- Dogecoin sits on a major long-term support near $0.16355, and traders watch this level because it guides the coin’s next big direction.
- Analysts expect a new big rally because both Elliott Wave charts show a long-term setup that could push Dogecoin toward $1 and even higher.
- Long positions lead across exchanges as traders show strong confidence, even though liquidations affected both long and short players.
Dogecoin is sitting on a crucial multi-year support line that could shape its macro trend. The market watches this level closely as the price trades near $0.16355 on Binance as of November 15, 2025. The zone is carefully watched since it anchors Dogecoin’s long-term structure.
This support connects several major lows, which form the backbone of Dogecoin’s recovery attempts across 2022, 2023, and 2024. Analysts explain how price interacts with this line and how it affects the path toward higher levels.
Besides that, the chart history shows why this level matters. Dogecoin rallied above $0.70 in May 2021 and created its all-time high. However, the market then reversed sharply and pushed prices into a deep correction. The asset later traded between $0.05 and $0.08 for nearly two years. This range created the base that still guides long-term sentiment.
DOGE Battles a Key Resistance Zone
Moreover, Dogecoin climbed again in late 2024. The price moved toward $0.20 and later reached $0.45 in early 2025. However, it then retraced toward the major trendline. The current level now sits just below the horizontal resistance at $0.18. This zone remains important because traders watch for a clean breakout. Volume data also shows stronger activity during major swings, especially during the 2021 peak.
Additionally, market commentator Rekt Capital states that “Dogecoin needs to protect its multi-year technical uptrend heading into December to keep chances for macro upside alive.” This comment adds urgency as traders decide how to position themselves during the next trend phase.
Elliott Wave Outlook Targets New Highs
However, long-term projections show strong optimism. Analyst XForceGlobal says, “Cycle targets are still $1+. Doge is still maintaining an insanely bullish setup.” The analyst notes that Dogecoin forms a textbook five-wave structure. The fifth wave could start soon and may push the token toward new highs.
The weekly Elliott Wave outlook includes two scenarios. Both show a full five-wave rally ending in 2021 near $0.73. Both also include an ABC correction that ended around $0.05733. Hence, both models expect a major Wave V rally. One target reaches $1.7689 by the late 2020s. The alternative model still shows a Wave IV structure forming near $0.1439. Consequently, both views maintain bullish expectations.
Market Positioning Shows Strong Bullish Bias
Besides technical charts, Coinglass data shows heavy long-side positioning. Binance traders hold a 2.4807 long/short ratio. Top traders show an even stronger 2.8358 ratio. OKX reports a 3.33 long/short ratio. This shows clear confidence from experienced traders.
However, liquidation data shows mixed pressure. Long traders suffered heavier losses over 24 hours, with $4.08M in long liquidations. Shorts lost $1.09M. The shorter windows show more balanced pressure, especially during four-hour periods.
