• On Friday, 21Shares submitted filings for multiple ETFs, including an active crypto ETF, a 2x long Dogecoin ETF, and a 2x long SUI ETF.
• Dogecoin price is nearing a major breakout from the inverted head and shoulders pattern.
• Flag pattern formation set SUI price for a potential surge towards $5.

On Friday, August 23rd, the crypto market witnessed a significant inflow as Federal Reserve Chair Jerome Powell offered a cautious signal that interest rate cuts could be on the horizon. His statement renewed optimism in crypto investors and pushed Bitcoin above the $115,000 mark. Top altcoins, including Dogecoin and SUI, followed the bullish momentum with a higher pace as crypto ETF issuer 21Shares submitted a filing to launch their leveraged ETF funds.

Dogecoin Whale Activity Bullish Rebound

On Friday, Federal Reserve Chair Jerome Powell struck a cautious tone at the Fed’s annual gathering in Jackson Hole, Wyoming, hinting at possible interest rate cuts ahead. While warnings of growing uncertainties complicate the outlook for U.S. monetary policy, Powell’s remarks were enough to boost investors’ sentiment in the crypto market.

According to CoinGecko, the global cryptocurrency market cap surged to $4.12 trillion, registering a 5.8% jump since yesterday. The bullish momentum boosted a majority of crypto coins, including Dogecoin and SUI, to renew their prevailing recovery.

However, the aforementioned altcoins gained additional traction as the crypto ETP investing platform, 21Shares, submitted filings for multiple crypto-linked exchange-traded funds (ETFs), including an active crypto ETF, a 2x long Dogecoin ETF, and a 2x long SUI ETF.

Unlike the existing spot ETFs that passively track the price of a particular cryptocurrency, the active crypto ETF allows portfolio managers to take a more hands-on role in selective weighting and rotation between the assets in response to market conditions. 

This means the manager may allocate capital across multiple tokens such as Bitcoin, Ethereum, Solana, Dogecoin, SUI, etc. Bloomberg ETF analyst Eric Blachinas suggests that the U.S. Securities and Exchange Commission could receive similar filings within the next year.

Meanwhile, the 21Shares 2x Long Dogecoin ETF is a leveraged product designed to provide two times the daily exposure to this dog-themed memecoin. Similarly, the 21Shares 2x Long SUI is also a similar 2x leveraged vehicle tied to the performance of the SUI price.

If approved, these ETFs would draw institutional inflows to these two cryptocurrencies, elevating their visibility, liquidity, and mainstream adoption.

Dogecoin Price Eyes Bullish Reversal Amid Inverted Head and Shoulders Pattern

In the last three days, the Dogecoin price has shown a bullish bounce from $0.207 to the current trading price of $0.24, accounting for 15% growth. The 4-hour chart analysis of this upswing shows a potential formation of a traditional reversal pattern called an inverted head-and-shoulder. 

The chart setup is characterized by three troughs, with the middle one (the “head”) being the deepest, flanked by two shallower troughs (the “shoulders”) on either side.

DOGE/USDT – 1d Chart

With today’s jump, the coin price is just 8% short of challenging the pattern’s neckline resistance at $0.25. A potential breakout from this resistance will accelerate the bullish momentum and set the price for an additional 23.7% jump to hit $0.318.

SUI Price Poised for Breakout From Flag Pattern Formation

Over the past three weeks, the SUI price showed a brief correction from $4.4 to a recent low of $3.26, accounting for a 26.5% loss. In the daily chart, a continued formation of this swing revealed a developing bull flag pattern.

The chart setup is commonly spotted within an established uptrend, as it allows buyers to recoup the exhausted bullish momentum. With today’s jump, the SUI price trades at $3.7, standing just 6% short of the overhead resistance trend at $3.9.

SUI/USDT – 1d Chart

If the buyers flip this resistance into a potential support, the post-breakup rally could chase the $5 psychological level, accounting for a potential 30% surge.

