Is Dogecoin brewing a major move? Key resistance at 0.1716, with a target aimed at 0.1785!
Don't be fooled by DOGE's sideways movement these past few days, with a slight weekly drop of 3.95%. The market isn't dead; rather, it increasingly resembles a buildup for a big move.
From 0.1427 to 0.1677, it's currently stabilizing around 0.1645, and the rebound structure is still intact, showing clear signs of energy accumulation.
On-chain data is also promising:
Active addresses have surged, users are back.
Social media activity is skyrocketing, sentiment is brewing.
The interaction between these two factors typically foreshadows an impending breakout.
From a technical perspective:
Bollinger Bands are narrowing, volatility is compressed.
RSI is at 57, with room before reaching overbought levels.
Resistance: 0.1716; if broken, a push towards 0.1785 is possible.
Support: 0.1617; daily stop-loss suggestion set at 0.1595.
Although the sell orders account for as much as 61%, the bulls have firmly maintained the range. The directional choice following this consolidation may be the key to the next market move.
Do you think Dogecoin will directly bite up to 0.18 this time? Share your judgment in the comments section.
