Dogecoin is still following the same trajectory as the broader crypto market which is being led by Bitcoin. On its own, Dogecoin has also seen some significant negative headwinds as large sell-offs sent its price spiraling down by another 8%. However, this may not be for long if the meme coin is able to break through this crucial level.

Dogecoin은 여전히 ​​비트코인이 주도하고 있는 더 넓은 암호화폐 시장과 동일한 궤적을 따르고 있습니다. Dogecoin 자체적으로도 대규모 매각으로 인해 가격이 8% 더 하락하면서 상당한 부정적인 역풍을 겪었습니다. 그러나 밈 코인이 이 중요한 수준을 돌파할 수 있다면 그리 오래 걸리지 않을 수도 있습니다.

Dogecoin Must Invalidate Bears Above $0.11

In a post on X (formerly Twitter), crypto analyst Ali Martinez explained the complex scenario that the Dogecoin price has encountered. The analyst starts out by showing that the meme coin had flashed a sell signal this week, as evidenced by the price decline between Sunday and Monday.

암호화폐 분석가인 Ali Martinez는 X(이전 Twitter)의 게시물에서 Dogecoin 가격이 직면한 복잡한 시나리오를 설명했습니다. 분석가는 일요일과 월요일 사이의 가격 하락으로 입증된 것처럼 이번 주에 밈 코인이 매도 신호를 보냈다는 사실을 보여주면서 시작합니다.

This sell signal was observed by the crypto analyst using the TD Sequential on the DOGE weekly chart. The altcoin is already playing out this scenario, especially as the analyst shows that it is continuously facing resistance at this level.

DOGE is also facing the possibility of further downside due to this mounting resistance on the weekly chart. If it continues to fall, then there is a possibility that the price could drop back to $0.085, or even $0.078, as Ali explains.

However, there is still the possibility that Dogecoin can turn the current bearish tide around into a favorable one. Ali explains that the meme coin can negate this bearish trend if the DOGE price were able to beat $0.11. This price level has remained elusive for DOGE even through multiple weeks of recovery, making it the major roadblock to its price rally in the shorter term.

DOGE Flipped By Avalanche (AVAX)

One of the many downsides of the downtrend that has plagued the Dogecoin price is the fact that it is close to being kicked out of the top 10 cryptocurrencies by market cap. Following AVAX’s run over the past month and DOGE not keeping up with the market, Avalanche has now flipped Dogecoin on the list.

Dogecoin 가격을 괴롭힌 하락세의 많은 단점 중 하나는 시가총액 기준 상위 10개 암호화폐에서 쫓겨날 뻔했다는 사실입니다. 지난 한 달 동안 AVAX가 운영되고 DOGE가 시장을 따라잡지 못한 후 Avalanche는 이제 Dogecoin을 목록에서 뒤집었습니다.

AVAX’s market cap is currently sitting above $14.6 billion at the time of this writing while DOGE’s market cap is still at $13.5 billion. This means that AVAX is now the 9th-largest cryptocurrency by market cap while Dogecoin has been pushed down to 10th place.

The disparity comes as a result of Ajax rising over 82% in one week while DOGE only rose around 7%. However, DOGE could overtake Avalanche again if it were to rise another 20% from its current market value. This would put its market cap at around $16 billion.

이러한 차이는 Ajax가 일주일 만에 82% 이상 상승한 반면 DOGE는 약 7%만 상승했기 때문에 발생합니다. 그러나 DOGE가 현재 시장 가치에서 20% 더 상승한다면 Avalanche를 다시 추월할 수 있습니다. 이로써 시가총액은 약 160억 달러에 달하게 된다.