Crypto analyst Ali, handles on Twitter, has identified a striking preference for Dogecoin (DOGE) longs on Binance. In a 4-hour span, 72.13% of users held long positions, dwarfing the 27.87% short positions, according to his post on Wednesday. This preference is highlighted by a 2.59 long/short ratio and visualized in a Coinglass chart.

72.13% Long vs 27.87% Short on Binance in the last 4 hours.

At 06:00 the ratio hit 2.59.

People are heavily biased towards buying in the near term, perhaps a final push towards 0.21-0.29 is expected.

Either way, such imbalance bodes for volatility, and liquidations will amplify any drop.

This is for DOGE on… pic.twitter.com/yHq7m1X4Yv

— Ali (@ali_handles) August 9, 2024

The stacked bars display a substantial majority of positions in dark gray (longs) compared to the lighter gray (shorts) throughout the period. A white line tracks the quickly varying ratio as it soars above the 1.0 mark. At 06:00, the ratio peaks at 2.59, indicating that longs outnumber shorts by over 2.5 to 1.

This heavy bullish tilt suggests that traders are anticipating a near-term surge in Dogecoin's price, potentially aiming for levels around $0.21-$0.29, as previous posts by handles suggest.

However, such extreme imbalance could also set the stage for heightened volatility, and any liquidations could significantly amplify a price drop, rendering the traders' confidence a double-edged sword.

In other analysis, Surf, a crypto trader, took to X, formerly known as Twitter, to highlight a broadening formation on the weekly chart of Dogecoin.

The pattern, which spans from mid-2021 to April 2025, showcases diverging trendlines and a connection of widening price swings with lower highs and higher lows, ultimately signaling growing indecision among traders.

The formation, which is typically seen at the end of a trend and can herald a reversal, is characterized by a series of lower lows, roughly around $0.13, and higher highs, with the highest point touching approximately $0.22.

A breakout above the upper trendline of the formation could pave the way for a rally toward $0.29 or even $0.5, aligning with the 72% long bias observed by handles. Conversely, a break below the lower trendline, around $0.13, might open the door for a slide to $0.06.

As the Broadening Formation unfolds, anticipation builds for a decisive move that will either escalate prices or trigger a substantial downturn.

This is the weekly chart of Dogecoin.

It's currently forming a Broadening Formation, which is a chart pattern that can herald a reversal after a trend.

The pattern is characterized by diverging trendlines and a connection of widening price swings with lower highs and higher lows, ultimately… pic.twitter.com/1Z00yG81qM

— Surf (@__surfer_) August 9, 2024

Stay tuned for more crypto news and analysis.

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