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DOGE DOGE is under pressure following the market correction and a breakthrough in key forms is imminent.
On Thursday, due to the sell-off in the broader cryptocurrency market, DOGE prices fell. Bitcoin once fell below the US$84,000 mark, and rebounded partially after hitting a low of US$81,254. The decline triggered a wave of liquidations of long positions across the market. According to CoinGlass data, in the past 24 hours, traders have cleared approximately US$688.8 million in crypto asset positions.
Despite this, Dogecoin is approaching a critical technical decision point. Some analysts warned that the memecoin may be preparing for a "sell-side liquidity (SSL) sweep" before taking the next major action.
Analysts point out repetitive structures: Be wary of SSL sweeps
Cryptocurrency analyst Trader Tardigrade believes that dogcoin is regaining a certain structure in the previous upward trend. According to the analyst, DOGE has formed a series of lower highs, while repeatedly gaining support in previous band highs.
Trader Tardigrade said in a tweet on Tuesday: "In the upward trend, always be prepared for an SSL sweep."
The analyst identified recent lows as a key sell liquidity (SSL) target. The so-called "sweep" means that DOGE prices may first fall below this level to collect liquidity, and then may reverse upward.
He also advised traders to pay close attention to price movements after prices fall below SSL levels. If rejected, it could pave the way for a new high; if prices continue to be accepted at low levels, it could signal DOGE's transition from an upward trend to a sideways consolidation stage.
Triangle compression pattern is brewing for a bullish breakthrough
It is worth noting that according to analyst Ali Martinez's analysis, DOGE is still compressed in a downward triangle pattern. The pattern is tightening as prices move towards the peak, increasing the likelihood of a bullish breakout.
Martinez has marked US$0.095 as a key confirmation level. He previously said that if the price closes above this threshold at the four-hour level, it will verify the validity of a bullish breakthrough and open the door to looking towards $0.106.
However, DOGE has recently struggled below proximal resistance. The cryptocurrency was recently traded around $0.098, after approximately 28 billion DOGE units changed hands at this level. This resistance level may determine whether an expected breakthrough can gain momentum.
Giant whale bucked the trend and increased its holdings, and large funds were deployed ahead of schedule.
Despite technical pressure, large holders are still accumulating dog coins. Data last week showed that whale accounts purchased more than 1.14 billion DOGE units in 96 hours, valued at approximately $112 million at the time.
Buying behavior occurred near the resistance zone of $0.098, indicating that some large market participants may be positioning for potential breakthroughs.
However, Martinez warned that clearing the $0.098 resistance will not immediately remove all obstacles above. The next important supply area is near $0.11, after approximately 4.98 billion DOGE units changed hands at this price.
As of press time, DOGE prices were US$0.083, down 6.11% in the past 24 hours.
