Dogecoin is showing strong technical patterns, with the current structure reflecting the phase before the bull run observed in 2020. Price movements, volume trends, and derivative data suggest DOGE is preparing for a potential price increase. At the time of writing, Dogecoin is trading at $0.2014.
Monthly Chart Structure Similar To The Previous Bull Run In 2021
According to GalaxyBTC's analysis, Dogecoin broke out of a long-term downtrend from 2018 to 2020 before rallying strongly in 2021. A similar pattern has formed from 2021 to 2025, where the market creates a descending channel followed by a breakout and higher lows.
This chart has a higher high, higher low pattern, indicating strong buying pressure since 2023. The most recent monthly candle reflects strong upward momentum, with the price holding above the support zone of $0.19 despite a 7.85% drop in the previous session. Fibonacci retracement analysis identifies the key support zone at $0.195 - $0.197.
Data from TradingView shows that Dogecoin rose from $0.190 to $0.200 on July 16, with a growth rate of 5.05%. Trading volume surged to 464.28 million, higher than the 24-hour average of 287.95 million, indicating increased institutional activity.
Derivative Indicators Show Strength In Long Positions
According to Coinglass, Dogecoin derivative data shows increasing interest, with trading volume reaching $6.61 billion and open interest rising 8.59% to $2.84 billion. Open interest in options increased by 20.38% to $2.96 million. Traders on Binance and OKX are holding long positions, with a buy/sell ratio above 2.5.
The long/short ratio of top traders on Binance reached 3.2458 per position, confirming strong bullish expectations. The funding rate remains positive, while the RSI is at 58, indicating growth momentum without being overbought.
According to TATrader_Alan's observations, DOGE tested the support channel on July 15, maintaining the structure on the hourly chart. If volume continues to increase and DOGE regains $0.21, traders may watch for subsequent bullish moves towards previous highs. $DOGE
