81% of Binance Traders Bullish on Dogecoin: Next Big DOGE Move?

Dogecoin Sentiment on Binance

Binance traders are betting heavily on Dogecoin's (DOGE) continued ascent, with 81.05% of open positions being long. This indicates a strong degree of optimism among traders.

The bearish sentiment is minimal, with only 18.95% of positions being short. The impressive long-to-short ratio of 4.28 reflects a shift in sentiment toward bullishness.

Additionally, the positive funding rate, as indicated by CoinGlass data, shows that traders are willing to pay premiums to maintain their long positions. This suggests expectations of further price gains.

However, this optimism contrasts somewhat with recent market movements. Dogecoin's price dropped by approximately 1% on the day the analysis was conducted.

On a broader scale, DOGE has experienced significant volatility, with a 10% surge days prior. The long-term outlook appears positive, with the liquidation data revealing that most closed perpetual futures positions were short, indicating that bearish traders were caught off-guard by Dogecoin's recent price movements.