Dogecoin Wedge Tightens as Longs Absorb Losses

Dogecoin has been trading near $0.07030 as its short-term chart forms a wedge, a technical pattern that can precede a price breakout. The token remains far below its record high of $0.73 and has dropped 1.07% over the past 24 hours with $575.8 million in volume and a market value of $12.02 billion.

Long liquidations dominated, reaching about $2.18 million over 24 hours, while short liquidations stood near $172,900, showing that leveraged longs absorbed most losses. Binance handled the largest portion of Dogecoin volume at $295.19 million, followed by OKX with approximately $192.43 million.

Crypto analyst Javon Marks has revisited a possible $2.82 target for Dogecoin, comparing its current structure to earlier altcoin cycles. However, he notes that this projection requires stronger sentiment, deeper liquidity, and a broad altcoin rally to develop first.