Dogecoin (DOGE) Remains Bullish Despite the Dip, Data Suggests the Community Is Expecting a Turnaround

Dogecoin (DOGE), the original meme coin, is navigating a rough patch as it faces significant market pressure, but data suggests the community remains bullish despite the dip.

Dogecoin (DOGE), the cryptocurrency that rose to fame thanks to its connection with Elon Musk and a strong retail trader community, is encountering a challenging period as it grapples with substantial market pressure.

However, despite the recent dip, data suggests that the community remains bullish on the meme coin.

Meme coin market slows down

The meme coin market has slowed down considerably over the past few weeks, and Dogecoin hasn’t been performing well. While some cryptocurrencies managed to hold their ground, DOGE has been slipping.

In the past seven days, the meme coin fell by 4%, and it is down 12.63% over the past month, according to CoinMarketCap. At the time of writing, DOGE is trading at $0.1534, reflecting a 1.21% drop in the last 24 hours.

This pullback comes amid broader market volatility, with global economic and geopolitical developments impacting investor confidence across the crypto sphere.

Despite these headwinds, the Dogecoin community appears far from discouraged. In a recent update, crypto analyst Ali Martinez highlighted a major bullish indicator.

72.12% of DOGE traders on Binance are holding long positions.

This suggests that a significant portion of investors are expecting a turnaround in Dogecoin’s price, potentially aiming for a retest of major resistance levels.

While DOGE is currently trading at a distance from its previous highs, such strength in market sentiment can often precede major rallies.

Heavy long positioning has coincided with price recoveries in the past, especially when fueled by community optimism and social media activity, two domains where Dogecoin excels.

DOGE’s attempt to break above the $0.5 mark, a psychological and technical barrier, has encountered resistance in recent months.

However, with increasing support from retail traders and whales, the meme coin might be preparing for its next move. The coming days could be decisive for Dogecoin as investors, traders, and meme coin enthusiasts follow its performance closely.