Also Read: Bitcoin Price Faces $110K Breakdown as Fed Rate Cut Odds Drop to 73%

• The formation of double bottom reversal patterns sets the Bitcoin price for a breakdown below $110,000.
• Wall Street is under pressure as the probability of a September Fed rate cut has dropped to 73%.
• BTC’s fear and greed index dropped to 50% indicating a neutral sentiment among market participants. 

The Pioneer Cryptocurrency Bitcoin takes another dive of over 1.9% during Thursday’s U.S. market hours to currently trade at $112,000. The continued selling pressure in the crypto market can be attributed to waning investors’ hope for an interest rate cut in September. The falling BTC is poised for a major breakdown from a bearish reversal pattern, signaling a risk of prolonged correction. Will the Bitcoin price break the $110,000 floor next?

Fed Rate Cut Probability Falls to 73%

Over the past week, the Bitcoin price projected a sharp downturn from $124,517 to $112,100, projecting a loss of 10%. Subsequently, the BTC market cap also plunged to $2.23 trillion.

A key driver behind this downturn is the persistent inflationary pressure in the United States, underscored by July’s Producer Price Index (PPI) coming in higher than expected. The macroeconomic development has triggered a sentiment shift around the September interest rate cut, dropping sharply just days before the Federal Reserve Chair Jerome Powell’s speech.

According to the CME FedWatch Tool data, the odds of a rate cut at the September 17 Fed meeting have fallen to just 73.6%, a steep decline from the 100% priced in just two weeks ago. The move underscores growing caution in the market as investors are waiting for Powell’s tone on inflation and future policy direction.

Despite repeated calls from U.S. President Donald Trump for lower interest rates, the Fed’s path to easing could be complicated by signs of resilience in the labor market and consumer spending.

Furthermore, the remaining 26.4% odds now price in the possibility of the Feb holding rates steady at the current 4.25-4.5% range, while the expectation for rate hikes nearly vanished.

CME FedWatch Tool

If the Fed proceeds with a rate cut in September, the crypto market could receive a notable boost, as lower borrowing costs often increase liquidity and risk appetite, drawing investors’ attention towards volatile assets like Bitcoin and Ethereum.

On the other hand, if rates remained unchained at the 4.25-4.5% range, the lack of fresh monetary policy could dampen investor sentiment and drive a prolonged correction in the crypto market.

Bitcoin Price Eyes Major Breakdown Amid Double-Top Formation 

By press time, the Bitcoin price trades at $112,200, with an intraday loss of 1.8%. With today’s drop, the coin price is just inches away from a bearish breakdown below the $111,919 neckline of a traditional reversal pattern called Double Top. 

The chart setup is characterized by two sharp reversals from a horizontal resistance zone, displayed in an ‘M’-shaped letter. Historically, this pattern is commonly spotted in major market tops, as it highlights intense overhead supply before a major downturn.

In the daily chart, the momentum indicator RSI (Relative Strength Index) projects a fresh lower high peak in correspondence with the price, indicating the waning bullish momentum in the market. 

Thus, a breakdown below the neckline support with the daily candle closing will accelerate the selling pressure in the market. The post-breakout fall could plunge the price 6% down to test support at $105,357, followed by an extended push toward $98,326.

BTC/USDT -1d Chart

On the contrary, if the buyers manage to defend the $111,999 support, the Bitcoin price trajectory could take a sideways shift to recuperate its bullish momentum.

Also Read: Cardano Price Rebounds as Whale Accumulation Tops $100M: Is $1 Jump Close?

• Cardano price rides its shorter-term correction trend within the flag formation.
• Crypto whales accumulate over $100 million worth of ADA in the last 24 hours.
• Cardano’s futures open interest surged to $1.87 billion, indicating the increasing confidence of derivative traders.

ADA, the native cryptocurrency of the Cardano blockchain, bounced over 4% during Wednesday’s U.S. market hours to trade at $0.88. This buying pressure likely followed a relief rally in the crypto market after a sharp correction since last week. However, the ADA price witnessed additional bullish momentum amid whale accumulation and high open interest (OI) in the derivatives market. The price jump also contributes to the formation of a bullish continuation pattern, signaling a potential breakout ahead.

