The cryptocurrency market was shaken really badly on January 13, 2025, according to news sources, as the largest superlative coins like Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) were hit. In all this, however, Dogecoin (DOGE) has been able to remain so far protected above the $0.30 support level and has kept the hopes alive among traders and long-term holders for a rally similar to those witnessed in the past.
Bullish Sentiment Growing
Data from Coinglass shows that DOGE has been getting more attention in the last 24 hours. Specifically, the Binance DOGE/USDT long-to-short ratio stands at 4.22, meaning for every short position, there are 4.22 long positions.
Further data shows 80.83% of Binance top traders hold long positions compared to only 17.17% short positions. This overwhelming bullishness is a sign that traders are expecting DOGE to hold and go up in the short term.
Increased trading volume supports this view. DOGE 24 hour trading volume increased by 90% even though the price dropped 4.20% in the same period.
Long-Term Holders Give Confidence
Apart from active traders, long term holders are also showing confidence in DOGE. Recent spot inflow and outflow data shows over $45.05 million worth of DOGE has been withdrawn from exchanges.
This is a sign that investors are moving their assets to private wallets for long-term holding and reducing selling pressure. Historically, this has led to price rallies as once the supply is taken off exchanges it creates upward momentum.
25% Rally Ahead?
DOGE has reached $0.3247 again and speculation of a rally is back. DOGE has used the $0.30 support level for big surges in the past. In fact, DOGE had a 25% run from this level to $0.40.
Most analysts agree that, with extended trading and very strong on-chain indicators, an upward trajectory is imminent. However, overcoming the major resistances at $0.35 and $0.40 would be key to an uptrend.
Conclusion: DOGE to Recover Despite Market Sell Off
While the broader crypto market is chaotic, Dogecoin holding onto $0.30 support shows its strength. A combination of bullish trading sentiment, reduced exchange supply, and historical performance suggest that DOGE could be gearing up for a potential 25% rally.
However, traders should remain cautious of key resistance zones and market-wide volatility before making significant moves.
Stay updated with Deythere as we’re available around the clock, providing you with updated information about the state of the crypto world.
FAQs
1. What’s the current price of Dogecoin?
Dogecoin is trading at $0.3440, down 4.20% in the last 24 hours and up 90% in trading volume, showing increased activity.
2. Why is $0.30 a support level for DOGE?
$0.30 has been a launchpad for the price in the past; DOGE went as high as 25% to $0.40 in one of its cycles.
3. What does the long-to-short ratio of DOGE mean?
The 4.22 long to short on Binance is a very bullish signal as more traders are betting on the price to recover and go up.
4. What impact do exchange outflows have on DOGE’s price?
Like the recent $45.05 million worth of DOGE withdrawn, exchange outflow reduces supply and price goes up with buying pressure.
