According to @TATrader_Alan, Dogecoin (DOGE) has formed a descending triangle pattern, which is typically a bearish signal, despite showing signs of stabilization. The cryptocurrency recovered 4.7% from a low of $0.164 to $0.171 after a sharp, liquidation-driven selloff attributed to geopolitical tensions. Technical analysis reveals an RSI of 33.29, suggesting DOGE is approaching oversold territory, which could attract buyers. Key support has been established at $0.164, with immediate resistance near $0.172. A failure to break above the $0.1750 resistance level could trigger a retest of the $0.1640 support, or potentially drop to $0.150 in a risk-off market environment. Despite the bearish pattern, social sentiment data from LunarCrush shows a highly positive tone, and small volume bursts suggest potential accumulation at lower price levels.

According to Milk Road, while many traders focused solely on cryptocurrency price movements in May 2025, the real story was revealed in underlying on-chain metrics such as surging transaction volumes, increased DeFi protocol activity, and notable shifts in wallet accumulation (source: Milk Road, June 2, 2025). These trends suggest foundational strength and potential bullish momentum for major cryptocurrencies, highlighting the importance of tracking on-chain analytics for informed trading strategies.

According to Wei (@thedaoofwei) on Twitter, Bitcoin is currently serving as the primary entry point for new retail investors and fresh capital inflow into the cryptocurrency market. This trend indicates strong bullish momentum, as increased retail participation often precedes higher trading volumes and potential price appreciation. Traders should monitor on-chain data and exchange inflows for confirmation of heightened retail activity, which historically leads to increased volatility and upward price pressure in Bitcoin and altcoins (Source: @thedaoofwei on Twitter, May 29, 2025).