Dogecoin (DOGE) bulls are bracing for new highs after on-chain metrics flash green

This comes after consecutive weeks of sideways trading despite attempted bullish resistance. On the broader scale, meme coin sentiments have skyrocketed, leading to an over $10 billion addition to the market.

Dogecoin (DOGE) bulls are bracing for new highs after on-chain metrics have begun flashing green. This comes after several weeks of sideways trading despite attempted bullish resistance.

On the broader scale, meme coin sentiments have skyrocketed, adding over $10 billion to the crypto market in the last seven days alone. The jump is in line with the Bitcoin price surge and an uptick in DeFi numbers.

Futures Traders Back Mega DOGE Run

On-chain data shows over 69.5% of open Dogecoin positions on Binance Futures are long. This indicates a spike in trader optimism following recent DOGE price movements.

The futures market gives an outlook on traders leaning towards the next cycle. Currently, DOGE holders are set for a price climb if the status quo remains unchanged.

The long-to-short ratio is 2:2, signaling a trade imbalance that often leads to volatility. Expert trader Ali Martinez hinted that the long positions on Binance soared past 75% over the weekend. Although present figures dropped in hourly trading, overall sentiment remains stable behind a price uptick.

“[The] Long positions on Binance Futures dropped to 69.5% in the last 12 hours of trading. Still, overall, the sentiment remains bullish with more traders optimistic on further gains in the cryptocurrency.”

Binance volume is also a key factor in the bulls’ reaction to open long positions. Traditionally, positive Binance metrics propel market participants into an accumulation phase.

DOGE price trades at $0.2438, a 4% rally in the past 24 hours. Weekly gains for the leading meme coin moved past 43%, igniting multiple breakout attempts. Over the past week, DOGE holders have flagged the $0.5 price mark as the next target.

Is A Meme Coin Frenzy Ahead?

Several DOGE bulls are now keen on fresh inflows as macro trade conditions continue to favor the crypto market.

Dogecoin enthusiast Krisspax wrote that recent price surges have set the tone for a massive jump.

“After the big Dogecoin price move up from $0.17 to $0.25, $DOGE take a bit of a breather, then reclaims $0.25 overnight. This makes a nice cup and handle pattern forming where if Dogecoin gets back to $0.25 it’s a path to go even higher.”

The influx of institutional demand for Bitcoin and top altcoins has also reshaped meme coin dynamics, leading to a collective surge in value.

Shiba Inu (SHIB) soared 27% in the last seven days while PEPE and Official Trump spiked 76% and 20% in the same period.

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