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Dogecoin (DOGE) outperformed the overall cryptocurrency market, with trading volume nearly 10% higher than the weekly average, indicating that it has entered the early accumulation stage within the breakout structure. This time DOGE rose 1.4% to $0.21, breaking through the $0.2026 resistance level for the first time since August. The significant increase in trading volume also indicated strong institutional interest in it. DOGE's resilience signals a potential shift toward high-beta assets amid overall market consolidation.  Market dynamics: Breaking through several months of consolidation and outperforming the marketDOGE rose 1.4% to $0.21 in trading on Tuesday, breaking above $0.2026 resistance for the first time since late August. This meme coin outperformed the market, outperforming the CD5 index by more than 2%. Its trading volume surged 9.82% from the seven-day average, reflecting that institutional investors continue to participate in the memetic asset field. This breakthrough means that DOGE has completed "early cycle momentum accumulation" after nearly two months of volatility in the $0.19-$0.20 range. The resilience of DOGE, coupled with the consolidation of Bitcoin and Ethereum, indicates that funds are flowing back into high-beta assets. Price performance: Steady rise, holding support after breakthroughThe price of DOGE rose steadily within 24 hours, rising from $0.1950 to $0.2072, forming a series of "higher highs" and "higher lows" within the $0.0159 range during the day. The key breakthrough occurred at 22:00 UTC time, when the trading volume soared to 834.5 million coins, approximately 180% higher than the 24-hour moving average, and the price simultaneously broke through the key resistance of $0.2026. In early trading on Wednesday, DOGE once touched $0.2087, and then experienced mild profit-taking, but the retracement was limited and it firmly held the support level of $0.2070, which also confirmed that the previous resistance level has transformed into a short-term demand area.  Technical: The trend is improving, momentum needs to be confirmedThe overall technical outlook is optimistic. DOGE maintained its rising trendline from the $0.1949 low and successfully retested the $0.2060-$0.2070 range, highlighting that buyers are still in control of the market. The 4-hour chart shows that the RSI indicator fluctuates around 58, which is in line with the early characteristics of the upward trend.； Although the MACD indicator remains positive, the difference narrows, reflecting the short-term consolidation after the breakthrough. Trading volume analysis shows that the market presents a healthy chip distribution rather than a "capitulation decline", indicating that the current situation is a re-accumulation stage rather than a weak trend. The price structure remains consistent with bullish continuation characteristics, but a sustained close above $0.2085 is needed to confirm upward momentum.  Key to trading: focus on support and volumeDOGE broke above $0.2026, marking a technical turnaround as it broke out of a multi-month consolidation range. Although retail participation remains low, institutional capital inflows continue to support price stability. If it can successfully hold the support level of $0.2060-$0.2070, DOGE may rise steadily to $0.2130 - this position is the 38.2% Fibonacci retracement level of the May-September decline. However, if it fails to hold the current support, it may face the risk of a short-term pullback to $0.1990. Traders are watching whether trading volume can once again exceed the 800 million mark to confirm that "smart money" continues to accumulate. |
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