the cryptocurrency.
Currently, for DOGE to see a notable price increase, it needs to close a daily candle above the critical $0.185 threshold. Recently, DOGE has exhibited impressive upside momentum.
It recently broke free from a steady downward trend, though it seems to be currently consolidating. This consolidation phase coincides with increased whale transactions, suggesting that accumulation may be taking place, ultimately benefiting DOGE’s price in the long term.
According to IntoTheBlock, transactions ranging from $1 to $10 million surged by an astounding 540.47%, while larger transactions exceeding $10 million saw a remarkable increase of 8060%. Such statistics underscore the growing engagement from whales and institutions during this price consolidation period.
Despite DOGE’s current price around $0.179, which reflects a 1.45% decline over the past 24 hours, traders remain optimistic. The on-chain analytics firm Coinglass highlights that activity on Binance is skewed towards bullish positions.
The long/short ratio stands at 2.15, revealing a dominant bullish sentiment among Binance traders. Presently, DOGE seems trapped within a tight trading range of $0.175 to $0.185, hovering in a sideways trend for the last five days.
A break above $0.185 could lead to a potential 10% gain, taking the price up to $0.205. On the flip side, a breakdown could push DOGE down to its next support level at $0.162—a potential decrease of around 7.5%.