Key Insights:

  • Critical resistance turns to support: Dogecoin retests a descending broadening wedge breakout, successfully flipping resistance into a structural support zone.

  • Long-term trend shift: 20-month SMA transitions from resistance to support, solidifying bullish momentum.

  • Derivatives spike: Open interest surges alongside strong long positioning, reflecting renewed speculative appetite.

Dogecoin (DOGE) is building a solid bullish foundation, trading at $0.2369 after a 6.15% gain in the past 24 hours. Over the last week, DOGE has rallied 18.42%, a move that traders say could be the start of a larger uptrend.

Analyst Trader Tardigrade highlights that DOGE’s monthly chart is tracking within a well-defined Ascending Broadening Wedge—a pattern historically associated with substantial breakouts. The upper boundary of this formation is now emerging as a possible medium-term target.

Technical Landscape: Bullish Structure in Play

  • 20-Month SMA Flip: DOGE’s 20-month Simple Moving Average, a historically critical level, has officially shifted from resistance to support, providing a robust base for further gains.

  • Confirmed Retest: Price action validated the breakout of the descending broadening wedge on the two-week chart, a move often followed by sustained rallies.

Momentum Building:

  • Stochastic oscillators are turning higher from oversold levels, reinforcing the bullish bias.

  • On the hourly chart, DOGE is trading at $0.24043, up 1.07% in the last hour, holding firmly above Supertrend support at $0.23202.

  • The MACD remains in bullish territory with expanding positive histogram bars.

  • RSI sits at 75.92, in overbought territory but still rising—indicating strong buyer conviction despite the risk of short-term cooling.

Market Positioning & Derivatives Surge

  • Volume: Futures trading volume climbed 1.30% to $6.44B, underscoring active market participation.

  • Open Interest: Futures OI rose 8.99% to $3.68B, while options OI skyrocketed 476.65% to $1.26M, a sharp uptick that signals concentrated speculative positioning.

Long Bias:

  • On Binance’s DOGE/USDT pair, the Top Trader Long/Short Ratio is 3.0258 by accounts and 2.9469 by positions, showing a clear lean toward longs.

  • Across all exchanges, the 24-hour ratio sits at 1.0064, slightly skewed bullish.

Outlook: Eyes on Higher Resistance Zones

If DOGE’s momentum persists, bulls may target higher resistance levels visible on both the weekly and monthly charts. With technical structures aligning, derivatives positioning heating up, and sentiment turning risk-on, market analysts maintain a constructive outlook for DOGE’s price trajectory.

Bottom line: Dogecoin’s latest breakout is more than a short-term pump—it’s a structural shift in market behavior. As key technical levels hold and speculative flows intensify, the probability of an extended rally remains firmly on the table.