DOGE nears triangle apex as price tests key support at $0.17574 with rising downside risk.
Derivatives show falling volume, but options surge 114% amid market uncertainty.
Long traders suffer $1.56M in liquidations as short-term volatility pressures bullish positions.
Dogecoin ($DOGE) is approaching a major juncture as its price tests a key technical support level within a long-standing symmetrical triangle pattern. Currently priced at $0.17574, DOGE has declined 2.63% on the day and now sits near the lower boundary of the formation. Technical signals and derivatives market activity point to a potential breakdown if bullish momentum fails to return.
The DOGE/USD daily chart displays a symmetrical triangle developing since February 2025, marked by converging trendlines from lower highs and higher lows. This pattern indicates tightening price action and reduced volatility, often a precursor to a breakout. With the price compressing toward the triangle’s apex, a decisive move appears imminent.
#Dogecoin $DOGE must hold above $0.168 to avoid a 30% price drop! pic.twitter.com/PDhqo7fpcK
— Ali (@ali_charts) June 15, 2025
Fibonacci retracement levels from the $0.49444 swing high to the $0.12864 low offer additional technical context. DOGE has repeatedly failed to sustain moves above key resistance levels. The 0.382 retracement around $0.218 has capped recent upside attempts, while the 0.618 level at $0.275 halted April’s rally.
Since the drop, the 0.5 retracement zone near $0.310 has remained untested. Currently, DOGE is testing the lower support line of the triangle. If it breaks, potential targets include $0.152 and $0.128, levels that align with prior Fibonacci extension zones. To regain its bullish structure, DOGE would need to close above $0.218 and build enough momentum to challenge the $0.275 resistance.
Trading Volume Drops as Options Activity Spikes
Data from derivatives markets shows contrasting signals. Overall, DOGE trading volume fell sharply by 35.19% in the past 24 hours, now totaling $2.03 billion. Open interest decreased marginally by 0.17% to $1.77 billion, signaling lighter speculative exposure across perpetual contracts.
In contrast, DOGE options activity increased significantly. Options volume surged 114.96% to $27.38 million, while open interest in options rose by 2.34% to $ 286.15K. This rise suggests that traders are seeking structured hedges or directional bets through options amid the uncertainty in spot and futures markets.
Source: Coinglass
Despite overall neutral market behavior, specific platforms reflect bullish sentiment. The long/short ratio over 24 hours is 0.9001, indicating a slight preference for short positions. However, Binance’s DOGE/USDT account ratio stands at 2.758, and OKX reports a higher figure of 4.06. Among top traders on Binance, the long/short account and position ratios both exceed 2.29, indicating optimism among experienced participants.
Longs Face Heavy Liquidations
Liquidation data shows a clear pattern of long-side vulnerability. Over the past 24 hours, total DOGE liquidations reached $1.9 million, with $1.56 million wiped from long positions. Short traders lost just $338.04K. In the most recent one-hour window, $483.65K in liquidations were recorded, all from long positions, suggesting that abrupt price dips triggered margin calls on bullish trades.
This combination of technical breakdown risk and long-side pressure underscores the current fragility of DOGE’s market structure. With the triangle’s apex fast approaching, traders await a confirmed move that could determine the next major direction.
