Dogecoin is currently at $0.2299, up 0.51% in the past hour but down 3.23% for the day and 1.50% for the week. Analysts emphasize that the price is forming within a symmetrical triangle pattern, which could signal a breakout.

The daily chart shows that Dogecoin is moving sideways as buyers and sellers reach a state of balance in a tightening structure. Analysts argue that this consolidation is normal and fits the Elliott Wave pattern, often ending with a subsequent price increase.

At the same time, futures activity has decreased, with trading volume down 63.21% to $3.82 billion. Open interest volume fell 3.34% to $3.60 billion, while options volume also decreased significantly, although options volume increased by 41.69%.

Liquidation data reflects a downtrend, with $3.96 million liquidated in the past 24 hours, mainly from long positions. However, on Binance and OKX, the ratio of top traders shows a buying trend, indicating that optimism remains among large accounts.

Elliott Wave Structure Supports Bullish Outlook

The Tardigrade trader has identified a symmetrical triangle pattern consisting of five sub-waves labeled ABCDE. This Elliott Wave structure creates a 3-3-3-3-3 sequence, a classic consolidation phase often signaling continuation.

Another analysis shows that Dogecoin has broken through channel resistance and is retesting support levels near $0.22–$0.23. This retest is seen as an important confirmation before a potential price increase continues.

The target range is between $0.40 and $0.50, indicating a potential growth of about 30% or more if the bullish trend continues. Long-term forecasts suggest that levels of $0.75 and even $1 could be tested during stronger cycles.

However, a drop below $0.20 would invalidate the bullish trend and shift the movement back toward sellers. The Fibonacci retracement levels and volume trend reinforce the importance of the current accumulation area for the next move.

Market Sentiment and Trading Behavior

The long/short ratio on exchanges is 0.95, indicating a slight dominance of selling pressure. However, the account ratio on Binance and OKX is above 3.0, showing strong confidence from traders on these platforms.

The ratio of top traders on Binance is higher, with 4.56 for accounts and 4.14 for positions, reflecting a stronger buying trend. Despite recent liquidations and decreased trading volume, this trader behavior indicates confidence in Dogecoin's medium-term outlook.

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