The tug-of-war between bulls and bears intensifies for Dogecoin: whale activity clashes with key resistance levels.
Dogecoin (DOGE) saw a 41.12% surge in 24-hour trading volume, with a significant increase in whale address activity, a signal that may suggest renewed interest from institutional investors.
At the same time, the number of daily active addresses for DOGE has risen by 34.91%, reflecting a dual increase in retail and institutional participation, sparking market speculation about a new round of bullish momentum.
On-chain data resonates with market sentiment: the long/short ratio for DOGEUSDT contracts on the Binance platform reaches 3, with 75.08% of traders holding long positions, indicating strong bullish expectations.
However, price performance contradicts the optimistic sentiment—DOGE's price has corrected by 8.40% in the past 24 hours.
Currently priced at $0.2276, trading volume has also declined by 10%, indicating a marginal reduction in retail participation, highlighting an increase in bullish-bearish divergence.
From a technical perspective, $0.25 has become a critical watershed: if it fails to effectively break through this resistance level, and the daily closing price falls below the $0.22 support, it may trigger a sell-off.
Conversely, once it stabilizes above $0.255, DOGE is expected to launch an assault towards $0.30, with a potential increase of 20%.
It is worth noting that historical data shows that similar price levels have previously led to sharp corrections in memecoins, intensifying market concerns about price reversals.
Currently, the DOGE market shows a stalemate between bulls and bears: inflows from whales and high bullish sentiment provide upward momentum, while price corrections and shrinking volume release short-term risk signals.
Future movements will depend on the breakout situation of key price levels, and traders are advised to closely monitor changes in support and resistance levels to flexibly respond to potential market volatility.
In the past 24 hours, Shiba Inu (SHIB) burn rate surged by 6519%, attracting strong market attention. This anomaly accompanied SHIB's price briefly touching $0.00001577 before retreating, failing to break through the key resistance level.
According to Binance data, as of the time of writing, SHIB is priced at $0.00001523, down 3.36% from its intraday high. This attempt to rally is crucial for breaking the downward trend line formed since November 2023, but it ultimately failed.
On-chain data shows that over 28.2 million tokens have been burned in the past 24 hours, reversing an 80% decline over the previous week, with clear signs of speculative capital inflow.
On a technical level, SHIB remains trapped in a long-term bearish pattern that began in December 2023. Despite momentum indicators turning bullish, the downward trend line still poses strong resistance, with the $0.00001550 mark suppressing upward movement for a consecutive week.
The daily RSI hovers around 59, not yet reaching the overbought zone. If a confirmed breakout cannot be established, the price may fearfully drop towards the strong support level of $0.00001000.
Crypto analyst Javon Marks points out that if SHIB stabilizes above $0.00001500, it could see a 105% increase, with a potential target price of $0.000081.
However, the optimistic forecast hinges on the bulls maintaining key support; otherwise, the upward structure will fail.
Despite the soaring burn rate, SHIB's market cap still shrank by 3.7% to $9.2 billion within 24 hours, indicating persistent overall market pressure. Meanwhile, weekly burn volume plummeted by 80.48%, highlighting the instability of deflationary data.
Some traders question whether the recent surge in burn rates is a result of artificial marketing rather than natural supply and demand changes.
Prior to the release of U.S. CPI data on May 15, the overall sentiment in the crypto market is heavily cautious. Inflation data will be a key variable: if it continues to slow, it may fuel the upward trend of coins like SHIB; conversely, unexpectedly high data will intensify risk aversion sentiments, leading to deeper corrections.
Despite SHIB's performance last week being better than most major tokens, its price movement remains highly tied to market sentiment.
