The recent chart shared by Trader Tardigrade on the 2-week timeframe indicates that Dogecoin is entering a bullish phase after completing a five-wave corrective structure. This setup is based on Elliott Wave theory and suggests that DOGE may have ended the previous downtrend. The breakout above the downtrend line has supported this change.
The chart also shows a pattern similar to the previous bullish run in 2024, when prices surged after a similar setup. In both cases, prices increased after breaking out of the wedge pattern, marked by the green curved arrows. The current volatility of DOGE is showing strong bullish candles, indicating increasing buying momentum.
The Momentum Indicators Suitable for Price Action Increase
At the bottom of the chart, a momentum oscillator—possibly Stochastic RSI—has crossed up from the oversold region. This is a move that often signals strong bullish runs in previous cycles. This indicator, combined with the breakout pattern, suggests that market strength is increasing.
DOGE is trading at around $0.2313 as of August 15, 2025. Analysts predict that the price could rise to $1 if the upward momentum continues. Trader Tardigrade notes that "#Dogecoin is gaining strong momentum to surpass $1," although the timing remains uncertain.
Whale Activity Reaches Monthly High
Data from Ali Martinez shows that Dogecoin has seen a surge in whale transactions—defined as transactions over $1 million. These transactions reached a monthly high as of August 13, with volume increasing alongside the price. Whale activity remained low throughout late July and early August but began to rise again around August 7.
The chart shows that price volatility and large trades are currently correlating. As DOGE approaches the $0.248 level, the number of large trades is also peaking. This trend may indicate that whales are returning to the market or repositioning amidst price volatility. Ali stated, "Whales are back!" to imply this change.
Short-Term Strategy and Risk Outlook
Umut Aktu posted a short-term trading setup for DOGE, identifying a potential entry point at $0.22. This strategy targets profit areas at $0.23, $0.235, and $0.245 with a stop loss set at $0.2112. The current price is trading near a key technical support level, which could present a recovery opportunity. This setup also acknowledges the current downward pressure but allows for recovery based on buying response. This risk management approach reflects the cautious optimism seen through various analyses.