DOGE soars and then plunges within the day! The long-short battle enters a heated phase
Currently, the DOGE market is experiencing a roller coaster, reaching a daily high of 0.198 before quickly retreating. The K-line forms a "long upper shadow shooting star," indicating a waning bullish momentum, but the support level below has not been breached, and the MA moving averages still show a bullish arrangement.
On-chain data reveals intensified speculation: whale addresses have net increased their holdings by 120 million coins in the past 24 hours, while the deposit volume on exchanges surged by 37% month-on-month, indicating that some short-term funds are choosing to take profits.
In the derivatives market, the funding rate for OKX perpetual contracts has soared, suggesting that bullish sentiment is overheated, and one should be wary of a potential sentiment reversal risk.
Short-term trends may exhibit two paths:
If the 0.155 support holds, it will form a "flag formation," targeting a rise to the 0.2 round number;
If it fails to hold, it may trigger a technical sell-off, pulling back to the strong support area at 0.13.
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