Market Overview
- •Dogecoin trades within its long-term rising channel as multi-quarter consolidation remains intact above key support.
- •Derivatives positioning leans bullish, though long liquidations increase during short-term declines in recent sessions.
- •Funding rates stay near neutral, showing a balanced market as traders await clearer directional signals.
Dogecoin continues to trade within a multi-year rising structure, with recent data showing stable derivatives positioning and controlled liquidations. The broader trend remains intact as the market digests slower spot volume and awaits renewed momentum.
Long-Term Structure Holds Firm
Dogecoin remains positioned within a long-term rising channel that has guided its macro direction since 2015. A recent chart shared by EᴛʜᴇʀNᴀꜱʏᴏɴᴀL illustrates the asset’s disciplined progression across nearly a decade. The lower boundary of this channel has served as an accumulation zone across multiple cycles.
The mid-range often acts as the initial rally destination before price expands toward the upper boundary. Recent quarterly candles continue to compress above this median level. This trend is characterized by a long period of digestion following the 2021 peak. The price is at the current stage of $0.1413, which decreased by 1.16% in the last 24 hours but increased by 3.31% in the past week.
Compression and Momentum Signals
The falling trendline that runs down to the 2021 top has been tested on several occasions. The line is yet to be broken by the price action, and the quarterly candles are lying on the long-term support. This position leaves room for a potential expansion if broader momentum returns. The structural path mirrors past setups where multi-quarter compressions preceded upward continuation.
The quarterly MACD supports this cyclical context. It shows an extended downtrend with flattening momentum. The profile aligns with earlier cycle pauses where the bearish slope faded before upward acceleration. While no clear bullish shift has formed, the indicator suggests a market nearing a turning point as compression tightens.
Derivatives Show Cautious Bullish Positioning
A detailed derivatives dashboard shows softer spot volume, falling 22% to $2.56B. However, open interest has risen 0.58%, pointing to sustained leveraged participation. Options activity grew 24% in volume, though options open interest slipped slightly. This pattern suggests more intraday rotation than long-term exposure.
Long/short ratios lean bullish across major exchanges. Binance accounts show a 2.32 ratio, while OKX displays 3.26. Top-trader metrics on Binance sit at 2.81, signaling a tilt toward long positioning. However, liquidations reveal pressure on leveraged longs, with $835K cleared versus $223K in shorts during the past day.
Weighted funding rates remain near neutral, moving slightly above and below zero. The market appears balanced, with no aggressive leverage buildup. Price has trended lower since early October, yet funding stability shows controlled participation as traders wait for a clearer direction.