ICYMI: 57% of Dogecoin traders on Binance futures are net long DOGE $DOGE DOGEArmy
, roughly 57% of Dogecoin traders on Binance futures are net long. The long-short indicator reflects the sentiment of most retail traders."Going long'' refers to the buying side of a particular asset.Market volatility is likely to be extreme when the number of ''long'' traders approaches the two extremes . The number of ''long'' traders and the market trend are inversely correlated.
It is conceivable that the market trend will change if there is a big increase in ''long'' traders while the asset price remains high. However, the market trend is likely to persist if the long-short ratio is close to 1:1. Overall, the Dogecoin long/short percentage in the last 24 hours remains at 49.53%/50.47% with a ratio at 0.94. This might suggest slight equality between bears and bulls, indicating consolidation, although the near-term picture remains slightly bearish. Given that the total value of long orders to short orders is always 1:1, but when the long-short ratio is higher than 1, there are more long traders than short traders and vice versa.is now down 2.35% over the last 24 hours, trading at $0.065.
If the price drops below $0.06, it might be a sign that the bears are trying to take control once again. The decline might be resumed by sellers to drive Dogecoin below the crucial support level of $0.05. At $0.04, there is another support. On the other hand, if the price increases from where it is now, buyers may once again try to break through the $0.08 barrier. Dogecoin might then try to reach the $0.10 mark.
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