Cardano Price Jumps as Traders Bet Big on Volatility

Since last week, the Cardano price has shown a brief pullback from $1.019 to a low of $0.83, registering a 17.8% loss. The pullback followed a broader market correction amid the macroeconomic change in the U.S. market.

Despite the price drawdown, the ADA futures open interest jumped from $1.2 billion to a recent swing of $1.87 billion on Monday—a 55% increase—in the last three weeks. The growth indicates more traders are opening new positions in the futures market, betting on the potential volatility ahead. 

ADA futures open interest | Coinglass

The higher OI value often reflects an expansion in leveraged long or short bets, which can amplify future price swings. 

Similarly, the total volume locked (TVL) in the Cardano network showed a notable surge from $332.8 million to $437 million, projecting a 31% growth. This surge indicates more capital is being deployed in Cardano’s DeFi protocols, reflecting stronger ecosystem engagement.

The TVL uptick highlights underlying adoption and demand for Cardano’s smart contract ecosystem, often bolstering sustained price growth. 

Total Volume Locked (TVL) | DeFiLlama

Together, the spike in futures activity and on-chain capital deployment bolster Cardano’s potential for a potential price jump.

By the press time, the Cardano price trades at $0.87, with an intraday gain of 4%. Subsequently, the asset’s market cap bounced to $31.5 billion. While the 24-hour trading volume is 21% down to waver at $21.38 billion.

Whale Activity | Santiment

The price jump gained momentum as crypto accumulated over 100 million worth of ADA in the last 24 hours, according to data shared by market analyst Ali Martinez.

Also Read: Bitcoin Price Risks Deeper Pullback to $105k Amid Wedge Pattern Breakdown

Cardano Price Drive Steady Correction Within Flag Formation 

Since last week, the Cardano price correction has resonated within two converging trendlines of a bull flag pattern. The chart setup is characterized by a long ascending trendline indicating the dominant trend in price, followed by a temporary pullback within two converging trendlines to recuperate the exhausted bullish momentum

Currently trading at $0.88, the ADA coin is just 2% away from challenging the pattern trendline. A potential breakout from this resistance will signal the continuation of the prevailing uptrend. If the buyers managed to hold this breakout, the post-breakout rally could push the price to a 23% surge to hit $1.14.

The coin price is trading above the 100-and-200-day exponential moving averages (EMAs), indicating the bullish sentiment in the market to support further surges.

On the contrary note, if the sellers forced a breakdown below the flag support, the current correction could gain momentum. The post-breakdown fall could push price 6% to retest the next significant support at $0.733.

Also Read: Chainlink Price Faces Correction Risk as Social Hype Reaches Yearly Peak

• On-chain data shows nearly 9,813 unique addresses completed at least one LINK transfer on Sunday.
• Santiment data shows more than 9,625 new wallets were created on Monday, marking the highest level of 2025 so far.
• Positive sentiment around LINK has reached its highest point in 2025, reflecting strong crowd enthusiasm.
• Chainlink price drives a long-term accumulation trend amid triangle pattern formation.

LINK, the native cryptocurrency of the decentralized oracle network Chainlink, plunged over 7.2% on Tuesday, August 19th. The selling pressure aligns with Bitcoin’s pullback below the $115,000 floor, driving a broader market correction. Chainlink price has shown strong resilience this week amid sustained growth in the on-chain activity and increasing adoption. However, the recent spike in social media hype raises the risk of a potential price correction in the near future. 

Chainlink On-Chain Activity Hits 2025 High with Record Wallet Growth

Since last week, the crypto market has witnessed a notable selling pressure, evidenced by Bitcoin’s price pullback from $124,517 to $113,262. Defying the broader market correction, the Chainlink price showed a sharp surge from $21.36 to a $26.76 high, registering a 25% jump, before today’s pullback.

