Dogecoin’s current chart mirrors its 2020 breakout pattern, signaling potential for another rally.
Strong volume and rising open interest show growing institutional and derivatives market support for DOGE.
DOGE holds key support at $0.195–$0.197, with traders watching for a breakout above $0.21.
Dogecoin (DOGE) is showing strong technical patterns, with its current structure reflecting the pre-rally setup observed in 2020. The price action, volume trends, and derivatives data suggest that DOGE is preparing for a potential upward move. At the time of writing, Dogecoin was trading at $0.2014.
Monthly Chart Structure Resembles Pre-2021 Rally
According to analysis prepared by GalaxyBTC, Dogecoin broke out of a long-term downtrend between 2018 and 2020 before a strong rally in 2021. A similar pattern has formed between 2021 and 2025, where the market produced a descending channel followed by a breakout and higher low.
https://twitter.com/galaxyBTC/status/1945340732908187993
This chart has a higher high, higher low pattern, indicating that buyers remain strong, since 2023. The latest monthly candle reflects strong momentum, with price holding above the $0.19 support zone despite a 7.85% pullback in the previous session. Fibonacci retracement analysis identifies the $0.195–$0.197 range as key support.
TradingView data indicates that Dogecoin moved from $0.190 to $0.200 on July 16, with 5.05% growth. Volume surged to 464.28 million, above the 24-hour average of 287.95 million, suggesting increasing institutional activity.
Derivatives Metrics Show Strength in Long Positions
According to Coinglass, Dogecoin derivatives data shows rising interest, with volume at $6.61B and open interest up 8.59% to $2.84B. Options open interest increased 20.38% to $2.96M. Traders on Binance and OKX are heavily positioned on the long side, with long/short ratios above 2.5.
Binance’s top trader long/short ratio reached 3.2458 by position, confirming aggressive bullish expectations. Funding rates remained positive, while the RSI stood at 58, showing momentum without overbought conditions.
An observation by TATrader_Alan confirmed DOGE retested its support channel on July 15, maintaining structure on the hourly chart. If volume continues rising and DOGE reclaims $0.21, traders may watch for further gains toward previous highs.
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