Dogecoin Sees Spike In Bullish Long Bets Despite A 7% Weekly Drop: What's Next?

Dogecoin DOGE/USD may be in a corrective phase, but that hasn't deterred derivatives traders from amping up bullish bets on the meme coin.

What happened: More than 72% of all Binance traders with open DOGE positions were long as of this writing, according to Coinglass, suggesting hopes of a short-term price spike.

The percentage of traders bullish on Dogecoin has steadily increased from 68.2% to the current value over the last three days. Interestingly, DOGE's price retreated nearly 9% during this period.

Furthermore, over 75% of Binance’s top traders, those possessing a higher level of expertise compared to retail investors, were positioned long on DOGE as of this writing.

Meanwhile, the crucial Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, flashed a "Sell" signal for DOGE, according to TradingView.

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Additionally, the Bull Bear Power indicator, which measures the strength of buyers and sellers, was "Neutral."

Why It Matters: These findings coincided with Dogecoin's pullback on Monday, joining a broader risk-off trend ahead of the Federal Reserve’s policy meeting.

Large transactions valued at over $100,000 spiked 41% in the last 24 hours, while the daily active address count rose nearly 35%, according to IntoTheBlock.

Price Action: At the time of writing, DOGE was exchanging hands at $0.1675, down 3.95% in the last 24 hours, according to data from Benzinga Pro. Over the week, the meme coin has dropped nearly 7%.

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