- Dogecoin breaks the triangle pattern, setting $0.31 target aligned with Fibonacci extensions.
- Market cap hits $37.68B as DOGE trading volume reaches $3.68B with strong liquidity.
- DOGE futures open interest rises 10% to $4.59B, signaling higher trader participation.
Dogecoin (DOGE) has broken out of a symmetrical triangle pattern after weeks of consolidation, creating new upside potential. The breakout has drawn attention to the $0.31 target, which aligns with Fibonacci extension levels. At the time of writing, Dogecoin trades near $0.2498 after gaining 2.6% in the past 24 hours.
Triangle Breakout and Fibonacci Targets
According to analysis prepared by Ali Charts, Dogecoin traded within a symmetrical triangle formation since mid-July before breaking higher. Price action compressed toward an apex during this period, and the breakout now sets the measured target close to $0.31.
Fibonacci retracement and extension levels provide key reference points for traders. DOGE cleared $0.2364 and then passed the 0.618 retracement level at $0.2386. The next Fibonacci levels are $0.2536 at the 0.786 retracement, $0.2579 at the 1.0 extension, and $0.2799 at the 1.272 extension.
The 1.414 extension stands at $0.3178, aligning with the current breakout target. Support areas remain inside the structure, with levels at $0.2268, $0.2191, and $0.2078. A deeper level at $0.1903 provides additional structural support. The chart shows that price movement continues to track steady upward momentum while maintaining the breakout range.
Broader Market Context and Trading Activity
According to data from Coingecko, Dogecoin holds a market capitalization of $37.68 billion, ranking ninth among cryptocurrencies. Trading volume reached $3.68 billion over the past 24 hours, showing strong liquidity and steady market participation. Circulating supply is reported at 150.87 billion DOGE.
Broader market trends show DOGE moving in line with other leading cryptocurrencies. Bitcoin, Ethereum, XRP, and Solana recorded gains of between 2% and 5% on the same day. The move followed the release of US PPI data for August, which showed cooling inflationary conditions.
Based on data from Coinglass, DOGE futures open interest surged by 10% to $4.59 billion. This increase points to growing participation from derivatives traders as the breakout develops. Current trading patterns also indicate that the bullish setup remains valid while DOGE holds above $0.24.
