A considerable 76.65% of Binance Futures traders maintain long positions in Dogecoin (DOGE), indicating bullish market sentiment. Despite this optimism, growing liquidation risks could lead to market corrections.

At the moment, DOGE is trading at $0.1809, reflecting a 7.96% drop in the past 24 hours and testing critical support levels. Maintaining support is crucial for a potential rally towards $0.208.

With only 47,577 active addresses and a low MVRV ratio of 0.546, Dogecoin faces challenges in sustaining upward momentum. Long liquidations amounting to $5.53 million heighten bearish pressures, questioning the durability of current optimism.