Dogecoin price has broken out of a descending channel and retested it as support, confirming bullish technical structure. Technical Analysis in Brief

Dogecoin的價格已經從下降的頻道中淘汰，並將其重新測試為支持，從而證實了看漲的技術結構。技術分析簡要

Dogecoin [DOGE] has broken out of a descending channel and retested it as support, confirming bullish structure.

Dogecoin [Doge]已經從下降的頻道中拆分並重新測試了支持，證實了看漲的結構。

Price action has held steadily above the $0.22 level.

價格行動穩步上升到0.22美元的水平。

On-chain data reveals heavy short liquidations and an undervalued MVRV Z-score.

鏈上的數據揭示了大量的短清算和被低估的MVRV Z分數。

However, network activity shows a short-lived surge followed by a sharp retracement.

但是，網絡活動顯示出短暫的激增，隨後進行了急劇回溯。

Dogecoin price has encountered resistance at the $0.25 zone, which could limit immediate gains.

Dogecoin的價格在0.25美元的區域遇到了阻力，這可能會限制立即收益。

Dogecoin price showed strength as it rebounded from the crucial support at the $022 level. Despite encountering resistance at the $0.25 zone, on-chain metrics suggest that the meme coin is in a healthy condition for sustained upward action.

Dogecoin的價格表現出強度，因為它從$ 022水平的關鍵支持中反彈。儘管在0.25美元的區域遇到了阻力，但鏈上的指標表明，模因硬幣仍處於健康狀況，可持續進行上升。

Further, recent price action saw short liquidations outweigh long liquidations sharply, indicating a possible market-wide short squeeze.

此外，最近的價格行動使短暫的清算急劇遠遠超過了較長的清算，這表明可能會有短暫的短暫擠壓。

On-chain data: Is there room for more growth?

鏈數據：有更多增長的空間嗎？

On-chain data from CoinGlass showed that for the past 24 hours at press time, short liquidations totaled $387K while long liquidations came in at only $65K. This liquidation imbalance usually accelerates price movement and puts pressure on the coin to move further in the direction of the liquidated positions.

Coinglass的鏈上數據顯示，在過去的24小時內，短量清算總額為38.7萬美元，而長量清算僅為65,000美元。這種清算不平衡通常會加速價格轉移，並在硬幣上施加壓力，以便朝著清算位置的方向進一步移動。

Moreover, MVRV Z-score sat at 0.94 at press time. Generally, a Z-score above 2.5 suggests overvaluation while a low score indicates that most holders are holding at a loss or in minimal profit.

此外，MVRV z得分在發稿時為0.94。通常，高於2.5的Z得分錶明高估，而低分錶明大多數持有人持有損失或最低利潤。

Therefore, the current low reading on MVRV Z-score signaled that there was little urgency for traders to sell at a loss, which in turn, could sustain the current rally.

因此，當前對MVRV Z分數的低閱讀表明，交易者幾乎沒有損失出售的緊迫性，這反過來又可以維持當前的集會。

On the other hand, DOGE’s Stock-to-Flow Ratio surged to 99.53, which is an all-time high. Usually, a rising Stock-to-Flow Ratio signals decreasing supply growth, which in turn, increases scarcity and price. However, such a sharp rise could also signal unusual market activity or upcoming volatility.

另一方面，Doge的股票流比飆升至99.53，這是歷史最高的。通常，股票與流量的增加信號會降低供應增長，從而增加稀缺性和價格。但是，如此急劇的上升也可能表明市場活動異常或即將發生的波動性。

Historically, sudden spikes in Stock-to-Flow have often preceeded both major rallies and corrections.

從歷史上看，股票而一的突然峰值通常是主要的集會和更正。

This year, the sharpest rises in Stock-to-Flow occurred during the January rally and the February correction.

今年，在一月份的集會和二月更正期間，股票交流的最高上升發生。

This year, the sharpest rises in Stock-to-Flow occurred during the January rally and the February correction.

今年，在一月份的集會和二月更正期間，股票交流的最高上升發生。

Earlier in May, daily active addresses spiked to over 500K but has since retraced to just 28.6K. Transaction counts also dropped from the monthly highs to only 8.8K. This abrupt decline suggests that the earlier price rally may have been driven by short-term speculative interest rather than sustained utility or user growth.

5月初，每天的活動地址飆升至50萬多個，但此後僅回落至28.6k。交易計數也從每月高點下降到僅8.8K。這種突然的下降表明，較早的價格集會可能是由短期投機利益而不是持續的效用或用戶增長驅動的。

Can DOGE reclaim $0.25 and sustain the breakout?

Doge可以收回$ 0.25並維持突破嗎？

Dogecoin has the potential to reclaim $0.25 and sustain its breakout. The cryptocurrency is showing strength as it trades above the key support at $0.22.

Dogecoin有可能收回0.25美元並維持其突破。加密貨幣表現出強度，因為它以0.22美元的價格交易的主要支持。

Moreover, on-chain metrics suggest that DOGE is in a healthy condition for sustained upward action. In the past 24 hours, short liquidations were heavily skewed at $387K compared to just $65K in long liquidations.

此外，鍊鍊指標表明，Doge處於健康狀況的持續行動狀態。在過去的24小時內，短清算量的傾斜度為38.7萬美元，而長期清算僅為65,000美元。

This disparity in liquidation amounts usually accelerates price movement and puts pressure on the coin to move further in the direction of the liquidated positions. In this case, with short liquidations dominating, it suggests that there could be more downward price action.

清算量的這種差異通常會加速價格移動，並向硬幣施加壓力，以便朝著清算位置的方向進一步移動。在這種情況下，由於較短的清算占主導地位，因此表明可能會有更多的下降價格行動。

Additionally, the MVRV Z-score stands at 0.94, which is quite low. A Z-score above 2.5 suggests overvaluation while a low score indicates that most holders are holding at a loss or in minimal profit.

此外，MVRV Z分數為0.94，非常低。高於2.5的Z得分錶明高估，而低分錶明大多數持有人持有損失或最少的利潤。

Consequently, the current low reading on MVRV Z-score signals that there is little urgency for traders to sell at a loss, which in turn, could sustain the current rally.

因此，目前對MVRV Z分數的低讀數信號表明，交易者幾乎沒有損失的緊迫性，這反過來又可以維持當前的集會。

However, despite the bullish momentum, there are also some volatility risks to consider.

但是，儘管有看漲的動力，但仍有一些波動的風險要考慮。

On-chain activity shows a short-lived surge followed by a sharp retracement. Daily active addresses recently spiked to over 500K but have since retraced to just 28.6K. Transaction counts also dropped from the monthly highs to only 8.8K.

鏈上的活動顯示出短暫的激增，隨後進行了急劇的回回。每天的活動地址最近飆升至50萬以上，但此後僅回落至28.6k。交易計數也從每月高點下降到僅8.8K。

This abrupt decline suggests that the earlier price rally may have been driven by short-term speculative interest rather than sustained utility or user growth.

這種突然的下降表明，較早的價格集會可能是由短期投機利益而不是持續的效用或用戶增長驅動的。

suggest that the cryptocurrency could be poised for further gains.

表明可以將加密貨幣有望獲得進一步的收益。

Moreover, derivatives data from DeFi Glass present a mixed outlook. Total volume dropped 22.05% to $3.46B, signaling reduced speculative participation. However, Open Interest (OI) rose 2.7% to $2

此外，來自DEFI玻璃的衍生物數據表現出混合的前景。總容量下降了22.05％至$ 3.46B，信號降低了投機參與。但是，開放利息（OI）上漲2.7％至$ 2