Despite a notable price decline across the crypto market, Dogecoin (DOGE), the world’s largest meme coin, has managed to hold above a crucial level and avoid a massive drop.
On January 13, 2025, the overall cryptocurrency market experienced a significant downturn, with major assets such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) seeing substantial losses. This breakdown of key support levels could further drive asset prices lower.
Rising Interest From Traders and Invetors
DOGE has experienced a similar price momentum but has managed to hold above a crucial level. This is due to rising interest from traders and investors over the past 24 hours, as they placed significant bets on the DOGE meme coin, according to the on-chain analytics firm Coinglass.
Bullish On-Chain Metrics
Data reveals that the Binance DOGEUSDT long/short ratio of 4.22 indicates that for every short position, there are 4.22 long positions, reflecting strong bullish sentiment among traders.
Currently, 80.83% of top traders on Binance hold long positions, while 17.17% hold short positions. These significant bets by Binance traders on the long side have also contributed to holding the support level at $0.30.
In addition to traders, long-term holders have also shown strong interest and confidence in the DOGE meme coin and appear to be accumulating heavily. Data from spot inflow/outflow reveals that exchanges have recorded an outflow of over $45.05 million worth of DOGE.
This suggests that long-term holders have taken advantage of the recent price decline and withdrawn a significant amount of the meme coin. This substantial outflow may create buying pressure and drive further upside momentum.
DOGE Price Prediction
Besides the lower price level, another factor that has attracted traders and investors is the support level. The last time DOGE reached this level, it experienced a price rally of over 25%, reaching the $0.40 mark. Given the current market sentiment, investors and traders are speculating on a similar upside rally this time.
Current Price Momentum
Currently, DOGE is trading near $0.3247 and has witnessed a price decline if over 4.20% in the apst 24 hours. However, during the same period, its trading volume jumped by 90% indicating heightened participation from traders and investors.
