Technical Analysis in Depth
The current DOGE/USDT one-hour candlestick is at a critical watershed!
The price is oscillating between the middle and upper Bollinger bands, currently at 0.223. A strong resistance level at 0.227 has formed a clear resistance wall, while the dual support levels at 0.219 and 0.212 are the last line of defense for the bulls.
It is worth noting that although the MACD shows a death cross, the price has not yet broken through the key support, indicating that bulls are still building strength.
If DOGE can effectively hold above 0.219 and break through the upper Bollinger band with volume, it is highly likely to trigger a rapid surge towards the 0.227 resistance level!
The liquidation heatmap hides secrets
From Binance's liquidation heatmap, a large number of short liquidations are densely distributed in the 0.225-0.234 range, which means that once the price breaks above 0.227, it may trigger a short squeeze and accelerate the rise!
The 0.212-0.219 area also has an accumulation of long liquidations; if a bearish surprise occurs, it may lead to a chain liquidation and exacerbate the decline.
Coinglass data shows that current open contracts are still at a high level, and market sentiment is extremely sensitive; any directional breakout will trigger significant volatility!
Tonight, a news bomb is coming!
At 20:30, the U.S. will announce initial unemployment claims and revised GDP values!
If the data is bullish (rising unemployment rate, GDP downgrade), expectations for interest rate cuts by the Federal Reserve will rise, and DOGE is likely to break through 0.227, even challenging 0.235!
However, if the data is bearish (strong economy), DOGE may rapidly retrace and, if it falls below the 0.219 support, it could test the 0.212 bottom.
Mig's view: It is recommended to observe with light positions before the data; if it breaks above 0.227, long positions can be pursued, and if it falls below 0.219, be cautious of a deep retracement!
Mig believes that whether DOGE can start a new round of market movement not only depends on tonight's data, but also requires attention to whale holding changes and net inflow data from exchanges!
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