- Dogecoin’s ascending triangle projects a $1.8 mid-term target as price nears breakout zone.
- Derivatives volume surged 57%, with $17.22M liquidations showing strong market activity.
- Grayscale’s ETF filing boosts institutional focus while open interest rises to $3.73B.
Dogecoin’s weekly chart is forming an ascending triangle pattern, with price consolidating between higher lows and flat resistance. The structure projects a mid-term target at $1.8 once a confirmed breakout occurs. Dogecoin is currently trading at $0.2228, with price action nearing the apex of consolidation.
Ascending Triangle Structure and Price Outlook
The ascending triangle shows Dogecoin pressing against resistance near $0.28 while maintaining steady upward support levels. Historical candles confirm repeated resistance tests alongside a consistent rise in buying support.
According to analysis prepared by Trader Tardigrade, this ascending structure sets a mid-term technical target of $1.8. The triangle’s measurement from base to resistance line provides the projection. Weekly candles demonstrate continued interest, with volume decreasing during consolidation.
This contraction is often observed before larger directional movements. Ali Charts also noted that a 30% breakout could follow, given the ongoing compression near the apex. The pattern remains valid until the price exits the converging formation.
Market Activity and Institutional Developments
Dogecoin derivatives trading reached $7.36 billion in volume, marking a 57.45% increase in daily market activity. Options open interest increased by 24.77% to $3.59 million, while total open interest registered $3.46 billion. Data from Coinglass confirmed that 24-hour liquidations amounted to $17.22 million, with $14.05 million from long positions.
Institutional focus intensified as Grayscale filed an S-1 registration with the U.S. Securities and Exchange Commission on August 15. The application seeks approval for a spot Dogecoin ETF and joins filings from Bitwise and REX-Osprey. The SEC is reviewing additional ETF proposals linked to meme tokens such as TRUMP, BONK, and Pudgy Penguins.
Fresh capital inflows reached $272 million on Sunday, raising Dogecoin open interest to $3.73 billion. Short liquidations totaled $2.80 million, compared to $711,000 from long positions. The liquidation imbalance indicates bearish traders continue to face pressure as price approaches the resistance zone.
