Dogecoin has maintained its consolidation path into the last 24 hours, with price data reflecting a 14.5% decline in a seven-day timeframe. However, the price decline has done little to dampen the general sentiment surrounding Dogecoin, especially in a long-term timeframe. As part of the lingering optimism surrounding the meme coin, data highlighted by crypto analyst Ali Martinez reveals a strikingly bullish sentiment among Dogecoin enthusiasts on crypto exchange Binance. Majority Of Binance Traders Betting On Dogecoin Price Increase The majority of Dogecoin traders have remained bullish despite Dogecoin’s recent price decline from just below the $0.4 mark since January 7. This bullishness is highlighted by crypto analyst Ali Martinez through trading positions on crypto exchange Binance. At the time, the long/short ratio showed that approximately 81.05% of all traders with open Dogecoin positions on Binance were betting on an upward price movement. Related Reading: Bitcoin Price Struggles With Liquidity Blocks From $86,000 To $104,000, Analyst Reveals The Logical Thing To Do The bullish stance is further underscored by the Binance DOGEUSD_PERP ratio, which reveals that 90.43% of perpetual contract accounts are in long positions, according to Coinglass data. Perpetual contracts, which lack a fixed expiration or settlement date, reflect trader expectations over an indefinite time period. This imbalance toward long positions suggests that the majority of Dogecoin traders remain confident in the meme coin’s potential for long-term growth, particularly as they look towards another major bull run in 2025. Interestingly, on-chain data shows that Dogecoin whales are also capitalizing on the price decline to accumulate more DOGE tokens. This accumulation trend saw whale addresses holding between 10 million and 100 million DOGE tokens increase their collective holdings by around 470 million tokens within a 48-hour timeframe. DOGE Needs To Hold Above $0.3 At the time of writing, Dogecoin is trading at $0.33 and is on a 3.35% decline in the past 24 hours. This downturn is part of a broader trend of lackluster price performance over the last 30 days, during which Dogecoin has consistently struggled to break above the $0.40 mark. The most recent example was when this price level acted as a significant resistance level during Dogecoin’s brief price surge in the first few days of January 2025. Related Reading: Bitcoin Bearish Case: Continued Rejection At $100,000 Increases Likelihood Of Breakdown The focus for Dogecoin traders and investors has now shifted away from breaking the $0.40 resistance level to defending the $0.30 support zone, which has become increasingly important in maintaining a long-term bullish narrative for the meme coin. For bullish momentum to remain intact, Dogecoin must hold firmly above this support level, as a breakdown could signal the start of a deeper correction. A successful hold above the $0.3 mark puts the bullish trajectory still in play, and Dogecoin could easily rebound upwards at any time. However, failure to maintain support at $0.30 could lead to more corrections towards the $0.25 mark. Such a scenario would not only weaken its technical outlook but also dampen the substantial returns even when the overall crypto market begins to recover. Featured image created with Dall.E, chart from Tradingview.com
