DOGE Surges 63%, But Can It Hold $0.227?

Okay, here's a refined version of the article, focusing on clarity, readability, and removing potentially extraneous elements while preserving the original structure and the placeholders:

Key Insights:

• DOGE tests $0.227 support following a 63% rally, now facing pressure from short-term profit-taking.
• A hidden bullish divergence has been observed on the 4H chart, but the RSI remains neutral, providing unclear recovery signals.
• Long-term holders maintain their positions as realized profits spike, offering support for DOGE amid increased downside volatility.

DOGE Surges 63%, But Can It Hold $0.227?

Dogecoin experienced a significant surge of over 63% in recent trading, climbing from $0.17587 to a peak of $0.28667. This movement garnered substantial attention within the cryptocurrency market. However, the rally has since cooled, and the price is currently testing a key support zone near $0.227.

A break below this level could expose DOGE to further downside, with $0.18 potentially serving as the next area of demand. At the time of writing, the token was trading at $0.225195, reflecting a 5.85% decrease over the past 24 hours.

This sharp decline indicates a wave of short-term profit-taking. Trading volume has exceeded $3.5 billion, suggesting significant activity from traders seeking to secure profits from the recent price increase.

Mixed Signals From Technical Indicators

The 4-hour chart reveals a hidden bullish divergence. DOGE formed a higher low while the Relative Strength Index (RSI) registered a lower low. This pattern can sometimes signal a potential price recovery, but confirmation is needed.

Despite the divergence, RSI levels remain neutral. Market observers are awaiting further price action confirmation before anticipating a strong rebound.

Dogecoin RSI Bullish Divergence | Source: X

If DOGE successfully climbs back above $0.245, it may attempt to reach $0.268. Until then, sideways movement or further price drops remain possibilities.

Long-term holders steady as key support faces pressure

DOGE is currently under pressure to maintain the $0.227 level. Should this support fail, analysts anticipate a potential decline toward $0.198 or even lower.

Resistance is presently observed around $0.245, a level that must be reclaimed to restore bullish momentum. Some analysts are concerned that DOGE's inability to hold above $0.227 could trigger further selling pressure.

DOGE realized profit/loss ratio | Source: Glassnode

However, the cryptocurrency has also seen a notable increase in its realized profit/loss ratio, a metric that indicates the amount of profit being locked in by active traders. This suggests that short-term holders are contributing to the current decline.

Long-term DOGE holders are not exiting their positions. The Liveliness metric, which tracks wallet activity, has decreased—suggesting that experienced holders are remaining in place. Their continued support has historically helped stabilize DOGE during corrections.