- Dogecoin price forms a falling wedge at $0.224, signaling a potential breakout toward $0.265.
- Over 310M DOGE accumulated by whales near $0.21–$0.23 support in 24 hours.
- DOGE options volume jumped 350% as exchange reserves declined, hinting at long-term holding.
Dogecoin price is trading around $0.224 after falling by 8% in the last 24 hours. Chart signals and on-chain data suggest that the price may be setting up for a potential breakout. The current technical pattern forming on the 1-hour chart, along with increased whale activity, points to renewed interest and buying pressure.
Dogecoin Price Forms Falling Wedge Pattern, Targets $0.265
According to a recent chart shared by analyst Ali Martinez, Dogecoin price appears to be forming a falling wedge. This setup often leads to a bullish breakout. The price is making lower highs and lower lows, but the narrowing range shows a possible decline in selling pressure.
Analyst Ali Martinez noted that DOGE price bounced off the wedge’s lower boundary and now trades near $0.224. He marked resistance near $0.228. A breakout above that level could lead to a move toward the 0.618 Fibonacci level at $0.239 and 0.5 level at $0.246. The upper target for the pattern stands at $0.265. If DOGE fails to hold above $0.216, it may drop to $0.200.
Source: Ali Martinez/X
However Ali noted that “A breakout without volume may not hold.” Until then, dogecoin price could remain inside the wedge.
Whale Accumulation and Exchange Flows Support Bullish Setup
According to Ali Martinez post on X, over 310 million DOGE were bought by large holders in just 24 hours as the price neared the $0.21 to $0.23 support zone. This area has been a key rebound level in past market cycles.
Moreover, according to data from coinglass, Dogecoin options volume rose over 350%, while exchange reserves declined. This move suggests that more DOGE is moving into cold storage, suggesting a shift toward long-term holding. Trading volume climbed 14.37% to $7.57 billion, but open interest dropped by 11.10% to $3.33 billion. This indicates that more futures contracts are being closed than opened.
Liquidations reached $23.11 million in the past 24 hours, with $22.10 million coming from long positions. This shows that bullish traders are exposed if prices fall below support.
Dogecoin Price Holds Long-Term Channel as Traders Watch for Breakout
According to Trader Tardigrade, Dogecoin price has remained within a long-term upward channel on its monthly chart since 2015. The price recently bounced from the lower trendline of this channel, similar to a previous move seen in 2017 that preceded a strong rally.
Tardigrade mentioned that DOGE price is at present consolidating around the center of the channel which usually served as a price swing point. With the price remaining within this channel, the big picture of the long-term trend seems to be biased in the direction of increasing prices.
Source: Trader Tardigrade/X
However, resistance is seen near the upper boundary of the channel, while price still holds above the lower support zone. A break below this channel could shift the current trend, though no such move has occurred yet.
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