Pre-Market Analysis: 72% of Binance Users Holding Long Positions on Dogecoin

A fresh snapshot of Binance's futures market data shows Dogecoin attracting a remarkably bullish stance among traders.

A fresh snapshot of Binance’s futures market data shows Dogecoin attracting a remarkably bullish stance among traders. According to a chart shared by Ali Martinez (@ali_charts) on X, 72.13% of Binance users with open Dogecoin positions are currently long, leaving only 27.87% on the short side.

“72.13% of traders on Binance with open Dogecoin DOGE positions are currently long!” Martinez wrote, underscoring just how skewed sentiment is toward an upward price move.

72.13% of traders on Binance with open Dogecoin positions are currently long.

This is an incredible level of bullish sentiment, which could be a sign of strength for $DOGE. However, if the market shifts quickly, it could also lead to mass liquidations.

— Ali Martinez (@ali_charts) September 8, 2023

What Does This Mean For Dogecoin Price?

This pronounced imbalance hints that most market participants expect the price to keep climbing, at least in the short term. When so many traders are betting on gains, it often reflects optimism—or even excitement—about the token’s momentum. Dogecoin has repeatedly shown its ability to inspire fervor among retail investors and large speculators alike, so spikes in bullish interest are hardly surprising.

However, it’s not always that straightforward. If the broader crypto market wavers—or if Dogecoin faces any unexpected hurdles—traders who jumped in expecting a quick profit could end up rushing for the exits, amplifying any downward moves.

Still, the figure “72.13%” is unambiguously high, which is enough to catch anyone’s attention. A long/short ratio that elevated doesn’t guarantee a continued rally; instead, it paints a picture of present-day sentiment among a specific subset of traders. It’s one snapshot in time, drawn from the activity of one of the world’s busiest crypto exchanges. Even so, it’s a solid reminder that, at this moment, a large number of Dogecoin traders on Binance believe the path of least resistance is to the upside.

Some traders will keep a close eye on overall liquidity, the behavior of Bitcoin, and any tariff news from US President Donald Trump. Dogecoin is known for abrupt price surges, spurred by social media buzz or endorsements from influential figures, so even data as decisive as this long/short ratio doesn't fully predict what comes next. But it does give us an insider’s view of how Binance participants are positioning themselves and, in doing so, sets the stage for Dogecoin’s near-term intrigue.

For now, the sheer dominance of long positions seems to say: traders remain bullish and are willing to back that sentiment with open contracts. It could be a sign of confidence in Dogecoin’s resilience, or it could be a setup for unexpected volatility if sentiment flips. Whichever way it unfolds, Martinez’s chart shines a light on how enthusiasm for this meme-inspired asset continues to run high in certain corners of the crypto market.

At press time, Dogecoin was trading just below its multi-year trendline, following a rejection at the 0.786 Fibonacci retracement level around $0.167. A renewed drop toward the red support zone near $0.14 could be on the table if DOGE closes below the trendline. On the flip side, the 0.786 Fib remains the most critical resistance level, followed by a potential channel test near $0.18.