Family, Yang Ge is here today to chat about the Dogecoin (DOGE) market this afternoon.

From a technical perspective, the situation is a bit complex. On one hand, bullish patterns such as rounded bottoms, converging triangles, and cup-and-handle formations have appeared on the DOGE chart. As everyone knows, historically, these patterns have often been followed by a significant rise. If DOGE can break through the key level of $0.29, it is very likely to replicate the big market surge from $0.18 to $0.49 that occurred in 2024, which would be very exciting.

On the other hand, the daily DOGE chart has formed a bearish rising wedge pattern and a head-and-shoulders formation, which is not a good sign and suggests that downside risks are increasing. If the market weakens, it may very well test the support level at $0.1415. So, the market direction is currently unclear, and both bulls and bears have opportunities.

Looking at the 4-hour candlestick chart, although the current MACD histogram remains positive, it is gradually getting shorter, indicating that the strength of the bulls is weakening. The KDJ value is currently 83, which is in the overbought area, suggesting that there may be a need for price correction in the short term. However, trading volume surged by 9.29 million at the end of the session, clearly indicating inflow of institutional funds, which is a positive sign. But we also need to pay attention to the sustainability of the buying pressure; if the subsequent buying does not keep up, then this upward movement may be difficult to maintain.

From the perspective of market sentiment, whales accumulated 680 million DOGE in August, which offset the selling pressure from retail investors, indicating that large funds still have strong long-term confidence in Dogecoin.

Finally, Yang Ge offers some operational advice: we can treat DOGE as a volatile market now, considering going long around $0.22900 - $0.23200, with an initial target towards $0.23700. More aggressive friends can target around $0.24. #DOGE