English
95084
If you don’t know what to do in the bull market, you are welcome to scan the code to join the group for free. The spot code and layout strategy of the bull market can be shared for free. Welcome to private message me to join us Penguin number can be added: 3838974575 Entering November, Dogecoin (DOGE) is facing continued selling pressure. The current price is around $0.18, which is down about 27% from this month’s highs. Although there has been a slight rebound in the short term (about 1.2%), the overall trend is still weak. On-chain data shows that there have been significant changes in the internal capital structure of the market, and the sentiment of long-term holders has turned, suggesting that prices may still have room to drop.  Long-term wallet capital flows reverse and selling pressure is building According to on-chain monitoring data, the holding structure of Dogecoin experienced a major reversal on October 31st - approximately 8.2 million DOGEs flowed in and 22 million DOGEs flowed out, which is completely opposite to the previous trend of continued currency hoarding. This represents a reversal of approximately 36% in Hodler's net position change, the largest in recent weeks.  In the past, these old currency holders tended to remain calm amid fluctuations, but now they are selling, showing that short-term confidence is shaken. Once such long-term funds choose to reduce their positions, the market will often face continued selling pressure, making it difficult to maintain existing support. From the perspective of chip distribution, the range of US$0.177-0.179 is the current main support zone. About 3.78 billion DOGE change hands in this range, forming the most intensive chip area in the near future. However, if long-term holders continue to sell, this support may fail. Once it falls below $0.17, there will be almost no obvious buying below the $0.14 area, which may form a price "vacuum zone" and trigger an accelerated decline.  The technical signal is bearish, and the second "death cross" is approaching Technical trends also support the bearish call. Since the end of October, the 50-day moving average has crossed below the 200-day moving average, forming the first "death cross"” ； The current 100-day moving average is also approaching the 200-day moving average, forming a second death cross signal again.  This pattern usually represents a bearish turn in the long-term trend and indicates that the market is entering a weak stage. If there is no obvious buying intervention, it may be difficult for Dogecoin to reverse its decline in the short term. The current resistance zone is located in the $0.20-$0.21 range. It has been blocked many times and failed to break through since mid-October, indicating heavy selling pressure from above. Only if the price successfully breaks out and stabilizes above $0.21 will downward pressure be temporarily relieved. If you don’t know what to do in the bull market, you are welcome to scan the code to join the group for free. The spot code and layout strategy of the bull market can be shared for free. Welcome to private message me to join us Penguin number can be added: 3838974575 |
|
|
|
|
|
