Recent news shows that the encryption currency market has experienced significant volatility. Bitcoin has pulled back after reaching a new high, rapidly falling from a peak of $124,000 to $118,479, with a 24-hour drop of 5%. This pullback triggered a massive liquidation, affecting over 220,000 traders, with a total liquidation amount exceeding $1 billion.

This wave of fall swept across the entire encryption market. Ethereum fell to $4,581, a decrease of 4%. Ripple also did not escape, with a drop of over 3%, bringing the price down to $3.11. Other major encryptions such as Solana and BNB also experienced a decline of over 3%.

However, amidst this fall, Dogecoin (DOGE) has shown unusual resilience. It not only broke through the resistance level of $0.2533 but also looks poised to challenge the key price level of $0.27. Technical analysis indicates that Dogecoin's 5-day moving average has crossed above the 10-day and 20-day moving averages, accompanied by a significant increase in trading volume, all of which are signals of strong buying pressure.

From a long-term perspective, the daily chart of Dogecoin shows a typical cup and handle pattern. Since the low in June, the price has begun to rebound and is testing the resistance level of $0.27 again. Currently, the market seems to be transitioning from a profit-taking phase to a new round of buying phase. If Dogecoin can break through the key resistance of $0.27, its upward momentum may further accelerate.

However, investors should also be aware that as the relative strength index (RSI) approaches the overbought zone, the market may face the risk of short-term adjustments. In this uncertain market environment, caution and continuous attention to market trends are particularly important.