Dogecoin Price Drops but This Pattern Signals 40% Move Ahead

Analysts Predict Dogecoin Price Targets at $0.18–$0.29

The crypto market cap was at $3.89 trillion as of writing, increasing by 0.49% in the last 24 hours. Bitcoin was trading at 115,531, which was a 2.36% decrease in the past week but an increase of 0.34% in the past 24 hours.

More so, Ethereum price was next at $4,286, with a small 0.24% daily loss but almost flat with a 0.19% gain over the week.

Among meme coins, Dogecoin price was at $0.2249, down 5.35% in 24 hours, and Shiba Inu was down 3.37% over the same period.

The market sentiment index was neutral with a reading of 53 and altcoin season had a reading of 43 indicating that Bitcoin still has a stronger momentum.

Analysts Set Dogecoin Price Targets Between $0.18 and $0.29

According to Ali_charts, symmetrical triangles typically lead to a 40% price move once resolved. A positive breakout may drive Dogecoin price to $0.265 and even to the price of $0.287, after key Fibonacci retracement levels.

https://x.com/ali_charts/status/1957698546255151503

On the other hand, a close below the support zone of $0.218 could push Dogecoin price to the $0.18 support level.

These levels indicate the range of the pattern, as projected by historical technical movement.

An Elliott Wave Forecast analyst also confirmed that Dogecoin is currently experiencing a corrective pullback from the August 14 peak.

Elliott Wave Forecast : Source : X

The wave count defines a three-leg decline that can go up to $0.2044 before the up move is resumed.

The analyst stated that short-term weakness is likely, and a recovery or further correction is expected following a rally to that level.

Monthly Chart Confirms Long-Term Uptrend Structure

Analyst Trader Tardigrade summarised three significant Dogecoin price accumulation periods that started in 2014. Every cycle was accompanied by a sharp rise in prices.

He observed that the current monthly trend is similar to the past trends, which have been maintained by higher bottoms and rising trend lines. Dogecoin is currently in a long-term bullish trend that it has been in since 2023.

Doge monthly forecast : Source : X

This trend is similar to the previous macro arrangements observed in 2017 and 2021, which led to the significant breakouts. The long-term chart confirms the assumption that DOGE is forming a foundation for future action.

Derivatives and Spot Data Signal Mixed Market Positioning

Dogecoin derivatives volume fell by 20.65% in the past 24 hours to reach $5.70 billion. Open interest also fell by 2.24% to $3.35 billion, indicating that there was lower activity in the futures markets.

The volume of options declined more than 71%, but the open interest in options rose a bit. The long/short ratio of 24 hours was 0.9535, indicating a sentiment that was almost even.

However, Binance and OKX experienced a large amount of leverage on the long side, where the top trader ratio was above 2.7 and the account-based long/short ratio was above 3.4. The implication is that the best traders are setting up to the upside in the face of overall weakness in volume.

There was also patchy spot exchange. Binance recorded the highest volume of 385.47 million, and Upbit and OKX showed the highest net outflows that may indicate profit-taking or rotation.

On-chain netflow activity was negative, and DOGE had steady outflows on exchanges. This follows recent price pressure and is not necessarily evidence of a reversal in the trend.