Bullish Signal for Dogecoin Emerges Amid Price Weakness, Buying Bets Expand

Digitaltrends reports that in major exchanges, the long-to-short ratio for Dogecoin has tilted strongly bullish. While the price has been in a downtrend, participants in the derivatives market are betting on recovery. Current data shows the long-to-short ratio is clearly in favor of bullish sentiment. OKX users show stronger buying sentiment with a ratio of nearly 3.5:1, while Binance has over 2.5 long positions per short. Even among top traders on Binance, there's a ratio of over 3 long positions per short. This indicates both retail investors and professional traders expect a positive price movement. However, the spot chart remains cautious, with the price still below key moving averages. The RSI is recovering from oversold levels, suggesting reduced selling pressure. Despite this, the market is watching the $0.07 level, where Dogecoin has started to stabilize after a prolonged bearish trend. The main risk is if the price fails to break above the $0.08 resistance, leading to potential liquidations of leveraged long positions.