Alert! Coinbase bullish sentiment has been overdrawn! Is chasing the rise at $DOGE a leap off a cliff?
Based on the current 1-hour K-line and market dynamics analysis of DOGE, the technical side is overbought and under pressure, but the news side provides support. On-chain chip divergence is increasing, and there may be a rise and fall during the day.
Technical Analysis: DOGE rose from 0.168 to 0.175 and encountered resistance. The MACD red column at the 1-hour level has shortened, but DIF/DEA is still underwater. The KDJ three-line J value is 89.7, severely overbought and turning. RSI is approaching the 70 overheat zone, indicating a short-term need for adjustment. Key support is at 0.168; if it breaks, it may retest 0.162. The upper resistance at 0.178 is the previous high neckline pressure, and a breakthrough requires volume to expand to above 30M. The current volume column is only 11.5M, showing weak follow-up.
News: Musk tweeted a dog emoji in the early morning; there are rumors that the X platform may integrate DOGE payment. However, be cautious as the bullish expectation for Coinbase to launch DOGE futures has been partly overdrawn.
On-chain Data: Whale addresses have increased their holdings by 120 million DOGE in the last 6 hours, but the exchange inventory surged by 5%, suspected to be a principal counter-trade; contract funding rate at 0.03% reflects overheating in the bulls. The liquidation map shows a $25 million short stop-loss order above 0.178, which may lead to a short squeeze if broken.
Personal Opinion: In the daytime, it is highly likely to test the 0.178 pressure before falling back to the 0.168-0.172 range for consolidation. If it stabilizes at 0.170, a light position can be taken to bet on a rebound, with a stop-loss below 0.165; a breakthrough at 0.178 requires support from Musk's solid bullish news, otherwise, it is considered a trap for the bulls. Beware if BTC loses 113,000, it will bring down the meme sector.
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