DOGE Morning Observation: Triangle Convergence Awaiting Breakthrough, Key Support from Major Players

This morning, DOGE has not made any significant movements, stuck at the end of the 'triangle convergence.' The next steps depend on the performance of volume and key price levels.

First, looking at the key signals from the funding side, major players have placed a large order of 3.63 million USD in the range of 0.212 to 0.214, which acts as an invisible support. When the short-term market dips to this level, there is a high probability that funds will prop it up, but whether it can hold depends on the subsequent sentiment.

Next, examining the technical indicators, several indicators point to a 'waiting for direction' state. Firstly, the moving averages, EMA7 and EMA30, are directly overlapping at 0.2151, with the price closely following this overlapping moving average, forming a typical triangle convergence pattern. In such a market, once a breakout occurs with increased volume, whether upwards or downwards, there will be a clear trend. Then there's the MACD, where the dual lines are almost stuck together, and the histogram shows only +0.0004, indicating that bearish momentum is nearly exhausted. A golden cross could form at any time, and if it does, the probability of a short-term rebound will significantly increase. Finally, looking at the RSI, the 6-period RSI is 56.6, in a neutral to strong range, neither overbought nor oversold, indicating potential for a breakout, but currently lacking a catalyst to drive sentiment, so it has remained stagnant.

Mu Xin's View: If DOGE continues with low volume this morning and cannot even break through 0.218, it is likely to retrace to the range of 0.211 to 0.212 to test the support order placed by major players. If this support is also broken, the market may quickly slide to 0.208, at which point risk should be carefully monitored. #doge