The governor's long/short ratio [激增] to 1.20 suggests a possible bullish breakout.

The main support for Price is around $0.17, and if momentum builds, the target is close to $0.22.
Dogecoin [Doge] may be preparing for a directional shift as the long/short ratio is already bullish. The surge in trader sentiment and potential support levels formed on the chart may impact the next Doge journey.

The long/short ratio signal has increased the bullish sentiment.
Over the past 24 hours, the Dogecoin long/short ratio has jumped from 0.85 to 1.20, the highest level in the past week. The indicator suggests that more traders will be betting on Doge for the long term rather than shorts, suggesting growing confidence in a potential upward move.

Historically, the price of Doge tends to respond to this shift in trader positioning, especially when the ratio exceeds the 1.00 threshold.

The rise of the long/short ratio may be a sign of returning speculative appetite, which often precedes breakout attempts.

Dogecoin macro channel makes bulls play.
From a weekly perspective, Dogecoin is trading within a long-term ascending channel. Based on the consistency of Fibonacci extensions and trend lines, the asset is above the key diagonal support level around the $0.17 region, which is the press release.

If Doge maintains this channel and volume, the next resistance area is between $0.22 and $0.23, which aligns with the 2.618 and 3.618 FIB extension levels. The possibility of breaking these levels could pave the way for a path towards $0.30 and beyond.

On the other hand, anyone who fails to hold $0.16 can expose Doge to a retest at $0.15, which is the 0.786 FIB retracement on the 12-hour chart.

As of this writing, the price of the 50 EMA (yellow line) is $0.182, acting as recent resistance.