Dogecoin (DOGE) Price Is Ready to Explode as Analyst Eyes SSL Sweep

Dogecoin (DOGE) traded lower Thursday as a broader crypto market selloff weighed on digital assets. Bitcoin fell below $84,000, hitting $81,254 before partially recovering. 

The downturn triggered a wave of long-position liquidations across the market. According to CoinGlass, traders liquidated about $688.8 million in crypto positions over the past 24 hours.

Nevertheless, Dogecoin is approaching a key technical decision point, with one analyst warning that the meme coin could be preparing for a sell-side liquidity (SSL) sweep before making its next major move.

Crypto analyst Trader Tardigrade believes Dogecoin is repeating a structure seen during a previous uptrend. According to the analyst, DOGE has formed a series of lower highs while repeatedly finding support around a former swing-high area.

“Always prepare for the SSL Sweep during an uptrend,” Trader Tardigrade stated in a Tuesday tweet.

The analyst identified the recent low as the key sell-side liquidity (SSL) target. A sweep would involve DOGE moving below that level to collect liquidity before potentially reversing higher.

He also said traders should closely monitor price action after it moves below the SSL. A rejection could set the stage for another new high, while sustained acceptance beneath the level could signal that DOGE is transitioning from an uptrend into sideways trading.