TL;DR

Dogecoin liquidation cluster forms near $0.208, creating a key price target for upcoming market moves. Weekly ascending broadening wedge suggests the next swing could reach $1.40 if support continues to hold. An inverse head and shoulders pattern on the hourly chart signals short-term upside toward $0.214 target.

Price Action and Market Performance

Dogecoin (DOGE) traded close to $0.20 at press time, down by over 3% in the past 24 hours. Over the last week, the token has slipped by 10% with a daily trading volume of $1.4 billion. DOGE retraced after reaching a swing high of $0.28.

CoinGlass data shows a volume of $5.19 billion, up 54% in the past 24 hours, while open interest stands at $3.09 billion. Options volume rose 30% to $17 million, and options open interest is $120,000, up 13%. Open interest in DOGE futures fell from 19.7 billion DOGE to 15.36 billion during the decline, reflecting reduced leveraged positions.

Liquidation Map and Key Price Levels

TheKingfisher reported that the largest short liquidation cluster is near $0.208. A price move into this area could trigger a short squeeze. Long liquidations remain scattered, showing less pressure to the downside.

$DOGE Liquidation map on all leverage just dropped.

Biggest short liquidation cluster is building up around $0.2079. This is a massive magnet for price.

Most traders are blind to this. Smart money uses this.

Long liquidations are scattered, showing less concentrated pain to… pic.twitter.com/CkYjOCj6FQ

Meanwhile, the liquidation map uses all-leverage data, indicating these levels may be reached over several weeks rather than days. Tracking these clusters shows where forced liquidations can occur and where the price may gravitate.

Technical Patterns and Potential Reversal Signals

Trader Tardigrade notes that DOGE is moving in an ascending broadening wedge on the weekly chart. Past moves in this structure ran from $0.22 to $0.48. The next projected swing toward the top of the wedge is $1.40. The lower wedge line has acted as support, and the upper line remains resistance.

$Doge/weekly#Dogecoin is moving within an ascending broadening wedge.

The next target at the top of the wedge is set at $1.4 pic.twitter.com/j5eYJOvojX

On the 1-hour chart, an inverse head and shoulders pattern is forming. The neckline is around $0.210, which has served as short-term resistance. A breakout above this level with volume could push DOGE toward $0.214–$0.218. 

Traders are watching the $0.208 level as a near-term price target where short liquidations may drive the next move.