DOGE breaks $0.20 as RSI cycle, wedge pattern, and volume align for bullish momentum.
Open interest jumps 18% to $2.17B as short liquidations hit $11.3M, fueling DOGE’s rally.
DOGE ETF filing and breakout patterns suggest potential targets at $0.24 and $0.30.
Dogecoin (DOGE) has entered a strong upward trend, gaining over 12% today and trading above the $0.20 mark. The rally follows a 29-day cycle observed by analysts, with the RSI breakout aligning with previous upward moves. Volume, momentum, and technical patterns are all supporting further gains.
Technical Patterns and Indicators Point to Continued Momentum
According to analysis prepared by Gemxbt via X, DOGE has broken through the $0.19 resistance with strong volume and bullish momentum. The Relative Strength Index (RSI) is now in overbought territory, while the MACD also supports continued upward strength.
DOGE is holding support at $0.18, and the next resistance is at $0.20. Data from TradingView shows the breakout from a falling wedge pattern formed since February. This technical setup is often followed by strong price increases.
Trader Tardigrade also reviewed a 3-day DOGE/Total chart, identifying a repeating wedge structure similar to one from 2024 that led to a 300% rally. The RSI on the daily chart has consistently shown upward strength at the same time across previous cycles, reinforcing the timing of this move.
Derivatives Activity and ETF Developments Fuel Trader Interest
According to CoinGlass, DOGE saw a spike in open interest by 18%, rising to $2.17 billion. Short liquidations reached $11.3 million, suggesting a short squeeze supported the price jump. The trading volume also surged by over 74% to $4.5 billion, indicating strong market participation.
https://twitter.com/TATrader_Alan/status/1920421682323599588
Javon Marks reported a breakout above a long-term wedge pattern with a target of $0.30 in the short term. His chart points to a projected move of over 250% from current levels. Additionally, DOGE continues to attract institutional attention.
21Shares recently submitted an ETF application with Nasdaq for a Dogecoin exchange-traded product. This filing remains under review but has contributed to growing investor interest in DOGE. The daily chart shows an inverse head and shoulders pattern with a breakout target of $0.24 if momentum continues.
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