73% Dogecoin traders go long – Is the market too one-sided to sustain gains?

Currently, 73% of traders are adopting long positions in the Dogecoin market, suggesting a strong bullish sentiment. This shift reflects increased market confidence following Dogecoin’s breakout above a multi-month descending trendline.

For Dogecoin to sustain its bullish momentum, it needs to hold above 0.19 USD and target 0.22 USD. Maintaining these levels is crucial for confirming a potential trend reversal and supporting ongoing gains.

Despite positive trends, the dominance of long positions raises concerns about potential liquidations if market conditions shift. Traders must remain vigilant, ensuring sustained momentum to avoid volatility caused by rapid unwinding of these positions.