81% of Binance Traders Bullish on Dogecoin — Doge to a Dollar?

On Binance, one of the world’s largest crypto exchanges, an overwhelming 81.05% of traders are placing their bets on Dogecoin’s (DOGE) rise. What are the bullish catalysts for Dogecoin?

Crypto analyst Ali Martinex says 81.05% of Binance Traders are long Dogecoin. The bullish sentiment is reflected in the platform’s long-to-short ratio, which currently stands at 4.28. Such a disparity signals strong bullish optimism among traders despite recent market turbulence.

Source: Ali Martinez

A smaller group of 18.95% of traders are betting against Dogecoin, expecting its price to decline. Adding to the optimistic trading sentiment is a positive funding rate, as per CoinGlass data. Positive funding rates typically indicate that traders are willing to pay to maintain their long positions, a clear sign of confidence in further price increases.

Interestingly, this sentiment comes at a time when Dogecoin’s price has seen minor setbacks. On the day of the analysis, DOGE’s price fell by nearly 1%. However, the bigger picture suggests a complex narrative fueled by both historical performance and current trends.

Is Dogecoin on the Verge of a Parabolic Move?

Dogecoin’s market cycles have been nothing short of extraordinary. Analyst Ðima James Potts highlighted the coin’s massive growth in previous cycles. During its first cycle, DOGE saw an impressive 9,404% surge, while the second cycle recorded an astonishing 26,626% rise. The ongoing third cycle, now in its fourth year, is under intense scrutiny as enthusiasts anticipate another significant price movement. In fact, due to Doge’s incredible out-performance, Dogecoin has outperformed Bitcoin over the last five years, a feat not many alt coins have achieved.

Source: Ðima James Potts

Potts predicts that 2025 could witness the next parabolic move for Dogecoin, driven by technological advancements and increasing global adoption. Historically, DOGE’s fourth year in a cycle has been pivotal, often marking its most substantial price expansions. With its current trajectory, this pattern could hold true yet again.

Dogecoin’s crossover of $0.11 marks a critical level, a milestone it reached only during the 2017 and 2021 bull runs. Following this breakthrough, the price action in past cycles suggests a climb toward the cycle peak, with $1.50 as a key target, if it can breach the meme-heavy target of one dollar first.

Dogecoin Poised for Third-Cycle Rally

Potts’ previous analysis of Dogecoin reveals a clear cyclical trend divided into three phases. The first cycle saw minor price activity, while the second delivered exponential growth, peaking around $0.74. Analysts predict the third cycle may push Dogecoin toward a speculative $36 target.

Source: Ðima James Potts

The chart shows Dogecoin’s growth confined within ascending price channels. Green, red, and blue trendlines mark progressive resistance levels. With the coin’s recent bullish activity, breaking higher levels could indicate readiness to enter an unprecedented third-cycle rally.

Heikin Ashi candlesticks reveal consistent upward momentum, particularly during major breakout phases. Previous spikes, highlighted with arrows, indicate where Dogecoin surged exponentially. If patterns repeat, the current cycle may produce a similar surge, pushing the coin toward significant highs.

The growing global adoption of Dogecoin is one of the driving forces behind its bullish outlook. Institutions and individual investors alike are increasingly taking notice of DOGE, although its market capitalization remains undervalued in the eyes of many. See you at $1.