Connect with us
Active Currencies 14518
Market Cap $2,697,907,322,069.11
Bitcoin Share 49.65%
24h Market Cap Change $-2.43

DOGE trends and price predictions: What you should know

2min Read

DOGE’s recent price crash may have heightened pessimism. But there is something to look forward to.

DOGE trends and price predictions: What you should know

Share this article

  • DOGE’s Funding Rate went lower, suggesting a drop in traders’ optimism.
  • The price might trade between $0.15 and $0.18 in the short term.

Since the 2nd of April, Dogecoin’s [DOGE] Funding Rate has remained at an extremely low spot.  The last time, the metric was at the said level was around the first of February.

For those unfamiliar, Funding Rate is the cost of keeping a perp position open. If funding is positive, then it indicates a strong interest in long-leverage trades.

But if the reading is negative, it means that traders’ sentiment is bearish and short positions are dominant.

Confidence drops as DOGE falls

In Dogecoin’s case, funding was not negative.

However, having a very low positive reading suggested that the bullish bets were mild, and traders did not expect the coin’s value to hit astronomical points in the short term.

At press time, DOGE changed hands at $0.15, thanks to the price crash that happened over the last two days.  If funding continues to drop, while DOGE’s price also follows, longs might fail to get rewards.

Dogecoin's on-chain data showing a bearish signal

Source: Santiment

Concerning the price, this trend could be bearish, and the coin might see more downside. Apart from this metric, AMBCrypto analyzed the liquidation levels.

Liquidation levels give estimated price points where large liquidation events might occur.

Liquidation occurs when a trader’s position is forcefully closed because he can no longer meet the requirements to keep a position open.

This could be due to an insufficient margin balance.  In other cases, the wipeout could be due to high leverage use amid high volatility in the market.

DOGE to wait for Bitcoin

At press time, Dogecoin lacked high liquidity between $0.15 and $0.18. This indicated that the price of the coin might not move in that direction yet.

Therefore, traders who decide to open long positions at this point could be at risk of liquidation. However, the Cumulative Liquidation Levels Delta (CLLD) displayed a different signal.

For context, a positive CCLD indicates that there are more long liquidation levels. On the other hand, a negative one suggests an increase in short liquidation levels.

Dogecoin liquidation levels showing a bullish bias

Source: Hyblock

As of this writing, DOGE’s CLLD was negative. But for the price, this reading offers a bullish bias. The trend shown by the indicator revealed that late shorts are getting punished while trying to catch the dip again.

Hence, the price might dip slightly. But a bounce might not be far off in favor of longs. Despite the thesis, traders might need to apply caution.

Read Dogecoin’s [DOGE] Price Prediction 2024-2025

For instance, the fourth Bitcoin [BTC] halving would happen within six to seven days. History shows that prices fluctuate a lot in the lead-up to the event.

As such, Bitcoin might not be the only cryptocurrency that could be affected. DOGE, and others, could also face severe swings.


Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free. As a Nigerian, Victor understands the impact unfounded financial restrictions have on a population. He sees Bitcoin and cryptos as a way to circumvent these obstacles, as a tool for value creation despite all the setbacks. A graduate in Physics, Victor previously worked as a Senior Marketer at Melange Technologies. Before that, he dealt with crypto-marketers on a regular basis in his capacity as Copywriter at Ventrix Media. At AMBCrypto, Victor’s focus is on assessing the real effectiveness of both on-chain and off-chain developments on a project and its community sentiment.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.