Dogecoin forms a base near $0.1703 as analysts monitor a breakout toward $0.2600 and beyond.
$658M in exchange outflows since May signals rising holder confidence and reduced market supply.
Technical patterns and strong derivatives interest support a long-term DOGE price target of $5.
Dogecoin is trading near $0.1703 with technical signals and market data showing a stable base forming. As funding rates remain positive and investor accumulation continues, analysts are turning attention toward a longer-term price target of $5. Ongoing exchange outflows and bullish patterns support this view.
Technical Setup Supports Short-Term Strength
According to data by CoinGlass, over $658 million worth of Dogecoin has moved off exchanges since early May. These outflows reduce available supply and suggest rising confidence among holders. Dogecoin's circulating supply remains at 149.74 billion, with no maximum limit.
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The MACD shows mild bearish pressure, though the gap between signal lines is small. The RSI is at 42.59, reflecting a neutral market. If price breaks above $0.1720, analysts expect a move toward $0.2600. Support remains firm at $0.1700, with $0.1535 acting as a secondary level.
Trading volume reached $901.8 million in the last 24 hours, though down 11.84%, while the volume-to-market cap ratio is 3.55%. This indicates moderate activity relative to Dogecoin’s $25.5 billion valuation. The 4-hour chart shows tight consolidation between $0.1700 and $0.1720, confirming short-term stability.
Structure and Sentiment Align With $5 Target
According to an observation by trader Tardigrade via X, Dogecoin is forming an ascending triangle pattern on lower time frames. This is generally seen during price consolidations before trend continuation. The pattern supports the broader bullish structure that has been in place since early 2024.
Open interest in Dogecoin futures has increased to $1.78 billion, while funding rates have remained positive since June 13. These metrics reflect strong interest from derivatives traders anticipating upward movement. Despite a recent drop in options volume, open interest rose 3.16% to $1.45 million.
If the bullish structure holds and accumulation continues, Dogecoin could target higher levels beyond $1.25. Some long-range projections, based on trend strength and technical alignment, now extend to $5 in the current cycle.
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