Derivatives data shows rising options activity and bullish trader positioning despite lower overall trading volume.
Long/short ratios on Binance and OKX confirm growing bullish sentiment with top traders favoring upside continuation.
Elliott Wave analysis suggests DOGE is in an impulsive phase with targets potentially extending above $1.
Dogecoin (DOGE) has a price of 0.2329 with a 24-hour increase of 0.52 percent against a downward trend during the week. Derivatives positioning and technical chart structures indicate a new movement that might lead to rapid increase towards the one dollar mark.
Technical Setup Signals Accumulation
Trader Tardigrade (@TATrader_Alan) shared on X a two-week DOGE/USD chart showing momentum building within an Elliott Wave framework. The chart identifies repeated falling wedge formations, each completing corrective cycles and leading into bullish reversals.
The most recent breakout occurred in the $0.18–$0.20 zone, forming the third wedge completion and suggesting trend acceleration. This setup places DOGE in an impulsive expansion phase, where structural higher lows and stronger rebounds are becoming more apparent.
Momentum signals support this technical outlook. The stochastic oscillator has turned upward from mid-range levels, with oversold recoveries historically aligning with cycle bottoms. This suggests DOGE may be positioned for continued price recovery.
Derivatives Data Reflects Bullish Bias
Dogecoin’s derivatives activity shows reduced speculative flow but growing options participation. Overall trading volume declined -29.69% to $7.48B, while open interest slipped slightly by -0.45% to $3.50B. However, options activity increased, with volume up +43.77% and open interest surging +182.13%, indicating hedging or speculative positioning.
The long/short ratios add to this bullish tilt. Binance DOGE/USDT accounts show a ratio of 3.344, while OKX accounts stand at 2.56. On Binance, top traders show even stronger confidence, with ratios reaching 4.1948 for accounts and 2.8566 for positions.
Liquidation patterns confirm this sentiment. Over the past 24 hours, DOGE recorded $9.82M in liquidations, with losses split between longs and shorts, though shorter timeframes show more pressure on bearish traders.
Price Context and Market Outlook
As of writing, DOGE trades with a $2.94B daily volume, reflecting steady participation despite a weekly decline of -0.75%. While spot flows have moderated, derivatives positioning suggests that traders are preparing for directional movement.
The combination of wedge breakouts and higher long/short ratios signals a market in accumulation. Historical patterns show that such phases often precede strong advances, with technical targets pointing toward $1.00.
Measured projections based on Fibonacci extensions from current structures suggest possible continuation zones beyond $1, with potential toward $1.20–$1.40 if momentum sustains. Monitoring consolidation levels will remain key to gauging breakout strength.
