Current analysis of Dogecoin (DOGE) reveals key price levels and important technical patterns which might influence the token's future movements.
Price Action and Market Performance
As of the time of writing, Dogecoin (DOGE) is trading around $0.20, down by 3% in the past 24 hours. Over the past week, the token has slipped by 10% with a daily trading volume of $1.4 billion. DOGE retraced after reaching a swing high of $0.28. CoinGlass data shows a trading volume of $5.19 billion, up 54% in the last 24 hours, while open interest stands at $3.09 billion.
Liquidation Map and Key Price Levels
According to TheKingfisher, the largest short liquidation cluster is near $0.208. A price move into this area could trigger a short squeeze. Long liquidations remain scattered, indicating less pressure to the downside.
Technical Patterns and Potential Reversal Signals
Trader Tardigrade notes that DOGE is moving in an ascending broadening wedge on the weekly chart. Past moves in this structure ranged from $0.22 to $0.48. The next projected swing toward the top of the wedge is at $1.40. An inverse head and shoulders pattern is forming on the hourly chart, with a neckline around $0.210 that has served as short-term resistance.
Current trends and patterns in the Dogecoin market highlight the importance of key price levels and liquidation clusters. Observers are left waiting for the developments.
