Dogecoin (DOGE) Shows Patient Resistance Recently: Whales and Spot Traders Made Big Investments
Dogecoin (DOGE) has recently attracted attention by showing silent resistance. Whales and spot traders accumulated DOGE by investing a total of $64 million within just a week, increasing market demand.
Despite positive indicators, traders in long positions have experienced significant losses in the last 24 hours. DOGE's 24-hour performance showed only a 0.17% increase, indicating that the price has remained mostly stable. This trend was also reflected with gains of 1.13% on a weekly basis and 3.03% on a monthly basis.
While the market leans towards traders in long positions and the DOGE rally, there are other dynamics beneath the surface.
Whales and Spot Traders Are Aiming for the Same Target: What Will the Future Bring?
Traders holding large amounts of DOGE (whales) have spent the last week accumulating this asset. During this period, approximately 100 million DOGE was purchased, which amounts to about $17.5 million. Interestingly, spot traders surpassed whales in buying activity. During the same period, spot traders acquired DOGE worth $46.63 million from the market.
This increase in buying occurred in parallel with negative Stock Net Flows, indicating that a large amount of DOGE was withdrawn. If this trend continues, the likelihood of a major rally for DOGE increases.
Additional market metrics are also consistent with this positive projection and indicate the potential for an upward movement.
Major Growth Supported by Traders
Key derivative metrics confirmed increasing optimism among traders. The Open Interest (OI) Weighted Funding Rate turned significantly positive after a brief decline. This rate increased from 0.0004% to 0.0044%, showing a tenfold increase.
This increase confirms that most open positions in the market are from long positions expecting a price increase. Traders on major crypto exchanges like Binance and OKX stand out as supportive elements of this growing optimism.
Additionally, the Taker Buy/Sell Ratio, which measures buying and selling volume, indicates that buyers are in control. This ratio is at 2.56 on Binance and 2.65 on OKX, indicating that buying volume is dominant. An increase in this ratio is a sign that buying pressure is rising and could trigger an upward movement in DOGE's price.
Will Long Traders Lose on DOGE?
Despite the positive outlook and increasing investor interest, traders in long positions experienced significant losses in the last 24 hours, losing $4.51 million. This situation indicates that there is still downward pressure in the markets and a pullback may occur before a potential breakout.
This tug-of-war may mean that the rally of DOGE could take time and may hinder the clarity of the upward movement. However, this period of stagnation could be beneficial for whales and spot traders, allowing them to accumulate DOGE at lower prices.
Ongoing accumulation may protect DOGE from a significant drop, laying the groundwork for a stronger upward movement as traders in short positions exhaust.
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