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

Dogecoin (CRYPTO: DOGE) 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.

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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.

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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