DOGE’s Bullish Breakout Explained-Don’t Miss the Next Move!

Dogecoin (DOGE) Might Be Getting Ready to Explode—Here’s Why

Key Takeaways:

• Dogecoin (DOGE) has broken out of a long downward trend and is now forming a double bottom pattern — a strong sign that a price rally could be on the way, potentially hitting new highs for the year.
• On-chain data shows growing demand: futures open interest is rising, spot trading volumes are increasing, and long-term holders are sitting on more profits, which means there's less pressure to sell right now.

Dogecoin is showing signs of a major comeback. The popular meme coin recently broke out of a long-term downtrend and is now forming a strong "double bottom" pattern—a classic signal that often comes before a big rally.

DOGE is trading above $0.21 and has been holding steady between $0.19 and $0.21. If it can push above $0.21, the price could quickly rise to $0.25. If that level is cleared, it may head toward $0.48—the highest point it reached back in December 2024.

DOGE one-day chart. Source: Cointelegraph/TradingView

One well-known crypto analyst, Trader Tardigrade, pointed out that DOGE is also inside an "ascending broadening wedge" pattern on the weekly chart. This is another bullish signal and suggests Dogecoin could rally as much as 300% in the longer term. If things go well, DOGE could even aim for $1 again.

📊 On-Chain Metrics Back Up the Bullish Case

DOGE’s futures market is heating up. In July alone, Open Interest (the amount of money locked in DOGE futures contracts) surged 67%—from $1.70 billion to $2.85 billion. That means more traders are betting on DOGE.

DOGE weekly analysis by Trader Tardigrade. Source: X

The good news? Despite this increase, funding rates remain neutral. This means the market isn’t over-leveraged and there’s still room for price growth.

In the spot market, buying pressure is slowly building. The rising Cumulative Volume Delta (CVD) shows more people are buying than selling—another good sign.

DOGE futures open interest. Source: CoinGlass

Also, long-term holders of DOGE are finally in profit and not rushing to sell. According to the LTH-NUPL metric, they’ve moved into the “Optimism” phase—just like they did before DOGE’s big runs in 2021 and 2024. Historically, this is when the real action begins.

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