When the news comes, the long and short positions are in a tug of war
A life-or-death situation on the technical side
DOGE’s $0.165 is a dog leash
Are we tied to the abyss of plummeting or the starting point of rebound?
News Analysis
Short-selling confirmed: Musk’s retreat + ETF suspense
In early June, Musk announced his withdrawal from the Trump administration's "DOGE Efficiency Plan." Although it was originally a joke collaboration, it dealt a heavy blow to the emotional foundation of DOGE. At the same time, the probability of Dogecoin ETF approval is only 51%. If it is not passed in June, selling pressure may intensify.
Technical Analysis
Life and death line 0.165: The current price of $0.17 is testing the lower support of the symmetrical triangle at $0.168, which is the market bottom in April. If it breaks, it will fall into the gap area and go straight to $0.13; if it holds, it may trigger a rebound.
Indicator collective alarm:
MACD Death Cross + Negative Value: 26EMA crosses below 12EMA, and the bearish momentum increases;
RSI 34 is close to oversold: although there is a possibility of a rebound, the shrinking volume suggests that the bulls are weak;
The Bollinger Bands open downward: prices are pushed to the lower track, and a surge in volatility warns of a change in the market.
If the position breaks, short it and rebound it must replenish the volume
Short order trigger point: If the 4-hour closing price falls below 0.165, the short target will be $0.15→$0.13;
Long order sniping point: If the volume breaks through 0.185, the target for long position will be $0.20→$0.22.
A dog’s fate is determined by fate and by volume - pulling up the price without the support of trading volume is just hooliganism!
