Dogecoin Dips Slightly, but Traders Double Down on Long Positions!

Jakarta, Pintu News – Recent data shows that most traders on Binance who opened positions on Dogecoin chose to stay long. This reflects a strong optimistic or bullish sentiment towards the asset’s price movement.

Dogecoin’s market activity throughout the month saw significant price spikes, especially after President Trump announced a delay in tariffs against several countries on April 9.

After experiencing fluctuations at the beginning of the month, the Dogecoin price peaked on April 13, at around $0.168. So, how is the Dogecoin price moving today?

Dogecoin Price Drops 0.34% within 24 hours

As of April 17, 2025, Dogecoin (DOGE) is experiencing a slight dip, down 0.34% over the past 24 hours. The cryptocurrency is currently trading at $0.1553, which is approximately IDR 2,618. Over the course of the day, DOGE reached a high of IDR 2,640 and a low of IDR 2,541, reflecting relatively modest price movement amid broader market consolidation.

At the time of writing, Dogecoin’s market cap stands at around $23.08 billion, with trading volume rising 1.95% to $793.69 billion within 24 hours.

Read also: Ethereum on the Edge: Can It Hold $1,500 as Whales Begin Massive Sell-Off?

Traders Remain Optimistic, Bullish Bets Continue to Strengthen

Amidst the price correction phase, data from Coinglass on April 16 showed that the majority of traders on Binance are still maintaining a long position against Dogecoin. It was recorded that 74.4% of accounts opened long positions, while only 25.6% held short positions in a four-hour time span.

This long to short account ratio of 2.91 reflects a very strong bullish bias among traders. The surge in long positions that began on April 12 further confirms the change in market sentiment, where traders expect the upward momentum in prices to continue despite the current downward phase.

Supporting this view, Open Interest (OI) weighted funding rate data has remained in positive territory since April 7.

This shows that traders who open long positions are willing to pay additional fees to maintain their positions-an indication that they expect prices to continue rising.

The consistent positive funding rate, even when the price is consolidating, signals that the market’s confidence in Dogecoin’s bullish movement is still very strong.

DOGE Owners Strengthen Long-term Confidence

On the other hand, data from IntoTheBlock shows that long-term holders still dominate the Dogecoin market, supporting an optimistic or bullish narrative towards the asset.

Read also: Bitcoin Stalls at $84,000 — Is a Breakout to $85,000 Just Around the Corner?

Based on this data, the number of hodlers-that is, addresses that hold DOGE for more than one year-has increased by 0.13%.

In contrast, the cruiser category, which is holders who kept their DOGE between one month and one year, recorded a decline of 2.54%.

Interestingly, the number of short-term traders holding DOGE for less than one month actually jumped sharply to 109.96%, signaling renewed interest among short-term investors.

Analysts Highlight Defined Price Channel Patterns

Another positive outlook comes from FuaCompany, an account on TradingView that analyzed Dogecoin’s movement in an ascending channel pattern on a monthly time frame. This analysis identified two main possibilities in DOGE’s price behavior.

In the first scenario, Dogecoin is expected to bounce off the lower boundary of the channel and continue its uptrend by forming higher price peaks.

Historically, DOGE once recovered from the $0.05 level and then rose near the upper limit of the channel, which suggests that this pattern has potential as a support zone for bullish movement.

However, in the second scenario, the price could temporarily break the lower boundary of the channel, and drop near the $0.08 area before starting the recovery phase again.

Despite the difference in short-term paths, both scenarios still point to an optimistic long-term projection – a Dogecoin price that could potentially reach around $0.70.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Crypto Basic. 74.4% of Binance Traders Hold Long Positions on Dogecoin, Here’s What It Means. Accessed on April 17, 2025