New Dogecoin Price All-time-High before EOY Possible as Longs Hits 92%?

Dogecoin Bullish Sentiment and Cautious Trading

Over the past three months, Dogecoin's long positions have consistently remained above the 90th percentile, indicating a strong bullish outlook.

Despite this high percentage, the proportion of longs has remained relatively stable over the past day, suggesting a consolidation of sentiment at these elevated levels.

Open Interest Decline

Open interest, which measures the total number of outstanding derivative contracts, has decreased. This suggests that while bullish sentiment remains high, there is a reduction in the number of contracts being maintained.

Cautious Market Approach

This juxtaposition of high long percentages with decreasing open interest implies that traders are cautious while maintaining their bullish stance. They may be reducing exposure or taking profits due to market uncertainty.

Monthly Close High

Dogecoin reached its highest monthly close ever in November, with a significant gain of over 237%. This marks a robust bullish sentiment among investors.

Technical Indicators

Both the RSI and Stochastic RSI are positioned in the neutral zone, indicating a potential readiness for an upward trend. The RSI remains balanced between buyers and sellers, while the Stochastic RSI suggests equilibrium, inviting trading opportunities.

Price Consolidation

Dogecoin price consolidated with resistance near $0.44 and support around $0.40. A breakout above resistance could trigger a rally towards higher levels.

Bullish Outlook

The neutral technical indicators suggest a bullish outcome, hinting that Dogecoin may experience another significant upward movement.