DOGE price: Futures market rekindled bullish momentum, with annual decline still reaching 70%

Key Points

1. The current price of DOGE is approximately US$0.07, down approximately 70% year-on-year.

2. Open interest in futures contracts surged to US$1.21 billion, close to the October 2025 level measured in currency terms.

3. Long positions on Binance are more than three times that of short positions, and the ratio of long to short positions on OKX exceeds 5:1.

4. Daily trading volume surged 95% to $1.39 billion, and derivatives trading was active.

5. Prices broke through one-eye balanced cloud resistance after 87 days of consolidation.

Dogecoin spot price and derivatives market

The spot price of Dogecoin is still hovering around 7 cents, down 70% from 12 months ago. However, derivatives market indicators show an increasingly optimistic contrasting picture among traders.

According to CoinGlass, the total value of open futures contracts has expanded to approximately US$1.21 billion, a significant increase from US$930 million at the end of June. In terms of the number of tokens, open interest currently stands at 17.18 billion DOGE, close to the peak of 17.78 billion observed in October 2025, when the price was around 25 cents. This suggests that although individual tokens were trading at less than one-third of their October valuation, speculative market positions have almost fully recovered.

Daily trading volume surged, climbing 95% to US$1.39 billion. Options trading saw the largest increase among all monitored indicators, with options open interest rising 7.51% to 251,890 contracts, indicating renewed interest among speculators in derivative instruments.

Exchange data shows a clear bullish trend. On the Binanping platform, the number of traders holding long positions is more than three times that of short positions. OKX shows a more extreme imbalance, with long positions outnumbering short positions by more than five times. This distribution of positions suggests that despite continued price pressure, there is widespread bullish confidence in the market.

Technical analysts predict Elliott wave rise

Market analyst CryptoPatel released a macro technical view on the X platform, pointing out that DOGE is consolidating within what he calls a significant long-term funding range. He cited DOGE's historical performance, pointing out that prices rose by 26,800% after a similar funding range in 2020-2021. He regards the current US$0.07 -0.04 range as a key demand area and sets the fifth wave upward targets at US$0.28, US$1, US$2 and US$4. His threshold for a bearish scenario is a weekly close below $0.041.

$DOGE macro settings| If demand for the high timeframe remains, the fifth wave expands by more than 3,500%.#DOGE is once again within a major high timeframe absorption range, structurally echoing the fractal before the parabolic expansion in 2020-2021. Technical structure: Previous cycle: +26,800% expansion...

Recent U.S. inflation data provides additional support for speculative assets. The monthly core CPI rose by only 0.1%, and the annualized rate fell from 3.5% to 3.4%. Core inflation slowed to an annualized rate of 2.5%, the lowest level since February. Futures markets currently believe that the probability of the Federal Reserve suspending interest rates in September is 64%, a sharp increase from 45% a week ago.

Chart analysis shows increased strength

Technical analyst Trader Tardigrade pointed to two positive one-eye equalization signals on the DOGE four-hour chart. After consolidating in the clouds for 87 days, DOGE successfully broke through the cloud (Kumo) form. In addition, a bullish Kumo twist pattern is taking shape, but final confirmation has yet to be completed.

$Doge/4h #Dogecoin Ichimoji Equilibrium currently flashes two bullish signals. 1ˇ Cloud Breakthrough: Prices just broke through the clouds 2ˇ Bullish Cloud Distortion: Close confirmation that $DOGE has been trapped in and below the clouds for more than 87 days. This is the first breakthrough moment in nearly three months...

The Relative Strength Indicator (RSI) fell back from its high to 50.98. The MACD indicator remains above the signal line, with a bar chart positive 0.00012, reinforcing the initially optimistic outlook in the short term. DOGE hit a two-week high of $0.073 before taking profit. The $0.070 mark is a key support level that needs to be closely watched. Holding the area could push prices towards $0.075. Conversely, a break below $0.070 shifts attention to the next support target of $0.068.