Dogecoin Holds Crucial Zone as Traders Watch for Wave Completion and Market Rebound

• Dogecoin trades at $0.2272, down 2.83% in 24 hours and 17.89% in the past week, holding near $0.22 support.
  
• Freedom By 40 suggests wave 5 of Elliott structure is nearing completion with potential reversal from the $0.2200–$0.2350 zone.
  
• Long/short ratios show heavy bullish bias, with Binance and OKX both reflecting strong confidence in possible price recovery.

Dogecoin is testing a decisive support area as traders weigh the end of a corrective sequence. Analysts point to the $0.22 level as critical, where price could either stabilize for recovery or extend its downward correction.

Elliott Wave Completion and Green Box Support

Freedom By 40 (@Freedom_By_40) identified a clean Elliott Wave structure on the one-hour chart, suggesting wave 5 is either complete or very close. The correction has guided price directly into the highlighted green support box, spanning roughly $0.2200–$0.2350.

This zone aligns with fib-retracement levels and prior demand clusters, giving technical strength to the area. Historically, the green box has provided springboards for rebounds, and traders are now watching if the same pattern can hold again.

Should a reversal occur, price may retrace toward $0.25–$0.26, where earlier support turned resistance. Clearing this level could extend the broader structure and allow DOGE to revisit $0.29–$0.30, echoing Freedom By 40’s roadmap.

Ali’s $0.22 Threshold and Market Performance

Ali (@ali_charts) added that Dogecoin must defend $0.22 to pursue a rebound toward the triangle’s x-axis at $0.29. The chart shows repeated rejections from higher levels, leaving DOGE exposed but still above critical structural support.

At the point of writing, Dogecoin is worth $0.2272, and its trading volume is 3.83 billion in just 24 hours. The coin has lost 2.83% within the last 24 hours and 17.89% within the last week.

Longer-term performance reflects resilience. DOGE is up 4.10% in 30 days, 41.19% in 90 days, 34.11% in 180 days, and 109.59% in one year, though year-to-date returns remain negative at -27.96%.

Derivatives Positioning and Market Outlook

Data from derivatives markets shows a strong tilt toward bullish positioning. The Binance DOGE/USDT Long/Short Ratio stands at 3.56, while OKX prints 4.1, reflecting clear bias toward long exposure.

Among top traders, Binance’s ratios also lean bullish at 4.0761 by accounts and 3.3205 by positions. These figures signal expectations of a near-term rebound, despite weakness in spot action.

If accumulation persists and price holds above $0.225, DOGE could retest the $0.23–$0.235 resistance band before seeking higher objectives. A sustained breakdown below $0.22, however, risks deeper correction toward $0.21.