- Dogecoin’s current chart mirrors its 2020 breakout pattern, signaling potential for another rally.
- Strong volume and rising open interest show growing institutional and derivatives market support for DOGE.
- DOGE holds key support at $0.195–$0.197, with traders watching for a breakout above $0.21.
Dogecoin (DOGE) is showing strong technical patterns, with its current structure reflecting the pre-rally setup observed in 2020. The price action, volume trends, and derivatives data suggest that DOGE is preparing for a potential upward move. At the time of writing, Dogecoin was trading at $0.2014.
Monthly Chart Structure Resembles Pre-2021 Rally
According to analysis prepared by GalaxyBTC, Dogecoin broke out of a long-term downtrend between 2018 and 2020 before a strong rally in 2021. A similar pattern has formed between 2021 and 2025, where the market produced a descending channel followed by a breakout and higher low.
This chart has a higher high, higher low pattern, indicating that buyers remain strong, since 2023. The latest monthly candle reflects strong momentum, with price holding above the $0.19 support zone despite a 7.85% pullback in the previous session. Fibonacci retracement analysis identifies the $0.195–$0.197 range as key support.
TradingView data indicates that Dogecoin moved from $0.190 to $0.200 on July 16, with 5.05% growth. Volume surged to 464.28 million, above the 24-hour average of 287.95 million, suggesting increasing institutional activity.
Derivatives Metrics Show Strength in Long Positions
According to Coinglass, Dogecoin derivatives data shows rising interest, with volume at $6.61B and open interest up 8.59% to $2.84B. Options open interest increased 20.38% to $2.96M. Traders on Binance and OKX are heavily positioned on the long side, with long/short ratios above 2.5.
Binance’s top trader long/short ratio reached 3.2458 by position, confirming aggressive bullish expectations. Funding rates remained positive, while the RSI stood at 58, showing momentum without overbought conditions.
An observation by TATrader_Alan confirmed DOGE retested its support channel on July 15, maintaining structure on the hourly chart. If volume continues rising and DOGE reclaims $0.21, traders may watch for further gains toward previous highs.
