Bullish confidence is sky-high, DOGE long/short ratio skyrocketed to 3:1
As market sentiment turns optimistic, Binance data shows that the DOGE long/short ratio has climbed from 2.0 to over 3.0 since early May—the number of long positions is three times that of short positions. Since the end of April, long positions have consistently dominated the charts, indicating strong confidence among speculators.
However, this extreme skew also harbors risks: if the price fails to break through, it may trigger a long liquidation, leading to a sharp correction.
Active addresses surged nearly 15 times, on-chain data is blinding
Santiment data shows that on May 14, the daily active addresses for DOGE surged from an average of 45,000 to over 680,000, nearly a 15-fold increase in just three days!
Such unusual activity often signals an impending major market shift, but it may also stem from speculation or automated wallet operations, with true value yet to be validated.
Technical indicators warn: prices are 'stagnating' under high enthusiasm
Despite record on-chain activity, the DOGE price has stalled, retreating from a local high of $0.24 to around $0.22, recording four consecutive daily bearish candles.
RSI remains at 61, stronger than the neutral value, but lower than previous highs, reflecting a slowdown in bullish momentum. At the same time, DOGE still holds above the 20-day moving average, providing some structural support, but the upper Bollinger band faces strong resistance, indicating weak short-term breakout potential.
The market is caught in a mismatch of 'enthusiasm and stagnant prices'
Currently, there is a strong divergence between on-chain data and market sentiment—high enthusiasm, stagnant prices. Unless new external positive factors or buying pressures emerge, DOGE may maintain a range-bound oscillation in the short term, awaiting a directional choice.
