Data shows most Binance traders with open Dogecoin positions are holding long, indicating strong bullish sentiment.

Dogecoin’s market activity this month has revealed a surge in price after President Trump paused tariffs on respective countries on April 9. After beginning the month with fluctuations, the meme-inspired crypto peaked on April 13 at approximately $0.168. 

However, since then, the price entered a consolidation phase and began retreating, correcting to $0.1541 by April 16. This price represents a 3.33% decline in the past 24 hours, yet a 7.43% increase over the last seven days.

Traders Maintain Bullish Bets 

In the midst of this correction, Coinglass data from April 16 has shown a significant preference among Binance traders for long positions on Dogecoin. Specifically, 74.4% of accounts had long, with only 25.6% holding short positions within a four-hour window.

This long-to-short account ratio of 2.91 signals a substantial bullish bias. The sharp increase in long positions starting April 12 has further emphasized a shift in sentiment, as traders anticipate continued upward momentum despite the struggling price.

Supporting this outlook, the OI-weighted funding rate data has remained positive since April 7.

This indicates that long traders are paying a premium to maintain their positions, which reflects expectations of price increases. The persistence of a positive funding rate, even during recent consolidation, shows confidence among traders who are actively driving the market upward.

DOGE Owners Reinforce Long-Term Confidence

Meanwhile, data from IntoTheBlock proves that long-term holders have been dominant in the Dogecoin market, hence supporting the bullish narrative. According to the data, hodlers—addresses that have held DOGE for over a year—increased by 0.13%. 

In contrast, cruisers, defined as holders between one month and one year, declined by 2.54%. However, traders who have held for less than a month surged by 109.96%, revealing renewed short-term interest.

Analyst Points to Defined Price Channel

Further positive insight comes from FuaCompany, a TradingView account that charted Dogecoin’s movement within a rising channel on a monthly timeframe. This analysis identified two key price behavior scenarios.

In the first, Dogecoin may rebound from the lower boundary of the channel and continue to form higher highs. Historically, the asset rebounded from $0.05 before rallying toward the upper boundary, showcasing the channel’s potential to support upward moves.

However, in the second scenario, the price could briefly fall below the channel’s lower bound, reaching levels near $0.08 before initiating recovery. Both scenarios, however, highlight a longer-term projection that suggests the price could eventually approach $0.70.