When the market creates a golden pit in fear, whales quietly lay out their positions in the undercurrents—0.242 DOGE is not the end, but the starting point of a new round of violent bull market!
Market analysis:
DOGE briefly dipped to the low of 0.208 USD, and then Powell's speech at 10 AM signaled interest rate cuts, instantly igniting the market. A large influx of buying pushed DOGE to soar, reaching a high of 0.242 USD at 5 AM, with an increase of over 16%. DOGE's current price is 0.237 USD, maintaining a daily increase of over 12%.
Technical analysis
0.208 USD support level: Last night at 8 PM, it fluctuated and accurately tested this strong support, followed by Powell's speech triggering a surge in buying, forming a classic pattern of 'panic washout followed by reversal'.
0.242 USD resistance: It reached the short-term target at 5 AM but failed to hold, indicating that bulls need further strength.
Current 0.237 USD: Above the 4-hour EMA20 moving average, RSI 65, MACD golden cross continues, short-term trend is bullish.
Volume signal
Futures trading volume surged by 67%: Indicates that main funds are entering, but the number of open options contracts has dropped sharply, suggesting a retreat of short-term speculation, with trend traders dominating the market.
On-chain data: Whale addresses continue to accumulate, the proportion of long-term holders is rising, and selling pressure is easing.
Formation and target
Weekly cup and handle structure: If it breaks through 0.242 USD with volume, the target points to 0.278-0.30 USD; if it stabilizes at 0.43 USD, then the journey to 1 USD begins.
Risk warning: Losing the 0.208 USD level will trigger stop-loss orders, possibly dipping to 0.195 USD.
Long Ge's perspective:
Short-term trend: After Powell's speech, DOGE experienced a surge, and the current price is at a high, potentially facing pullback pressure. However, technical indicators suggest the market may welcome a rebound, and expectations for Fed interest rate cuts may continue to support risk assets.
Market direction: If DOGE can effectively break through the resistance level of 0.242 USD, it may further rise to the range of 0.278-0.30 USD. However, if the overall crypto market pulls back, DOGE may face downward pressure.
If you are still struggling with 'whether to chase or not', remember Long Ge's words: In a bull market, it's about position; in a bear market, it's about patience!
If you are still stuck, don't worry, the opportunity is near, pay attention to Long Ge as he guides you to seize the next chance.
