Dogecoin's recent 24-hour trend has sparked quite a bit of discussion. The price increase is indeed obvious, and the technical signals also reveal several indicators.

Let's start with the positive news. The latest bill draft in the U.S. Senate intends to classify DOGE as a non-security, which could be a turning point for market perception and institutional participation. From the candlestick chart, the MACD has already completed a bullish crossover, the price has broken above the upper Bollinger Band, and trading volume has surged significantly. These are typical bullish signals. The chart also shows that DOGE has a concentrated long position of 2.5 million around 0.139, which can be expected to attract more buying interest.

However, risks should also be noted. The 6-period RSI has soared above 85.01, indicating a clear overbought condition, which could lead to a technical correction in the short term. The more critical issue is that both the 7-period and 25-period EMAs are still below the 99-period EMA, suggesting that the long-term trend remains bearish. This indicates that the rebound might only be a short-term phenomenon.

Another point that is often overlooked: Dogecoin's actual use cases are limited, and ecosystem development is progressing slowly. Analysts generally believe this is a bottleneck restricting long-term growth. Therefore, even if regulatory clarity improves, if the utility of the ecosystem is not addressed, the upward potential may also face a ceiling.