Shocking! $DOGE is about to welcome a historic breakthrough, but this data reveals an astonishing scam?
Currently, DOGE is in a fluctuating market at the 1-hour level, with prices repeatedly testing the resistance level of 0.23773 around 0.23. This price point is a pressure zone formed by recent highs, and a volume breakout is needed to open up upward space. Technically, the moving average system is intertwined, showing no clear bullish or bearish tendency, and the candlesticks are mostly small-bodied bullish and bearish lines, accompanied by upper and lower shadows, indicating fierce tug-of-war between bulls and bears at this position.
On the news front, although Musk has been busy with Tesla's equity disputes recently, the DOGE technical upgrades he previously promoted and the implementation of Tesla's payment scenarios are still fermenting. Additionally, the SEC's clear stance that the PoW mechanism does not constitute a securities issuance has cleared obstacles for DOGE ETF approvals, and institutional funds may gradually enter the market.
On-chain data shows that whale accounts have increased their holdings by over 1 billion DOGE in the past month, bringing the total holdings to 25.97 billion DOGE, indicating that large funds are optimistic about the future market. At the same time, the contract volume in the futures market has broken through 10.35 billion contracts, with strong bullish sentiment in derivatives.
However, it should be noted that while the MVRV ratio has entered the negative zone, suggesting a short-term oversold condition, the target of 0.3 needs to break through the key resistance level of 0.246 to confirm further. It is recommended to closely monitor the breakout situation at 0.23773; if it stabilizes effectively, it could rise to around 0.2668. If it encounters resistance and falls back, attention should be paid to the support strength at 0.215 to guard against high-position washouts.
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