The analytics platform Santiment notes that Chainlink’s on-chain activity appears more impressive than its recent price recovery this week. Last Sunday, nearly 9,813 unique addresses conducted at least one LINK transfer. Meanwhile, over 9,813 different LINK addresses were created on Monday.

These figures represent the highest address activity and wallet growth Chainlink has posted in 2025, suggesting rising adoption and user engagement. If the trend continues, the coin price could gain sufficient momentum for a higher rally.

Chainlink Onchain Activity | Santiment

That said, a recent tweet from market analyst Ali Martinez highlights a potential risk for this asset amid its increasing social media pressure. The chart below highlights that positive sentiment towards Chainlink has surged to the highest level this year, accentuating the crowd support for sustained growth.

However, the past surge in social media hype has coincided with local tops for this altcoin, followed by steep downturns. The data shows that previous peaks in positive sentiment soon meet with price correction, ranging from 37% to 57%, suggesting crowd euphoria can act as a contrarian signal.

LINK’s Social Volume | Santiment

Thus, the Chainlink price could drive a short pullback to regain its exhausted bullish momentum.

Chainlink Price Drives Recovery Within Triangle Pattern

The weekly chart analysis of Chainlink price shows the ongoing recovery as a bull cycle within the formation of a triangle pattern. The chart setup is characterized by two converging trendlines that act as dynamic resistance and support for price, driving a long accumulation zone. 

Since November 2021, the coin price has bounced twice from the overhead trendline and at least four times from the bottom trendline, validating its influence on the trend trajectory. However, the broader market pullback and overhead supply at the $27 mark have pushed the LINK price down to $23.83, developing an evening star reversal candle pattern in the daily chart.

With sustained selling, the coin price could plummet over 9.4% to test the 20-day exponential moving average (EMA) at $21.4, followed by a fall toward the $20 psychological level. This brief correction could allow buyers to regain bullish momentum for the next leap.

LINK/USDT – 1d Chart

If Chainlink bulls continue to counter the ongoing market correction, the price could leap 22% to retest the triangle resistance. A bullish breakout from the triangle resistance will signal a major change in LINK’s direction. 

• The Bitcoin price teases a bearish breakdown from the support trendline of a rising wedge pattern.
• Data from CryptoQuant shows a major transfer of 31,968 BTC (worth over $3.78 billion) from long-term holders, sparking a risk of potential sell-side pressure.
• The macroeconomics data accentuate inflationary pressure on the U.S. market, reducing the possibility of an interest rate cut in September.
• Bitcoin’s fear and greed index at 60% reflects that the broader market sentiment is still bullish.

The pioneer cryptocurrency, Bitcoin, takes another dive of 1.15% during the U.S. market hours to trade at the $116,142 mark. The increasing selling pressure can be attributed to dampened investor sentiment regarding the decreasing likelihood of a September interest rate cut. The bearish momentum has further accelerated with the recent movement of dormant Bitcoin, increasing the risk of a potential sell-off. The falling coin price also breached the support trendline of a key reversal pattern. Will the BTC price break below $110?

Bitcoin Price Drops as Dormant $3.78B BTC Moves On-Chain

In the last five days, the Bitcoin price showed a notable pullback from $124,500 to the current trading value of $116,225, projecting a 6.62% loss. A major portion of this pullback came last Thursday as hotter-than-expected U.S. July PPI data had dampened investors’ optimism for a potential interest rate cut in September.

The selling pressure also gained momentum as a substantial amount of dormant BTC was moved. In a recent post from CryptoQuant analyst Maartunn highlighted that approximately 31,968 BTC (worth over $3.78 billion) aged between three and five years were suddenly moved on-chain. 

Data from past cycles show such a spike has often coincided with pivotal market movement. 

• 24 Jan 2024—33,803 BTC transfer aligned with market bottom.
• 23 Mar 2024—95,090 BTC movement was followed by a local top.
• 22 Jun 2024—43,641 BTC exited dormancy, adding extra selling pressure in a drawdown.
• 30 Jul 2024—29,994 BTC transfer coincided with a local top.
• 24 Dec 2024—23,012 BTC moved; also came across a local top.

