• Bearish sentiment around Dogecoin increased in the market. 

市場上圍繞狗狗幣的看跌情緒增加。

• Most market indicators looked bearish on the meme coin.

大多數市場指標都看跌米姆幣。

Dogecoin [DOGE] caught investors off guard a few days ago as its price surged by more than 10%.

幾天前，狗狗幣 [DOGE] 的價格飆升超過 10%，令投資者措手不及。

However, the trend did not last long, as the meme coin soon witnessed a price correction, neutralizing its weekly gains. Meanwhile, one of the blockchain’s key metrics skyrocketed.

然而，這種趨勢並沒有持續多久，因為模因幣很快就出現了價格調整，抵消了其每週的漲幅。與此同時，區塊鏈的一項關鍵指標飆升。

Dogecoin loses its weekly gains

狗狗幣失去了每週的漲幅

A few days ago, Elon Musk launched the official Payments account for X (formerly Twitter). This sparked excitement in the community, causing DOGE’s price to surge.

幾天前，伊隆馬斯克推出了 X 的官方支付帳號（以前的 Twitter）。這引發了社區的興奮，導致 DOGE 的價格飆升。

However, AMBCrypto reported earlier that the hype around XPayments might not be enough for Dogecoin to sustain the price uptrend. That turned out to be true, as the meme coin’s price plummeted.

然而，AMBCrypto 早些時候報導稱，圍繞 XPayments 的炒作可能不足以讓狗狗幣維持價格上漲趨勢。事實證明這是真的，隨著模因幣的價格暴跌。

According to CoinMarketCap, DOGE was down by nearly 4% in the last 24 hours alone. At the time of writing, DOGE was trading at $0.08031 with a market capitalization of over $11.4 billion.

根據 CoinMarketCap 的數據，DOGE 僅在過去 24 小時內就下跌了近 4%。截至撰寫本文時，DOGE 的交易價格為 0.08031 美元，市值超過 114 億美元。

Though the meme coin’s price action was bearish, one of its key metrics has remained high for multiple months now.

儘管迷因幣的價格走勢看跌，但其關鍵指標之一已經連續幾個月保持在高位。

IntoTheBlock recently posted a tweet highlighting how Dogecoin’s number of transactions remained high compared to several other top cryptos, such as Shiba Inu [SHIB].

IntoTheBlock 最近發布了一則推文，強調與柴犬 [SHIB] 等其他幾種頂級加密貨幣相比，狗狗幣的交易數量仍然很高。

One could argue that the memecoin wars aren't about utility. Nonetheless, Dogecoin's dominance in the number of transactions is unmistakable. #Doge pic.twitter.com/kE4wW5IrmY

有人可能會爭辯說，模因幣戰爭與實用性無關。儘管如此，狗狗幣在交易數量上的主導地位是毋庸置疑的。 #Doge pic.twitter.com/kE4wW5IrmY

— IntoTheBlock (@intotheblock) January 22, 2024

- IntoTheBlock (@intotheblock) 2024 年 1 月 22 日

Will network activity be enough to help DOGE recover?

網路活動足以幫助 DOGE 恢復嗎？

AMBCrypto’s analysis of Dogecoin’s metrics revealed that a high transaction count might not be just enough for the meme coin to recover from its losses.

AMBCrypto 對狗狗幣指標的分析表明，高交易量可能不足以讓狗狗幣從損失中恢復過來。

DOGE’s Social Volume remained high last week, thanks to its high price volatility.

由於價格波動較大，上週 DOGE 的社交量仍然很高。

However, bearish sentiment started to increase, which was evident from the drop in its Weighted Sentiment since the 22nd of January.

然而，看跌情緒開始增加，這從 1 月 22 日以來加權情緒的下降中可以明顯看出。

Source: Santiment

資料來源：Santiment

Dogecoin’s liquidation heat map also revealed quite a few interesting points. The meme coin has a critical support level near the $0.079 mark.

狗狗幣的清算熱圖也揭示了一些有趣的要點。 Meme 幣的關鍵支撐位位於 0.079 美元附近。

This meant that DOGE’s price might fall to that level before it manages to go up.

這意味著 DOGE 的價格可能會在上漲之前先跌至該水平。

If the price fails to test this support zone, then investors might witness a further drop in its price.

如果價格未能測試該支撐區域，那麼投資者可能會看到其價格進一步下跌。

Nonetheless, considering a utopian scenario, if DOGE’s price moves upward, then it might face strong resistance near the $0.09 mark.

儘管如此，考慮到烏托邦情景，如果 DOGE 的價格上漲，那麼它可能會在 0.09 美元關口附近面臨強勁阻力。

Source: Hyblock Capital

來源：Hyblock 資本

To understand what to expect from Dogecoin, AMBCrypto took a look at its daily chart. Our analysis revealed that the possibility of the meme coin’s price going further down was likely.

為了了解狗狗幣的預期，AMBCrypto 查看了其日線圖。我們的分析表明，模因幣的價格有可能進一步下跌。

Realistic or not, here’s DOGE’s market cap in BTC’s terms  

不管現實與否，這是以 BTC 計算的 DOGE 市值

Both its Money Flow Index (MFI) and Relative Strength Index (RSI) registered downticks.

其資金流量指數（MFI）和相對強弱指數（RSI）均下跌。

Nonetheless, the Bollinger bands pointed out that DOGE’s price was in a less volatile zone. This hinted that the meme coin’s price might reach its support level and start another rally from that zone.

儘管如此，布林通道指出 DOGE 的價格處於波動較小的區域。這暗示模因幣的價格可能會達到其支撐位，並從該區域開始另一次上漲。

Source: TradingView

來源：TradingView