- Doge sees 15x peak in active addresses, but price is struggling to break beyond $ 0.24.
- Traders lean on Binance for a long time and risk sharp liquidations such as Bullish Momentum fails.
Dogecoin [DOGE] Zooms with life on the chain, with a gigantic peak in active addresses. In addition, Binance traders are stacking 3-to-1 long bets awaiting a doge rally.
But despite the bullish background, the price action of doge stubbornly flat – points to deeper cracks underneath.
Doge traders stack the deck!
The long/short ratio on Binance climbed steadily from about 2.0 in early May to more than 3.0, which means that three times as many traders on doge betting to rise than to fall.
Source: Coinglass
The green bars – who represent long positions – have consistently dominated the graph since the end of April and show trust among bullish traders.
This kind of crack stretching often suggests increasing speculative interest, but it also increases the risk of a busy trade.
If the price does not go through, they can quickly relax and cause sharp corrections for a long time.
Addresses have exhibited nearly 15 times
Daily active addresses exploded From an average of around 45,000 to more than 680,000 on 14 May – a stunning 15x increase in less than three days, according to Santiment data.
This usually shows an increased interest from users or large -scale distribution events.
Source: Santiment
Although such spikes often precede price breaks, they can also be powered by short hype or automated wallet. Whether this increase translates into a lasting price action is still to be seen.
Price stalls despite frenzy at the chain
After a local high over $ 0.24, Dogecoin has withdrawn to around $ 0.22 at the time of the press; Four consecutive red candles post.
The RSI at 61 was above neutral, but compared to recent highlights – with decreasing bullish momentum.
Source: TradingView
In the meantime, the price remained above 20-day SMA, which suggests that structural support, but the Upper Bollinger band rejection shows that resistance is sturdy.
Until buying pressure is resumed or external catalysts occur, doge can continue to consolidate and defy bullish on-chain sentiment … for now.