Family, today Brother Hao is here to talk about the latest market analysis of Dogecoin (DOGE), based on the latest market data, combined with technical indicators, on-chain data, and market sentiment from multiple dimensions. It's absolutely valuable information, so please listen carefully!
First, let's discuss the distribution of resistance and support. There are several key resistance and support levels that we need to understand. In terms of core resistance, the range of 0.243 - 0.2457 USD is a strong resistance zone that has been tested multiple times recently without breaking through. If it breaks through with significant volume one day, it could lead to a rapid increase, with a short-term target range around 0.25 - 0.255 USD. Looking further up, the 0.255 USD Fibonacci 38.2% retracement level is also crucial; if it breaks through, it may open up upward space, targeting 0.28 - 0.30 USD.
As for the support level, 0.235 USD is the immediate psychological support, and this position is very important. If the price stabilizes around here, there is still a chance for the bulls. Further down, 0.220 - 0.213 USD is the dividing line between bulls and bears. If this level is lost, the situation won't be good, and it may trigger a deep correction, with the target range at 0.194 - 0.188 USD, which is the Fibonacci 76.4% retracement level.
Now, let’s talk about market sentiment. The current greed index is 64, indicating an overall bullish sentiment, and people are generally optimistic. However, there is a hidden risk here: the open interest (OI) has surged by 63.9%, which diverges from the price. What does this mean? It indicates that leverage speculation is getting a bit overheated, which can easily trigger a flash crash risk, so everyone needs to be cautious. Additionally, right now, 84% of addresses are profitable, which is a very high profit ratio and could lead to selling pressure. The net inflow of 2.7 million USD from exchanges (as of August 11 data) also shows that some people have already started to take profits.
Next, let's talk about the trading strategy. For bulls, if Dogecoin retraces to the support zone of 0.235 - 0.222 USD and shows a decrease in volume while stopping, you can start to accumulate in batches. The initial target is 0.245 USD, and after breaking through, it will look towards 0.255 USD. If it breaks 0.2457 USD, then you can increase your position, but remember to set the stop-loss below 0.235 USD to manage risk.
For friends who are bearish or on the sidelines, if Dogecoin breaks below 0.220 USD, don't rush to enter. Wait until it drops to the weekly support zone of 0.194 - 0.188 USD before considering a buy.
My operational strategy today is to continue being bullish around 0.23800, with an initial target of 0.24320, and after breaking through, look towards 0.25000.
