Dogecoin breaks the descending trend line, consolidating in a震荡整理蓄势待发
Dogecoin (DOGE) has recently broken through the descending trend line on the chart with strong bullish momentum, attracting significant attention from investors and whales. However, at the time of writing, the price is in a consolidation phase, and the market seems to be facing pressure to consolidate in the short term.
Whale trading volume surges, are bullish signals frequent?
On-chain analysis company IntoTheBlock data shows that whale transactions between $1 million and $10 million have surged by 540.47%, while transactions above $10 million have skyrocketed by 8060%. This phenomenon indicates that during the price consolidation period, the participation of whales and institutional investors has significantly increased, suggesting that they may be accumulating DOGE in preparation for future price increases.
Additionally, the large transaction volume in the past 24 hours has increased by 41.12%, and the number of daily active addresses has grown by 34.91%, further reinforcing the attention of whales and institutions on DOGE.
Market participation has decreased, but bullish sentiment remains strong
Although DOGE's price has dropped by 1.45% and trading volume has decreased by 43%, indicating a reduction in retail participation in the short term, a report from on-chain analysis firm Coinglass shows that there is still strong bullish sentiment in the market. The long-short ratio for DOGEUSDT on Binance is 2.15, meaning that 68.28% of traders hold long positions, indicating that bullish momentum in the market remains strong.
Key range: $0.175 to $0.185
According to AMBCrypto's analysis, DOGE is currently in a narrow consolidation range of $0.175 to $0.185. If the price breaks above $0.185, a 10% increase could follow, with a target price of $0.205. Conversely, if it falls below the support level of $0.175, a 7.5% pullback may occur, with a target price of $0.162.
Summary: Bullish signals during the consolidation period, can DOGE迎来新一波爆发?
The current horizontal consolidation of Dogecoin may just be the buildup before an explosion. With the surge in whale participation and the maintenance of bullish sentiment in the market, DOGE is expected to gain new upward momentum after breaking above $0.185.
