- DOGE shows strong bullish momentum, with significant accumulation and positive market sentiment.
- Binance data reveals overwhelming long positions, indicating trader confidence in a price surge.
- $0.28 resistance is key; a breakout could lead to a 35% price increase.
Dogecoin—DOGE, is showing strong signs of bullish momentum, with market sentiment growing more positive. Even though the price dipped slightly, key signs show growing confidence among traders. As Dogecoin nears the important $0.28 resistance, many are watching closely to see if it can push past that and rise even further.
Bullish Sentiment and Growing Accumulation
Recent data shows a significant outflow of Dogecoin from exchanges. More than $18 million in DOGE moved to private wallets in the last 24 hours. This points to investors holding their assets long-term, instead of making quick trades. Such movements are typically seen when traders expect higher prices in the future.
On Binance, one of the biggest crypto exchanges, the mood is strongly bullish. The DOGE/USDT pair has a long-to-short ratio of 3.15. This means for every short position, over three long positions are being held. In fact, 76% of top DOGE traders are holding long positions, signaling strong confidence in a price rise.
Technical Indicators and the $0.28 Resistance Level
Dogecoin is still showing bullish signs technically, sitting in the golden Fibonacci zone, between the 50% and 61.8% retracement levels. This area is often a good spot for traders looking to buy before a possible price bounce.
Plus, DOGE is holding above the 200 Exponential Moving Average (EMA) on both weekly and daily charts, indicating strong long-term momentum. The $0.28 resistance level is key. If Dogecoin breaks above this price level and closes there on a daily candle, the price could rise to $0.39.
However, $0.25 is still a critical support level. If this price point doesn’t hold, more selling pressure could push Dogecoin lower, testing the $0.22 support. With bullish sentiment driving the market, Dogecoin’s future looks promising.
