Musk ignites DOGE surge! 16 cents is just the starting point?
Today, DOGE violently surged, soaring over 10% in a single day, firmly standing at the key level of $0.16! Even more astonishing is the trading volume skyrocketing sixfold, reaching a record $2 billion, as whales and retail investors frantically poured into the market.
At the Trump rally in Pennsylvania, Musk boldly envisioned the establishment of a 'Department of Government Efficiency' and hinted at his willingness to serve in the Trump administration. This pun-laden political link directly triggered the market's fervent imagination of 'policy empowerment' for Dogecoin, leading to a surge in buying.
A classic W-bottom structure formed on the daily chart, with the neckline anchored at $0.2596. Today's breakout above the resistance level of $0.16, along with the MACD golden cross and RSI rising past the neutral line of 50, confirms the bullish takeover trend. If it holds above $0.17, the next target is straight to $0.25.
Whale buying spree: On-chain monitoring shows that large investors have increased their holdings by 0.34% of the circulating supply in the past 30 days, while retail investors' holdings have decreased by 2.59% during the same period, accelerating the concentration of chips;
Retail frenzy: The Binance DOGE/USDT contract long-short ratio has reached 3:1, with 75% of traders betting on a rise, as FOMO sentiment spreads.
Dogecoin today is far from a simple 'Meme frenzy'—Musk's political card + technical structure breakout + on-chain whale movements have formed a three-pronged bullish engine.
If the D.O.G.E. department concept receives Trump's endorsement, the battle for $0.20 will become a watershed moment for bulls and bears, and a new supercycle may set sail!
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