English
20597
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 As of press time, Dogecoin (DOGE) has fallen nearly 8% in the past 24 hours, and the market's bearish sentiment is still strong. DOGE has continued to remain in a bear market structure since the pullback from its highs of $0.30, while more than 75 altcoins have outperformed Bitcoin (BTC) during the same period, showing the meme coin’s relative weakness.  Key support and potential downside areas According to UTXO realized price distribution data, $0.18 is Dogecoin’s current key support range. This position is regarded as the "life and death line". If the price continues to fall below this range, the bottom may point to the $0.07 area. It is worth noting that the $0.07 area was once an important transaction-intensive area in the history of DOGE, with approximately 28.28 billion tokens changing hands here, accounting for approximately 18% of the total supply. This means that if the price pulls back to this area, it will become a potentially strong support and buying focus. The market is not entirely bearish, however, as DOGE could see a short-term bounce across multiple local support areas before falling towards $0.07.  Technical: Cloud chart breaks, short-term pressure intensifies Judging from the 4-hour chart, the DOGE price has clearly fallen below the Ichimoku equilibrium cloud layer, indicating that selling pressure dominates the market. Momentum indicators show that bears are in the ascendant and prices may continue to decline in the short term. The current key observation point is around $0.1688, which is the short-term technical target. If Dogecoin wants to resume its upward trend, it must break through the cloud resistance level again, otherwise the price may fall further to near the level of the same period last year, which is about $0.15. It is worth mentioning that DOGE started the last round of rising prices in this price range and once reached $0.50.  On-chain data: Derivatives bullish but spot still weak Although market sentiment is bearish, CryptoQuant data shows that some derivatives traders have begun to place long positions, indicating that the market generally believes that the probability of falling to $0.07 is not high. However, selling pressure in the spot market continues. Spot Taker CVD shows that sellers have been dominant since late September. In terms of sentiment indicators, the sentiment values of ordinary investors and professional traders were -0.31 and -0.24 respectively, further confirming that the overall market is bearish.  Finally: The short-term is under pressure, but the long-term still has structural support. Overall, Dogecoin is still in a downward trend in the short term. If the bear market continues, the price may test lower support, but the probability of falling to $0.07 is limited. Once the overall crypto market strengthens, DOGE is expected to regain its position on the cloud resistance band and start a new round of rebound. 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 |
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