DOGE Bulls Emerge as Trading Pressure Eases

Dogecoin (DOGE) is holding steady near $0.070 as bullish signals emerge amidst declining selling pressure.

The cryptocurrency fell 3.5% last week, but derivatives data suggests a growing optimism among traders. The long-to-short ratio rose to a one-month high of 1.25 on Tuesday, indicating that more traders expect the price to rise. This is further supported by the positive funding rate, which turned positive on July 24 and stood at 0.0074%.

Momentum indicators also suggest weakening bearish pressure. Dogecoin formed a lower price low on August 1 while the daily Relative Strength Index registered a higher low. This bullish divergence indicates that selling momentum is weakening despite the decline in price.