Recently, Dogecoin (#DOGE冲冲冲 ) has been hovering around the key support level of $0.21. If this level is breached, the short-term trend may turn clearly bearish. The next support level is at $0.20, and a further target could even drop to $0.18, indicating a decline of about 15% from the current price.

Technical indicators are also sounding warnings: the Bull-Bear Power (BBP) indicator has turned negative, showing that selling pressure has exceeded buying power, retail investors are selling off, and buyers are gradually exiting the market. This aligns with on-chain data, which clearly indicates short-term bearish pressure.

In simple terms, the Bull-Bear Power indicator (also known as the Elder Ray Index) measures the strength of bulls and bears in the market by comparing price with moving averages. Currently, momentum has tilted towards the bears, and if the $0.21 support is broken, the downside risk will further increase.

However, if Dogecoin can successfully hold the support and rebound, breaking through $0.23, the short-term bearish assumption will be invalidated, and bulls may regain control.

Crypto friends, be cautious during this phase: pay attention to the $0.21 support and $0.23 resistance, seize short-term opportunities, manage your positions, and avoid blindly chasing highs or bottom-fishing. #山寨季何时到来？ #加密市场回调