Data Shows Most Binance Traders With Open Dogecoin Positions Are Holding Long, Indicating Strong Bullish Sentiment.

Dogecoin (CRYPTO: DOGE) prices have recently entered a consolidation phase after a surge in market activity this month.

This consolidation comes after President Trump paused tariffs on respective countries on April 9, which influenced a rally in the meme-inspired crypto.

Dogecoin began the month with some price fluctuations as it moved through the $0.14 area. By April 13, the price rose to peak at $0.168.

However, since then, the price entered a consolidation phase and began retreating.

On Monday morning, the price was trading down 3.33% in the past 24 hours at $0.1541. Despite the recent correction, the price is still trading up 7.43% over the past seven days.

Most Binance Traders Are Long on Dogecoin

In the midst of the recent correction, data from Coinglass showed that the majority of Binance traders were holding long positions on Dogecoin.

Specifically, 74.4% of accounts had long and 25.6% had short positions on the cryptocurrency in a four-hour window.

The long-to-short account ratio was 2.91, which signals a substantial bullish bias.

The sharp increase in long positions starting on April 12 also highlighted a shift in sentiment as traders were baking for continued upward momentum despite the struggling price.

The OI-weighted funding rate had also remained positive since April 7, which showed that long traders were paying a premium to maintain their positions.

This indicated that there were more buyers than sellers in the market recently and that the traders were actively driving the price upward.

Dogecoin Long-Term Holders Increase

Meanwhile, long-term holders remained dominant in the Dogecoin market, which supported the bullish narrative.

According to data from IntoTheBlock, hodlers, or addresses that had held DOGE for over one year, increased by 0.13%. In contrast, cruisers, or holders between one month and one year, decreased by 2.54%.

However, traders who had held for less than one month surged by 109.96%, revealing renewed short-term interest in the cryptocurrency.

Dogecoin Price Action: Chart By TradingView

Further positive insight came from FuaCompany, a TradingView account that charted Dogecoin’s movement within a rising channel on a monthly timeframe. This analysis identified two key price behavior scenarios.

In the first, Dogecoin may rebound from the lower boundary of the channel and continue to form higher highs. Historically, the asset rebounded from $0.05 before rallying toward the upper boundary, showcasing the channel’s potential to support upward moves.

However, in the second scenario, the price could briefly fall below the channel’s lower bound, reaching levels near $0.08 before initiating recovery. Both scenarios, however, highlight a longer-term projection that suggests the price could eventually approach $0.70.

See More: Top 10 Cryptocurrencies To Watch This Week: Bitcoin, Shiba Inu, Dogecoin And Chainlink

This article has been written for informational purposes only and does not constitute investment advice. All investment decisions must be made by individual readers, taking into account their own individual circumstances and consulting with qualified financial advisors. The content and data provided in this article are based on the best available information at the time of writing and may change over time. Realized returns on any cryptocurrency investment may vary and past performance is not necessarily indicative of future results.

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