Typically, the long-term holders are considered “smart money,” who often accumulate in bear phases or at a discounted price and distribute them at a high price in bull runs. If the aforementioned 31,968 BTC are moved to exchanges, a risk of potential selling could bolster the current market pullback.

Also Read: Will Ethereum Price Recovery Surpass the $5,000 Barrier?

Bitcoin Price Faces Prolonged Pullback Amid Wedge Pattern Breakdown 

With the intraday sell-off, the Bitcoin price teases a bearish breakdown from the support trendline of a rising wedge pattern. Since March 2025, the coin price has been actively resonating between the two converging trendlines of this reversal pattern, driving a sustained recovery. 

So far, the coin price has bounced thrice from the upper trendlines and the same with the lower trendline, validating the pattern’s credibility to influence price movement. Historically, a bearish breakdown below the pattern support trendline has triggered a major correction in financial assets. 

The momentum indicator RSI dropping below the 50% mark also reflects a shift in market sentiment towards a bearish outlook. If the daily candle closes below the bottom trendline, the sellers could hold the breached level as potential resistance to extend the current correction.

The post-breakdown fall could push the Bitcoin price below the $112,000 support and hit the $105,280 floor, accounting for a potential 9.5% loss.

BTC/USDT- 1d Chart

On the contrary note, if the sellers failed to sustain this breakdown, it could push the price back within the channel pattern. 

Also Read: Solana Price Faces 12% Fall as SEC Delays Decision on Bitwise Spot SOL ETF

•  A rising wedge pattern supports the mid-term uptrend in Solana price.
• The U.S. delays its decision on the Bitwise spot SOL ETF to assess whether the proposed rule change meets the requirements of the Securities Exchange Act.
• A bullish crossover between the 100-and-200-EMA slopes flashes as a bullish signal for SOL’s long-term trend.

SOL, the native cryptocurrency of the Solana network, plunged over 6.3% during Thursday’s market session to trade at $188.4. The sudden sell-off aligns with Bitcoin’s dips below $120,000 amid the macroeconomic conditions in the U.S. market. However, the Solana price faces additional bearish momentum as the Securities and Exchange Commission (SEC) has delayed its decision on the Bitwise spot Solana (SOL) ETF. Will this altcoin dive into a deeper correction below the $180 floor?

U.S. SEC Delays Decision on Bitwise Solana ETF

On Thursday, August 14th, the crypto market witnessed a sudden sell-off amid the regulatory and macroeconomic developments in the United States. As a result, the Bitcoin price dives below $118,000, and the majority of major altcoins, including Solana, face similar momentum.

However, the Solana price faces additional pressure as the U.S. SEC has delayed its decision on the Bitwise spot SOL ETF. Bitwise submitted this ETF in January 2025 via the BZX Exchange and aims to provide investors with regulated exposure to Solana price movement.

The news has likely demotivated SOL investors, as many were expecting an approval soon, especially as the spot Bitcoin and Ethereum ETFs are gaining strong popularity, attracting a massive flow of funds in this market.

This delay will allow the SEC some more time to assess the application and decide if the proposed rule change meets the requirements of the Securities Exchange Act. The decision also highlights the SEC’s cautious stance on crypto-related ETFs beyond Bitcoin and Ethereum, as even other altcoin applications are facing delays.

Despite regulatory challenges, some analysts believe that the SOL ETF remains among the top candidates to eventually get its approval in the U.S. in 2025

Once approved, the spot SOL ETF would boost Solana’s mainstream adoption and market liquidity, subsequently pushing its coin price for a higher rally.

Solana Price to Drive Prolonged Correction With Wedge Pattern

Following the intraday sell-off, the Solana price currently trades at $190.7 and maintains its current market cap at $103 billion. Interestingly, this reversal occurred precisely at the resistance trendline of a rising wedge pattern of the daily chart. 

