Dogecoin (DOGE) Optimism from Market Participants Increases

In the past 24 hours, Dogecoin's Long/Short position ratio increased from 0.85 to 1.20 – the highest level over the past week.

Dogecoin (CRYPTO: DOGE) price has shown strength despite a broader crypto market downturn, and new optimism is emerging from derivatives traders.

What Happened: The Long/Short position ratio for Dogecoin increased from 0.85 at 24 hours to 1.20 at the time of writing, marking its highest level over the past week. This signals that more traders are currently betting on a rise in the price of DOGE than a fall.

This figure is considered important because historically, DOGE tends to respond positively to this kind of sentiment change.

The increase in this ratio could be seen as a return of speculative interest in the crypto market, particularly in memecoin-type assets like Dogecoin. It also indicates an anticipation of significant price movement in the upcoming period.

Technical Structure Shows Chance Of Uptrend Continuation:

If #Dogecoin $DOGE manages to hold above the $0.16 support at the lower boundary of this channel, history suggests we could see a rebound toward the mid or upper range.

Technically, Dogecoin is viewed from a weekly perspective to be moving in a long-term upward channel.

At the time of writing, the price of DOGE is slightly above an important support area of $0.17 or about Rp2,771 (with a conversion of 1 USD = Rp16,300).

This channel is considered critical as it provides a broader sense of direction for medium-term investors. If prices hold and volume strengthens, we could see DOGE testing the next resistance zone between $0.22 to $0.23 (approx. IDR3,586 to IDR3,749), which corresponds to the Fibonacci extension level.

If DOGE manages to break this level, further upside to $0.30 (IDR4,890) is likely.

Momentum Indicator Shows Consolidation Before Movement:

In terms of momentum, Dogecoin’s Relative Strength Index (RSI) indicator is currently around 50, which is neutral.

The price of DOGE is seen to be consolidating at about $0.175 (IDR2,853) with stable volume, which is often a sign that volatility will expand.

Other technical indicators such as the narrowing Bollinger Bands and the flattening Moving Average Convergence Divergence (MACD) are showing the possibility that DOGE is “gathering steam” for a big move in the near future.

In these conditions, usually market participants will wait for confirmation of the direction, whether up or down.

What’s Next For DOGE: With an increasing ratio of Long positions and technical indicators showing consolidation, we could see Dogecoin testing higher resistance levels in the near term.

However, if the price fails to maintain support at $0.17 (EUR2,771), we could see DOGE dropping back to $0.15 (EUR2,445).

There is still uncertainty as Dogecoin falls into the category of high volatility cryptocurrencies. Investors are advised to keep an eye on market sentiment and trading volume as supporting indicators in making decisions.