According to Coinglass, most Dogecoin (DOGE) Binance futures traders are “long.” Traders buy DOGE tokens betting on the cryptocurrency’s rise. Bears and bulls can both predict a DOGE price drop and rise.
57% of DOGE traders are bullish
According to Coinglass’s long-short ratio, 57% of Dogecoin (DOGE) traders with futures contracts on Binance are “long.” They open long positions with the intention of closing them when DOGE prices rise.
The number of “long” traders and market trend are related. If this number is off, the market may become volatile. This number reverses the market trend.
If the number of “long” traders increases during a downtrend, prices will fall. Same if this number drops while the market is rising. The market trend may persist if the long-short ratio is close to 1:1.
In the last 24 hours, Dogecoin (DOGE) long/short percentage was 49.53 percent/50.47 percent, or 0.94. This ratio suggests a tie between bears and bulls, indicating cryptocurrency consolidation.
A long-short ratio greater than 1 indicates more “long” traders than short traders, and vice versa. Bulls represent rising prices and bears fall prices.
DOGE Could Hit $0.10 Bar
Short-term, Dogecoin (DOGE) is bearish. DOGE fell 2.3% in 24 hours. The token traded for $0.065.
If DOGE falls below $0.06, bears are regaining control. Sellers could push Dogecoin (DOGE) below the $0.05 support level.
However, the price may rise. It could cross 0.08 dollars if buyers act. Dogecoin (DOGE) may hit $0.10 then.
Recent data from cryptocurrency market analysis platforms shows a 24 hour evenness between bears and bulls. Despite the market trend, DOGE may rise.
 Binance futures traders are "long." Traders buy DOGE tokens betting on the cryptocurrency's rise.){kind=link}