According to data from Coinglass, Binance futures dogecoin approximately 57% of its investors are in a net long position.
The long-short indicator reflects the trend of most retail investors. “Long open” refers to the buy side of a particular asset.
Cryptocurrency Market volatility is likely to be extreme when the number of ‘Long’ investors in the market approaches the two extremes (too high or too low).
The number of long traders and the market trend are inversely proportional. In other words, if the number of long traders increases during a downtrend or decreases during an uptrend, there is a possibility that the previous market trend will continue.
It can be thought that the market trend will change if there is a large increase in “long” investors while the asset price remains high. However, the market trend is likely to continue if the long-short ratio is close to 1:1.
Nearly Equal Number of Long and Short Traders in Dogecoin
Overall, the Dogecoin long/short percentage over the last 24 hours remains at 49.53%/50.47%, with a rate of 0.94.
This may indicate slight parity between the bears and bulls, indicating consolidation, but the short-term picture remains slightly bearish.
Given that the total value of long orders to short orders is always 1:1, when the long-short ratio is higher than 1, there are more long traders than short traders and vice versa.
Dogecoin price has gained 0.37 in the last 24 hours and is trading at $ 0.6695 at the time of this writing. Dogecoin (DOGE) is trading at $0.065, down 2.35% in the last 24 hours. A minor advantage for sellers is indicated by the RSI being just below the midline and the MA 50 flattening out.
*Not investment advice.