DOGE spikes as 75% of Binance traders go long, but long-term holders start exiting.
Breakout could signal altseason revival, though overheated RSI hints at possible short-term correction.
Dogecoin [DOGE] is back in the spotlight. The memecoin surged this week, fueling speculation that an altseason could be on the horizon.
Bullish sentiment is clear as 75% of Binance Futures accounts are long on DOGE. However, behind the excitement, long-term holders (LTHs) are selling at their highest rate in two years.
This raises a crucial question: Is this rally based on true conviction, or just another meme-driven surge?
Margin frenzy, LTH exits and a loud crowd
Speculators are doubling down on Dogecoin: analyst Ali Martinez recently reported that 75% of Binance Futures accounts are long, with the long/short ratio surging to 3.0.
Source: X
While excitement grows, long-term holders are quietly selling. Santiment’s age-consumed metric has hit its highest level since June 2023, signaling a surge of older DOGE moving—typically a bearish sign.
Meanwhile, Social Volume has skyrocketed, reflecting increased chatter and hype surrounding DOGE’s rally.
Source: Santiment
It’s that mix of euphoria and risk, which has fueled many an altcoin peak… before a steep correction. Traders may be optimistic, but the smart money appears to be stepping away.
DOGE breakout signals brewing altseason
Historically, Dogecoin has been a reliable early indicator of altseason – and the latest breakout from its multi-month downtrend has revived that narrative.
Source: X
As shown in Ash Crypto’s chart, DOGE’s price is mimicking its 2024 surge, breaking resistance within a rising wedge while the TOTAL2 index shows a similar setup.
Both charts now flash bullish reversals. If DOGE’s rally sustains, it could ignite broader altcoin momentum, as risk appetite spills into mid- and low-cap assets.
DOGE price outlook
DOGE was trading at $0.2482 after a 7% daily gain at press time, maintaining strong bullish momentum. The RSI sat at 73.5, indicating overbought conditions that could trigger short-term profit-taking.
Source: TradingView
However, the OBV remained elevated at 47.94B, showing sustained buying interest. Price action suggests a possible push toward $0.30 if momentum persists.
Yet, with the RSI overheated, there could be potential consolidation or minor pullbacks. As long as DOGE holds above $0.23, the bullish structure remains intact, with social buzz and volume likely to dictate the next major move.
Samyukhtha L KM is a journalist with a keen eye on the ever-changing digital asset landscape - and a soft spot for memecoins. With a Bachelors in Commerce and a Masters in Journalism and Mass Communication, she’s always curious about whether the next big thing in blockchain is hype or history in the making. When she’s not tracking the latest market moves, she’s reflecting on what blockchain adoption really means in a world still largely rooted in traditional finance.
