DOGE Life and Death: Musk's Resignation Triggers a Series of Explosions
At this moment, DOGE is performing a coffin board trend on the hourly chart, with the price stuck around 0.1626 playing dead. The EMA7 and EMA30 have formed a death cross above 0.1648, and the MACD's DIF line is crawling underwater at -0.00134. The bars have shrunk to the thickness of a hair, and this coffin board trend is clearly a sign that the DOGE whales are holding back a big move. The BOLL band has narrowed down to grandma's house, with the upper band at 0.16749 pressing down hard, and the lower band at 0.16395 is about to be punctured, with volatility lower than the gas fees for a dirt dog chain. The trading volume has also plummeted to the extreme, with a transaction volume of 31.4M barely touching the average volume line's decimal point, indicating a clear deathly silence before a potential explosion of long positions.
News has exploded with a double thunder: Musk officially announced in the early morning that he will resign from his DOGE government position at the end of May. This old fox's departure directly empties the community's faith foundation, and the bad news of Tesla's global sales plummeting by 76% is also fermenting. Three hours ago, a giant whale on-chain dumped 250 million DOGE into Binance, making the psychological level of 0.1600 extremely precarious. Even more ominous is that DOGE co-founder Billy Markus suddenly proposed a deflation plan, claiming they want to learn from BTC to reduce supply, but the community consensus has split, resulting in the proposal being stuck on GitHub for half a year without any movement. This kind of wishful thinking has actually intensified the selling pressure.
Technically, there are three time bombs buried:
The symmetrical triangle consolidation pattern has reached its end, with the support level at 0.1700 already broken. The lower range of 0.1529-0.1427 is a bear slaughterhouse.
The Williams indicator shows the market is overbought, but prices are holding firm, with a long-short ratio of 1.6 so distorted that the whales are itching to kill the longs.
The four-hour RSI is stuck at an awkward position of 33, with no volume support upwards and a giant whale ready to drop bombs downwards.
In terms of operations, remember the three iron rules:
For spot trading, set a pyramid bottom-fishing order at 0.1580, add to the position every 5% drop, and delete the app if it falls below 0.1500 for safety.
For contracts, set up short positions above 0.1650, with a stop loss at 0.1675, and leverage below 3 times.
Be wary of the on-chain panic selling triggered by Musk's resignation, as there were more than ten times long positions detonated at 0.1630 this morning.
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