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▲ Dogecoin (DOGE)/ChatGPT generated image ©
Dogecoin (DOGE) has revived its short-term upward momentum, breaking through the psychological resistance level of $0.10 amid a simultaneous influx of whales and retail investors.
According to investment media FXStreet on April 29 (local time), DOGE surged more than 10% during intraday trading, recovering the $0.10 level. This is analyzed as a result of a combination of large-scale capital inflow and increased interest from retail investors. Technically, the short-term upward trend is strengthening, improving market sentiment.
In terms of supply and demand, whale activity has significantly increased. Large transactions exceeding $1 million rose from 27 to 39 in a single day, signaling the re-entry of large investors. Concurrently, according to Santiment data, social share increased from 0.128% to 0.287%, indicating a rapid expansion of retail investor interest.
The derivatives market also supports the bullish trend. Open interest increased by over 24% in 24 hours, expanding to approximately $1.78 billion, and the funding rate remained positive at 0.0043%, confirming a preference for long positions. During the same period, liquidations totaling approximately $21.73 million occurred, with $21.30 million attributed to short position liquidations, indicating a short squeeze-driven upward trend.
Technically, short-term bullishness prevails, but signs of overheating are also detected. DOGE broke above its 50-day moving average of $0.0968 and exited a downtrend line upwards, but it remains below the 200-day moving average of $0.1249. The Relative Strength Index (RSI) is at 73, close to the overbought zone, suggesting a potential moderation in the short-term upward pace.
The key going forward is whether it can break through the 200-day moving average. Overhead resistance lies in the $0.1161 and $0.1249 range, and a breakthrough there could open up further upside to $0.1565. Conversely, if the $0.10 support level collapses, the possibility of a correction down to $0.0879 cannot be ruled out.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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