Dogecoin Squeezes Toward $0.20 as Falling Wedge Narrows—Meme Coin Defies Gravity Again

Dogecoin's price action is tightening like a coiled spring, with the meme cryptocurrency inching toward the $0.20 psychological barrier. The falling wedge pattern—beloved by traders and ignored by fundamentals—suggests a potential breakout. Will DOGE deliver another 'to the moon' moment, or is this just another speculative tease?

Technical analysts are circling, but let's be real: in crypto, patterns are just horoscopes for finance bros. Either way, the Shiba Inu-themed token keeps proving it's more than a joke—even if Wall Street still won't invite it to dinner.

Dogecoin price chart Despite bullish efforts, Dogecoin is down nearly 1% today, raising the risk of a potential decline within the wedge pattern. However, technical indicators such as the RSI and MACD remain optimistic, as DOGE holds onto its weekly gains. The RSI, currently at 44, hovers near the midpoint after bouncing from the oversold region. Meanwhile, the MACD and signal lines are trending positively toward the zero line. That said, the MACD also warns of a potential bearish crossover as the price consolidates further. Based on price action, a breakout above the wedge’s upper boundary could challenge the $0.20 psychological resistance, followed by the $0.22 supply zone. Conversely, a close below the $0.1795 support on the 4-hour chart could drive Dogecoin toward the $0.1641 level. Optimism Drops in Dogecoin Derivatives  As Dogecoin sits at a critical juncture, Optimism appears to be fading in the derivatives market. According to CoinGlass, open interest has declined by 1.44%, falling to $1.90 billion.

DOGE Derivatives DOGE Derivatives Additionally, 24-hour liquidations have surged to $3 million, with long positions accounting for $1.89 million, indicating that more bullish traders were liquidated amid recent volatility. Bullish sentiment continues to decline, as the OI-weighted funding rate has dropped to 0.0054%, down from a peak of 0.0075% in the past 8 hours. However, the long-to-short ratio remains balanced at 1.0032 over the past 24 hours, signaling an equal number of bullish and bearish positions.