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

Dogecoin trades above wedge breakout as the 5-wave Elliott pattern signals trend continuation.

Stochastic RSI shows bullish crossover, aligning with past momentum shifts in DOGE cycles.

DOGE holds above $0.19 with 17.4% monthly gain and stable volume-to-market cap ratio.

Dogecoin is trading above the upper boundary of a Descending Broadening Wedge and continues to follow a visible 5-wave pattern. The stochastic indicator is moving upward, indicating positive momentum. Price structure remains bullish across higher timeframes. Data reflects market stability, rising investor engagement, and technical signals that point to upward continuation.

Technical Setup Indicates Ongoing Strength

According to analysis prepared by Trader Tardigrade, Dogecoin’s chart on the biweekly timeframe reveals three previous descending channels. Each was followed by a breakout that corresponded with the completion of a five-wave Elliott Wave cycle. This structured movement has repeated since early 2024, forming predictable bullish cycles.

Yellow curved arrows on the chart show upward reversals after the fifth wave in each pattern. These reversals mark the beginning of bullish phases. The current setup shows Dogecoin above the upper line of the latest Descending Broadening Wedge. The five-wave structure remains intact, which supports a potential continuation of the trend.

The stochastic RSI confirms a shift in momentum, trending upward after a bullish crossover. This crossover appears in alignment with earlier cycles and reflects increased buying pressure. Green arrows on the oscillator indicate buying signals while red arrows show sell signals, with the latest signal being green.

Market Structure and Momentum Remain Positive

Dogecoin has gained 17.4% in the past month, moving from $0.1747 to a peak of over $0.27 by July 21. Although the price has pulled back, it remains steady above $0.19, confirming resilience. The trading volume stands at $2.05 billion over 24 hours, with a market cap of $29.57 billion.

Source: CoinMarketCap

According to CoinMarketCap data, Dogecoin continues to maintain its full circulating supply of 150.36 billion DOGE. The 24-hour volume-to-market cap ratio remains healthy at 6.97%, suggesting liquidity and consistent investor activity.

The fact that the technical match, the Elliott wave development, and positive stochastic tendencies point out is that the DOGEUSD trend remains strong. The chart structure and data support a sustained bullish market phase.

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