Since late February 2025, the SOL coin price has been actively resonating within the patterns of converging trendlines, driving a slow yet steady recovery. So far, the price has bounced thrice from the upper boundary and twice from the bottom trendline, indicating how strongly this structure influences its potential trend movement.

The past performance within the wedge indicates a bearish reversal from the resistance trendline had plunged the coin value in a range from 24% to 47%. Currently, this altcoin stands just 2% short of challenging a key horizontal support of $187.7. A bearish breakdown below this support will accelerate the selling pressure and drive the price another 12.5% down to retest the bottom trendline around the $162 floor.

Until the pattern is intact, the Solana price could maintain its midterm bullish trend.

SOL/USDT -1d Chart

That said, the 100-day exponential moving average has recently crossed above the 200-day EMA slope, accentuating the bullish market sentiment. Therefore, if the coin price holds above the $187.7 mark, it could drive a short sideways trend, regaining its bullish momentum for the wedge pattern breakout.

Also Read: Will Ethereum Price Recovery Surpass the $5,000 Barrier?

• The Ethereum price breaks out from a triangle pattern, signaling a 45-month accumulation zone.
• The current market momentum increases ETH’s price potential to challenge the all-time high resistance of $4,868.
• ETH futures open interest hits a new high of $35.5 billion, suggesting that investors are positioning themselves for significant price movements.

The second-largest cryptocurrency by market capitalization, Ethereum, bounced another 3.2% during Wednesday’s U.S. market hours. The buying pressure today likely followed investors’ optimism towards a potential interest rate cut in September. The recovery momentum gained further traction as the asset recorded a steady outflow from exchanges amid a record high in open interest, signaling the increasing engagement of traders to bet on ETH’s future price. Is the Ethereum price ready for $5,000?

Ethereum Price Recovery Powered by a Flood of Bullish Signals 

In the last two weeks, the Ethereum price witnessed a strong rebound from $3,355 to $4,759, the current trading value, projecting a 41.8% jump. Subsequently, the asset market cap bounced to $572.36 billion.

The buying pressure gained momentum from aggressive inflows into the spot ETH ETFs, which recently hit a milestone of $1.01 billion in flows across all funds on Monday. The increase in institutional adoption, exchange outflow, and open interest is further reinforcing the bullish market sentiment.

In a recent post, crypto analyst burakkesmeci highlighted that over 1.2 million ETH exited crypto exchanges in just one month. This outflow, tracked through the SMA30 (30-day Simple Moving Average), is wavering in the negative region, indicating a continuous trend of ETH moving off exchanges. 

This indicates a high conviction from investors as their assets are moved to private or cold wallets, reducing the risk of them selling in the open market. As of August 12th, 2025, the SMA30 for Ethereum is at -40K ETH, meaning an average daily outflow of 40,000 ETH over the last month.

Ethereum’s Netflow SMA30 | CryptoQuant

Adding to the bullish note, the ETH futures open interest has recently climbed to a new high of $35.5 billion following the price rally. An increasing open interest suggests that traders are positioning themselves for a more substantial market shift, with many expecting the Ethereum price to surge higher.

If the trend continues, the OI jump could support the broader bullish sentiment in the market and bolster the continued recovery.

Furthermore, Ethereum’s options market signals a strong bullish bias as traders continue to pour money into calls, with premium consistency outperforming puts. For August 8th, approximately $82 was paid for a call option, indicating a growing demand for upside exposure. 

ETH: Option Premiums

This bullish tilt remained intact on August 11, with an additional $31.5 million in call premiums. The aggressive bets in call options overputs indicate that traders are anticipating a continued surge in the ETH price.

Ethereum Price Poised For A New High

On August 8th, the Ethereum price provided a decisive breakout from the resistance trendline of a symmetric triangle pattern. From November 2021 to the recent breakout, the coin price resonated within this pattern’s two converging trendlines to drive a long accumulation trend.

