- On-chain metrics reveal that exchanges have witnessed an outflow of $54 million worth of DOGE memecoins.
- DOGE could soar by 25% to reach the $0.40 level if it holds a 0.30 level.
Dogecoin [DOGE], the popular and largest crypto memecoin, has been gaining significant attention from crypto enthusiasts amid the current market uncertainty.
At the time of writing, the overall cryptocurrency market, including major assets like Bitcoin [BTC], Ethereum [ETH], and others, appeared to be struggling.
81.44% of traders on Binance hold DOGE’s long positions
Amid the market downtrend, traders and investors have shown strong interest and confidence in the memecoin Dogecoin, according to on-chain analytics firm Coinglass.
The Binance DOGEUSDT long/short ratio currently stands at 4.53, indicating strong bullish sentiment among traders. At press time, 81.9% of top traders were holding long positions, while 18.56% were holding short positions.
Source: Coinglass
This massive long position by traders on Binance shows a clear sign of bullish sentiment despite the continuous price correction across the crypto landscape.
In addition to the traders’ bullish market sentiment, long-term holders also appear to be accumulating the tokens, as revealed by on-chain data.
$54 million worth of DOGE outflow from exchanges
Data from Spot Inflows/Outflows reveals that exchanges have witnessed an outflow of a significant $54 million worth of DOGE memecoins in the past 48 hours.
This indicates that long-term holders have withdrawn or purchased these substantial tokens while they are trading at discounted prices ahead of Donald Trump’s inauguration.
Dogecoin’s current price action
These bullish on-chain metrics appear as DOGE has reached a crucial support level of $0.30. The last time the memecoin reached this level, it witnessed a price rally of over 25%, reaching the $0.40 level.
However, this time, experts and analysts are expecting a similar rally in the coming days.
Source: TradingView
According to expert technical analysis, DOGE is at a crucial support level of $0.30, marking a make-or-break situation given the overall market sentiment. If DOGE holds above $0.30, there’s a strong possibility it could reach its predicted level.
However, if the sentiment remains unchanged and the price falls below this support and closes lower, it could decline by 25% to the next support level at $0.225.
Is your portfolio green? Check the Dogecoin Profit Calculator
Currently, DOGE is trading near $0.318 and has experienced a price decline of over 6.5% in the past 24 hours.
During the same period, its trading volume jumped by 60%, indicating heightened participation from traders and investors amid market uncertainty.
