TLDR:
- Dogecoin price is holding near $0.2145, with traders watching the $0.21 support for confirmation of trend direction.
- HovWaves analysis suggests a macro triangle pattern could guide DOGE toward $2.3-$2.8 once a bottom forms.
- If Dogecoin closes below $0.21 on higher time frames, a new low near wave C could take shape.
- CoinGecko data shows DOGE trading volume above $2.7B despite a 2.13% daily decline in price.
Dogecoin traders are keeping a close eye on the charts as the price hovers near a key support. Analysts see the coin stuck in a macro pattern, with a possible breakout forming ahead. Sentiment remains split between upside hopes and downside caution.
The $0.21 level has emerged as the deciding factor for near-term direction. Investors are waiting for confirmation of a bottom before clearer targets can be set.
Dogecoin Price Support and Macro Triangle Pattern
Market watcher HovWaves shared an update suggesting Dogecoin could be moving inside a larger triangle pattern.
DOGE hasn't been able to get any significant movement off the low since our last update (threaded)
As of now I'm leaning towards a macro degree triangle (blue)
Since our macro degree wave 2 was sharp we would expect a sideways style correction
That said, we have been… pic.twitter.com/VIXxInIhzW
— Hov (@HovWaves) August 26, 2025
In his view, the structure appears as a sideways correction, forming after a sharp wave two decline. That setup would align with expectations of a market pausing before resuming upward momentum.
The analyst highlighted that Dogecoin’s price is still tracking a white wave count, though it remains under pressure. If the coin holds its ground above $0.21 without a higher time frame close beneath, the bullish case stays valid. A break below, however, may set the stage for a fresh low.
CoinGecko data shows DOGE trading at $0.2145 at press time, with a 24-hour drop of 2.13 percent. The token has seen $2.74 billion in daily trading activity and a marginal gain of 0.03 percent over the past week. That mix of flat performance and high volume reflects both caution and interest from the market.
For now, the outlined macro target remains between $2.3 and $2.8. HovWaves stated that clearer projections will come once the market confirms a bottom. Until then, the sideways structure may continue to dominate.
Crypto Traders Track $0.21 Price Level Closely
The $0.21 threshold has become a major pivot for DOGE traders. If price stability continues, it strengthens the case for a long-term breakout higher. That breakout, if achieved, would bring the macro wave target into play.
On the flip side, a close beneath $0.21 on the higher time frames could change the landscape quickly. Analysts suggest such a move would likely push the coin into a fresh leg down toward a wave C low. That possibility keeps traders cautious while the triangle pattern develops.
Despite short-term weakness, Dogecoin’s long-term structure remains watched closely by investors. The ongoing sideways correction may signal accumulation before a larger move unfolds. Traders will continue to track volume and closing levels for clues on the next direction.