The post-breakout rally has now pushed the ETH price over 18% to trade at $4,745, inches from challenging the all-time high barrier of $4,868.

A potential breakout from this pattern would further accelerate the bullish momentum for a higher value, according to the traditional pivot levels. The ETH price could face its next significant resistance at $5,861, followed by $6,800. 

ETH/USDT – 1d Chart

These resistances could halt the anticipated recovery and drive short pullbacks for buyers to regain bullish momentum.

That said, if the triangle breakout holds true, the ongoing recovery should chase a high of $7,931.

Also Read: Cardano Price Eyes $1 Breakout Amid Bullish Patterns and LTH Accumulation

• The Dogecoin price faces a risk of prolonged correction to $0.157.
• The $0.211 level, backed by 50- and 100-day exponential moving averages, stands as a key support level for buyers.
• The formation of a rising channel pattern drives a slow yet steady recovery in DOGE price.
• The derivative market shows a steady bearish momentum in DOGE’s future open interest, which currently stands at $3.32 billion.

DOGE, the largest meme cryptocurrency by market cap, dives over 4.53% to trade at $0.22. The selling pressure aligned with the broader market as Bitcoin reverted just inches away before hitting a new high at $123,236, renewing correction sentiment in the market. As the asset class is more susceptible to fresh market changes due to its natural volatility, Dogecoin faces a major price pullback. The bearish momentum in DOGE could further accelerate as the derivative shows a continued downtrend in further open interests. 

Dogecoin Price Faces Downside Risk Amid Weak Futures Open Interest 

Over the past week, the Dogecoin price showed a sharp recovery from $0.188 to $0.246, registering a 31% growth. The buying pressure likely followed the broader market uptrend, as the majority of major cryptocurrencies showed renewed recovery after a brief correction.

As the support from the broader market weakens, this dog-themed price has witnessed an immediate reversal to its current trading value of $0.22. Simultaneously, Dogecoin’s market cap is pulled back to $33.68 billion.

Despite the price volatility, the DOGE futures open interest shows no major movement from its prevailing downtrend, currently standing at $3.32 billion. This declining or stagnant movement in OI data indicates that derivative traders are either exiting their positions or hesitating to enter new ones due to market volatility.

This lack of fresh capital inflow into derivatives markets could support continued correction in the DOGE price. 

DOGE Futures Open Interest | Coinglass

With the intraday sell-off, the coin price formed a notable lower high formation in the asset’s 4-hour time frame. This downswing indicates a bearish shift in market sentiment as investors follow a sell-the-bounce.

With sustained selling, the Dogecoin price could plunge another 6% to retest the combined support of the 50- and 200-day exponential moving average at $0.211. A bearish breakdown below this floor will accelerate the bearish momentum for a prolonged correction.

DOGE Price Drives a Steady Recovery Within Channel Pattern

The daily chart analysis of Dogecoin price shows the recent market correction as a bear cycle within the formation of a rising channel pattern. Since March 2025, the coin price has resonated actively within the two ascending trendlines of a channel, driving a slow yet steady recovery for buyers.

Within this confined range, the 50-and-200-day EMA acts as a midline pivot level for market participants. The potential breakdown will intensify the seller’s strength in the current momentum to drive another 25% fall to hit the bottom boundary at $0.155.

The bottom trendline has acted as a major accumulation zone for buyers to renew exhausted bullish momentum. Historically, a reversal from the lower trendline had renewed the recovery momentum in price and pushed a rally ranging for nearly 100%. 

The potential downfall could also seek support at $0.189 to slow down bearish momentum. However, until the pattern is intact, the Dogecoin price is susceptible to such high price swings, suggesting a lack of uncertainty from buyers or sellers.

DOGE/USDT – 1d Chart

On the contrary, if the coin price manages to hold $0.211, the buyers could challenge a breakout from the new emerging downsloping trendline to signal renewed buying recovery.

Also Read: Ethereum Price Exits 45-Month Pattern Amid Multi-Tiered Demand Surge