$DOGE
Everyone says it will rise to 1 dollar, but I choose to short it on the spot.
Dogecoin, stimulated by Bitcoin breaking the $100,000 mark, surged 14% in the short term, with prices once approaching the psychological threshold of $0.20, attracting a large amount of chasing funds into the market. At the same time, community hype and celebrity endorsements continued to brew, leading the market to generally expect that DOGE has the potential for a "bottom rebound, directly charging to 1 dollar."
Despite the bulls cheering, the financing rate for Dogecoin has turned negative, indicating that short-sellers have gained higher returns, and there is market sentiment betting on a pullback. The significant rise in the on-chain NVT ratio also hints at the possibility of a valuation bubble, or suggests that short-term adjustment risks are increasing.
Secondary resistance may be at $0.214, corresponding to the Fibonacci 38.2% and 61.8% retracement levels.
Key support: $0.183 — if the price falls below this, the likelihood of further declines to $0.172 and $0.162 increases.
Pattern characteristics: The 4-hour chart shows a "flag" consolidation structure, with prices quickly retreating after breaking below the flag's lower boundary, accompanied by increased trading volume, which can be seen as a "reversal downward" signal.
Oscillation indicators: The RSI on the daily chart is at the 58 level, and although it has not yet entered the overbought zone, a clear top divergence has emerged, indicating insufficient upward momentum; the MACD histogram energy has begun to shrink, also supporting the expectation of a pullback.
You can take the above analysis lightly; the reason I dare to short is mainly because I only opened a 1X position. Plus, I still have 70% of my ammunition to continue adding to my position 😄.
