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Following
DOGE Core Points
Technical indicators show signs of weakness
- A "downward wedge" pattern appears on the 1-hour chart of Dogecoin (DOGE), with the key resistance range between US$0.110 and US$0.120.
- Although 24-hour trading volume fell 3.10%, Open Interest increased 1.92% to US$1.27 billion.
- Technical analysts pointed out that if the wedge shape breaks out, DOGE may rise towards US$0.150; but if it falls below US$0.080, it will face downside risks.
- Last month, DOGE fell to its lowest point since 2023, with a bottom of about $0.068.
- The current circulation supply is approximately 155.9 billion tokens, and the annual new supply is approximately 5 billion tokens.
Prices are at a critical technical juncture
Dogecoin (DOGE) is at a critical technical turning point, and market participants are paying close attention to the emerging "downward wedge" pattern. The popular Memecoin is currently hovering around $0.0835, falling back from a peak of around $0.10 hit in mid-August.
Technical Analysis Signals
Technical analyst Crypto With Gopal highlighted the emerging declining wedge structure visible on hour-level time frames. His analysis marked US$0.100 as an important barrier and identified the area of US$0.110 to US$0.120 as the main resistance area that buyers must overcome to move further.
At the same time, analyst Trader Tardigrade looked at the broader market cycle, focusing on the monthly time frame. His assessment shows DOGE is forming a round-bottom pattern combined with a downward trend line, a configuration similar to the pattern that emerged before the two previous explosive rallies. He described it as a potential "Cycle Ignition" scenario that could occur once the trend line is exceeded.
If DOGE successfully breaks through the upper boundary of the wedge shape, according to Crypto With Gopal's technical analysis, the price target points to US$0.150. This represents a significant added value over current levels, but analysts emphasize that this forecast is only a technical goal rather than a guaranteed result.
Technical indicators show weakness
The memin has fallen below its 20-day simple moving average (SMA), which is currently at US$0.08589. The MACD indicator produced a bearish cross, with the MACD line below its signal line, and a widening negative histogram bar indicating that selling pressure is intensifying.
The lower track of the Bollinger Bands is located near US$0.08003. A decisive break below the support threshold of $0.080 could undermine the current bullish technical outlook and could trigger additional selling.
Futures market activity remains active
Daily trading volume shrank 3.10% to close at US$710.71 million, but open interest increased 1.92% to approximately US$1.27 billion, according to Coinglass. Dogegod's data shows that open interest accounts for approximately 16.38 billion DOGE tokens, with a nominal value of approximately US$1.5 billion.
High open interest contracts combined with shrinking trading volumes suggest that market participants are still holding leveraged positions and waiting for a clear move. This positioning dynamics means that once a breakthrough or crash occurs, price fluctuations may be amplified.
Supply and Market Background
Cryptocurrency recorded its weakest valuation in August since 2023, with a bottom of $0.068. Although DOGE has recovered from that trough, it is still well below its 2021 all-time high of $0.73.
The current total circulation supply is 155.9 billion coins. The inflation mechanism introduces an additional 5 billion coins each year, putting continued supply-side pressure on valuations. Unlike Bitcoin, Dogecoin has no maximum supply cap.
Cryptocurrency directory Cryptwerk reported that currently only 2,328 merchants around the world accept DOGE as a payment method.
