Dogecoin’s three-day chart shows a five-wave ascending channel resembling the formation that preceded its late-2024 rally. Mixed exchange net flows and elevated derivatives activity suggest t
Dogecoin is showing mixed technical signals as a developing ascending channel contrasts with recent selling pressure and uneven exchange flows.
Trader Tardigrade identifies a five-count ascending channel on the three-day chart. The structure develops through five labeled movements, progressing from wave I through wave V. According to the analyst, a similar formation preceded the late-2024 rally.
Source: X
During that earlier period, the price advanced sharply after completing its ascending structure. The historical chart shows DOGE reaching approximately $0.48 during the subsequent rally. This comparison provides the foundation for the current bullish interpretation.
The latest formation appears after an extended decline toward the 0.06–0.08 region. Bulls are starting to set increasingly lower bottoms as evidenced by recent price action. But just a channel isn't enough to indicate a definite turnaround.
The 5th wave is the last labeled wave of the emerging structure. Maintaining the channel would support the possibility of continued recovery. Conversely, a decisive breakdown could invalidate the anticipated bullish continuation.
Exchange data provides another perspective on current trading conditions. Binance leads the displayed one-hour volume figures with approximately $1.31 million. Bybit follows with $821,400, while Gate records around $658,120.
OKX contributes approximately $505,400 in volume during the same measurement period. Coinbase and Bitstamp register smaller amounts in the displayed comparison. These figures indicate concentrated activity across several major trading platforms.
Net flows present a different picture, with movements varying across individual exchanges. Binance records approximately $274,550 in negative net flows, while Bybit shows negative $142,630. Meanwhile, according to OKX, it had positive flows of $140,760 while Gate was reporting around $130,070 in positive flows.
If the exchange flows are negative, it means that withdrawals were greater than deposits for the period concerned. But these movements alone are no guarantee that investors are buying or selling. The numbers can also be affected by transfers between platforms and private wallets.
DOGE as of writing is trading at $0.08502 after declining 0.91%. An earlier rally toward $0.0864 failed to sustain momentum. Subsequent lower highs revealed persistent selling pressure throughout the displayed session.
Source: Coinmarketcap
A sharper evening decline pushed the price toward approximately $0.0849. Buyers made a bid to rally back toward $0.0854, but any recovery was short lived. The latest movement toward $0.0850 leaves immediate support under pressure.
The broader market statistics show approximately $1.28 billion in open interest. Reported futures volume reached $495.07 million, compared with $77.25 million in spot volume. This difference indicates greater derivatives activity during the reported 24-hour period.
The $0.0850 level remains important for assessing the immediate direction. Retaining above could lead to recovery to $0.0854 and $0.0860. However a continuation above $0.0860 could strengthen the short term technical setting.
On the downside, if the price breaks below $0.0850, it could open up the $0.0847 area. This would be a sign of weakness that would test the recovery scenario, and continue the recent downtrend. The ascending channel is a positive sign of formation, not a positive sign towards a rally.
