- DOGE nears triangle apex as price tests key support at $0.17574 with rising downside risk.
- Derivatives show falling volume, but options surge 114% amid market uncertainty.
- Long traders suffer $1.56M in liquidations as short-term volatility pressures bullish positions.
Dogecoin ($DOGE) is approaching a major juncture as its price tests a key technical support level within a long-standing symmetrical triangle pattern. Currently priced at $0.17574, DOGE has declined 2.63% on the day and now sits near the lower boundary of the formation. Technical signals and derivatives market activity point to a potential breakdown if bullish momentum fails to return.
The DOGE/USD daily chart displays a symmetrical triangle developing since February 2025, marked by converging trendlines from lower highs and higher lows. This pattern indicates tightening price action and reduced volatility, often a precursor to a breakout. With the price compressing toward the triangle’s apex, a decisive move appears imminent.
Fibonacci retracement levels from the $0.49444 swing high to the $0.12864 low offer additional technical context. DOGE has repeatedly failed to sustain moves above key resistance levels. The 0.382 retracement around $0.218 has capped recent upside attempts, while the 0.618 level at $0.275 halted April’s rally.
Since the drop, the 0.5 retracement zone near $0.310 has remained untested. Currently, DOGE is testing the lower support line of the triangle. If it breaks, potential targets include $0.152 and $0.128, levels that align with prior Fibonacci extension zones. To regain its bullish structure, DOGE would need to close above $0.218 and build enough momentum to challenge the $0.275 resistance.
Trading Volume Drops as Options Activity Spikes
Data from derivatives markets shows contrasting signals. Overall, DOGE trading volume fell sharply by 35.19% in the past 24 hours, now totaling $2.03 billion. Open interest decreased marginally by 0.17% to $1.77 billion, signaling lighter speculative exposure across perpetual contracts.
In contrast, DOGE options activity increased significantly. Options volume surged 114.96% to $27.38 million, while open interest in options rose by 2.34% to $ 286.15K. This rise suggests that traders are seeking structured hedges or directional bets through options amid the uncertainty in spot and futures markets.
Despite overall neutral market behavior, specific platforms reflect bullish sentiment. The long/short ratio over 24 hours is 0.9001, indicating a slight preference for short positions. However, Binance’s DOGE/USDT account ratio stands at 2.758, and OKX reports a higher figure of 4.06. Among top traders on Binance, the long/short account and position ratios both exceed 2.29, indicating optimism among experienced participants.
Longs Face Heavy Liquidations
Liquidation data shows a clear pattern of long-side vulnerability. Over the past 24 hours, total DOGE liquidations reached $1.9 million, with $1.56 million wiped from long positions. Short traders lost just $338.04K. In the most recent one-hour window, $483.65K in liquidations were recorded, all from long positions, suggesting that abrupt price dips triggered margin calls on bullish trades.
This combination of technical breakdown risk and long-side pressure underscores the current fragility of DOGE’s market structure. With the triangle’s apex fast approaching, traders await a confirmed move that could determine the next major direction.
