Discover the impact of heavy long positions on Dogecoin at Binance. Will it lead to a stable rise or a potential liquidation trap? Find out more.
In the volatile cryptocurrency market, new data from Binance Futures trades show that Dogecoin (DOGE) has once again captured the attention of traders on this exchange. Currently, Dogecoin is teetering on the edge, which could lead to either a surprising growth or a sudden drop. According to Ali Martinez, a renowned market analyst, over 72% of the open futures positions on Dogecoin at Binance are long; indicating that the majority of traders expect the price of DOGE to rise. However, such optimism is not always favorable for the market. If a significant portion of leveraged market trades heavily lean in one direction, the risk of sudden liquidation intensifies in case of a market correction or negative shock.
