Despite entering “Uptober,” the crypto market has yet to emerge from the bearish forest. Most assets have been struggling to move north in terms of price. Even amid the drab environment, community members remain enthusiastic about Dogecoin. At press time, the ticker DOGE has become a trending topic in the business and finance space on X (formerly Twitter).



At the end of September, Dogecoin started an uptrend. It eventually appreciated by nearly 7% to $0.0642. However, it then began to erase the gains and formed a downtrend on the short-term chart.



What’s coming soon for DOGE?

The DOGE market has been quite volatile lately. Even so, new derivatives traders are not considering entering the market. DOGE's futures OI has been hovering between $244 million and $246 million over the past three days. In short, an increase in open interest usually means that new money is flowing into the market and tends to make the current trend more concrete. Therefore, the latest trend indicates trader indifference.

The bias seems to be more towards the bullish side among traders currently participating in the market. Funding rates are positive across almost all top exchanges. This suggests that bullish traders are trying to gradually establish their dominance. In fact, it can also be said that long bets have been increasing and traders are becoming increasingly optimistic about DOGE's short-term prospects. The long-short ratio further supports this argument. At press time, the indicator's reading flashed above 1.3. Specifically, 56.72% of DOGE bets are bullish in nature. Conversely, 42.28% of traders are pessimistic about DOGE's performance in the coming trading sessions.



Therefore, considering the collective sentiment of traders, Dogecoin may recover recent investor losses and see a small price increase in the next 24 hours. At press time, DOGE is trading around $0.06108, above its bearish trendline. In the next few hours, DOGE must continue to stay above this resistance level. However, if it fails to do so, the bullish thesis will be invalidated. #BTC #ETH