Musk and the King of Understanding Break Up! After Dogecoin Plummets 14%, Where Does It Go From Here?🐶
Current Dogecoin ($DOGE ) price is $0.1753, down 7.14% in 24 hours, down 14.29% over the week, market cap $26.2 billion, trading volume $1.99 billion, short-term 'sell signal' is obvious.
Short-term Pressure: Two Major Factors Accelerate Decline
Musk and the King of Understanding's Conflict Intensifies:
1. The public feud between the two has sparked market associations; Musk, as the 'spiritual leader' of DOGE, is embroiled in political controversy, leading to large holders selling off — on-chain data shows that over 500 million DOGE were transferred to exchanges in the past 48 hours, undermining market confidence.
2. Technical Breakdown Risk:
The critical support level of $0.17 is in jeopardy; breaking below may trigger programmatic trading stop-losses, further probing down to $0.15. The volatility is only 4.18%, reflecting a strong wait-and-see sentiment among investors, lacking bottom-fishing momentum.
Long-term Potential: Real-world Application May Become a Turning Point
Despite short-term pressure, DOGE still has two growth logics:
Technological Integration Progress: The development team continues to promote Layer-2 solutions, planning to reduce transaction costs and enhance throughput to adapt to micro-payment scenarios.
Real-world Application Expansion: Some e-commerce platforms have already integrated DOGE payments, and Musk's SpaceX has hinted at possibly accepting DOGE as a 'deposit for space travel'; if realized, it would significantly enhance its practicality.
Operation Suggestions: Patience for Right-Side Signals
Short-term Players: Mainly wait-and-see; if it breaks below $0.17, consider reducing positions, waiting for a rebound to $0.19 resistance before making decisions.
Long-term Holders: Accumulate gradually on dips, with $0.15-$0.16 being the ideal accumulation range; prepare for a holding period of over 6 months.
Risk Warning: Tonight's U.S. Non-Farm Payroll data may trigger market volatility; DOGE may follow the market's sharp fluctuations, suggesting to keep positions within 5% of total assets.
Fans wishing to enter the market must remain patient; tonight's data will affect the overall market's subsequent trends. I will also be waiting in ambush; those who want to join can DD!!!
