Dogecoin Holds Above Descending Broadening Wedge, Here’s Why the 5-Wave Pattern Still Matters

Dogecoin is currently trading above a Descending Broadening Wedge breakout, exhibiting a compelling 5-wave Elliott pattern that suggests a continuation of the existing upward trend.

The Stochastic RSI is displaying a bullish crossover, a signal that historically aligns with significant momentum shifts within Dogecoin's cyclical patterns.

DOGE is maintaining a position above $0.19, showcasing a 17.4% gain over the past month, supported by a stable volume-to-market cap ratio. This indicates sustained market interest and liquidity.

Technical Setup Indicates Ongoing Strength

Analysis from Trader Tardigrade highlights Dogecoin's biweekly chart, revealing a pattern of three previous descending channels. Each of these channels culminated in a breakout coinciding with the completion of a five-wave Elliott Wave cycle. This structured movement has been observed since early 2024, establishing a pattern of predictable bullish cycles.

$Doge/W2#Dogecoin remains above the Descending Broadening Wedge with a 5-wave pattern.The stochastic indicator is trending upward.Overall, the chart is Bullish. ? https://t.co/LftlqYZarY pic.twitter.com/uevKlG64dE— Trader Tardigrade (@TATrader_Alan) August 2, 2025

The chart illustrates upward reversals following the fifth wave in each pattern, signifying the commencement of bullish phases. The current setup positions Dogecoin above the upper boundary of the latest Descending Broadening Wedge. The integrity of the five-wave structure reinforces the potential for continued upward movement.

The Stochastic RSI further corroborates the shift in momentum, trending upward after a recent bullish crossover. This crossover echoes previous cycles, reflecting growing buying pressure.

Market Structure and Momentum Remain Positive

Dogecoin has experienced a notable 17.4% increase in the past month, climbing from $0.1747 to a peak exceeding $0.27 by July 21st. Despite a subsequent pullback, the price has stabilized above $0.19, demonstrating underlying strength. The 24-hour trading volume currently stands at $2.05 billion, with a market capitalization of $29.57 billion.

Source: CoinMarketCap

Data from CoinMarketCap confirms that Dogecoin maintains its full circulating supply of 150.36 billion DOGE. The 24-hour volume-to-market cap ratio remains healthy at 6.97%, indicative of robust liquidity and consistent investor engagement.

The confluence of positive technical indicators, the ongoing Elliott wave development, and favorable Stochastic RSI signals strongly suggest that the DOGEUSD trend remains robust. The overall chart structure and market data support the continuation of a bullish market phase.