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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Dogecoin Jumps 10%, But This Signal Could Bring Rally To A Stop

Keshav Verma
Keshav Verma
1 year ago
3 mins read
Dogecoin

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Dogecoin has seen a rise of about 10% during the past day, but longs are piling up on the futures market, which may be something to keep an eye on.

Dogecoin Funding Rate Attains Highly Positive Values After Rally

As explained by the on-chain analytics firm Santiment, DOGE traders are betting on the price rise to continue as long positions are being opened on the futures market.

The indicator of interest here is the “Binance funding rate,” which keeps track of the periodic fee that Dogecoin futures contract holders on Binance are exchanging with each other right now.

When the value of this metric is positive, it means the long investors are paying a premium to the short ones in order to hold onto their current positions. Such a trend implies the majority of the market holds a bullish sentiment.

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On the other hand, negative values imply a bearish mentality is the dominant force in the sector as the DOGE short traders are outweighing the longs at the moment.

Now, here is a chart that shows the trend in the Dogecoin Binance funding rate over the past month:

Dogecoin Funding Rate

The value of the metric appears to have been positive in recent days | Source: Santiment on X

As displayed in the above graph, the Dogecoin funding rate on Binance has turned highly positive recently as the latest rise in the meme coin’s price has taken place.

This implies that speculators have jumped onto the opportunity and are betting on the price rise to continue. Since the longs have started piling up in this latest futures mania, the asset has only continued to trend up, suggesting that the bets of these traders have paid off so far.

However, if history is anything to go by, the market being heavily long dominated has generally not ended well for DOGE. From the chart, it’s visible that similar spikes in the Binance funding rate coincided with local tops in the cryptocurrency during the last few weeks.

The reason why such a pattern may exist is that as the futures market accumulates long positions, the chances of a long squeeze taking place become significant.

A “squeeze” refers to an event where a sudden swing in the price unleashes a cascade of liquidations on the sector. This cascade of liquidations only makes the swing sharper, thus extending the rally/crash (depending on which side of the market is taking the brunt).

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When longs are much more in number, such a waterfall of liquidations is naturally easier on their side as compared to the shorts. Thus, while Dogecoin is riding on some sharp momentum right now, any pullback might result in a long squeeze, which could lead to the asset registering a notable drawdown.

DOGE Price

Following the latest rally, Dogecoin has surged towards the $0.087 level for the first time since April.

Dogecoin Price Chart

DOGE has observed some rapid growth in the past day | Source: DOGEUSD on TradingView
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

Read more

Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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