Key Dogecoin (DOGE) on-chain metrics recently turned bullish, suggesting that the foremost meme coin is well primed for a significant move to the upside. However, that hasn’t been the case, as Dogecoin’s price has declined lately. 

狗狗幣（DOGE）的關鍵鏈上指標最近轉為看漲，這表明最重要的迷因代幣已經做好了大幅上漲的準備。然而，情況並非如此，因為狗狗幣的價格最近有所下降。

Dogecoin On-Chain Metrics Are Bullish 

Data from the market intelligence platform IntoTheBlock shows that 83% of Dogecoin holders are currently in profit at its current price level. Despite that, these investors have opted against offloading their tokens but have chosen to hold in anticipation of further price gains. This bullish mindset among these investors is evident from further data from IntoTheBlock, which shows that 65% of Dogecoin holders have held the token for over a year. 

狗狗幣鏈上指標看漲市場情報平台 IntoTheBlock 的數據顯示，83% 的狗狗幣持有者目前在當前價格水準上獲利。儘管如此，這些投資人還是選擇不拋售代幣，而是選擇持有，以期價格進一步上漲。 IntoTheBlock 的進一步數據顯示了這些投資者的看漲心態，該數據顯示 65% 的狗狗幣持有者持有該代幣超過一年。

Instead of selling, more Dogecoin investors are even moving their holdings to self-custodial wallets for long-term safekeeping. On-chain data shows that more DOGE tokens have been taken off exchanges than deposited into them. Specifically, a particular whale transferred 150 million DOGE tokens ($23.3 million) from Robinhood to an unknown wallet. 

相關閱讀：柴犬燃燒率在飆升 18,000% 後暴跌 99%，發生了什麼？鏈上數據顯示，從交易所取出的 DOGE 代幣多於存入交易所的 DOGE 代幣。具體來說，某頭鯨魚將 1.5 億 DOGE 代幣（2,330 萬美元）從 Robinhood 轉移到了一個未知的錢包。

Certain developments also add to Dogecoin’s bullish outlook. DOGE Day is set to take place on April 20, and crypto analyst Myles G predicts that the meme coin could experience a bullish resurgence on that day, rising to as high as $0.26. 

某些事態發展也增強了狗狗幣的看漲前景。 DOGE Day 定於 4 月 20 日舉行，加密貨幣分析師 Myles G 預測，這一 Meme 代幣可能會在當天經歷看漲復甦，最高升至 0.26 美元。

The Bitcoin Halving is also set to take place around that time, undoubtedly adding to Dogecoin’s bullish narrative. Meanwhile, Coinbase will launch Dogecoin futures on April 29 for its institutional clients, a move that will generate more interest in the meme coin. Given such developments, it is not out of place to wonder why DOGE’s price has maintained an unimpressive performance. 

比特幣減半也將在那個時候發生，這無疑增加了狗狗幣的看漲敘事。同時，Coinbase 將於 4 月 29 日為其機構客戶推出狗狗幣期貨，此舉將引發人們對這種迷因幣的更多興趣。鑑於這樣的發展，我們不難理解為什麼 DOGE 的價格一直表現不佳。

Why DOGE’s Price Is Down

Currently, Dogecoin’s price looks to be reacting to the general bearish sentiment in the broader crypto market. As of April 12, the meme coin’s price was still enjoying a significant move to the upside as it looked to break the $0.20 resistance level. However, its price quickly came crashing down following a wave of sell-offs in the crypto market, which was partly triggered by Iran’s attack on Israel.  

為什麼狗狗幣的價格下跌目前，狗狗幣的價格似乎是對更廣泛的加密貨幣市場普遍看跌情緒的反應。截至 4 月 12 日，Meme 幣的價格仍在大幅上漲，因為它似乎突破了 0.20 美元的阻力位。然而，在加密貨幣市場出現一波拋售浪潮後，其價格迅速暴跌，部分原因是伊朗對以色列的攻擊引發的。

Since then, Dogecoin and other crypto tokens have maintained this downward trend as crypto investors wait on the sidelines to see whether Israel will retaliate against Iran. The market is expected to pick up if Israel decides against heightening the regional conflict. However, things could get worse if Israel chooses violence and decides to escalate things. 

相關閱讀：漣波與波動SEC 更新：專家表示雙方已達成和解協議 自此之後，狗狗幣和其他加密代幣一直保持著下跌趨勢，因為加密投資者在觀望以色列是否會對伊朗進行報復。如果以色列決定不加劇地區衝突，預計市場將會回升。然而，如果以色列選擇暴力並決定使事態升級，事情可能會變得更糟。

At the time of writing, DOGE is trading at around $0.15, down over 5% in the last 24 hours, according to data from CoinMarketCap. 

根據 CoinMarketCap 的數據，截至撰寫本文時，DOGE 的交易價格約為 0.15 美元，在過去 24 小時內下跌了 5% 以上。

DOGE struggles to recover | Source: DOGEUSDT on Tradingview.com

DOGE 努力康復 |資料來源：Tradingview.com 上的 DOGEUSDT 精選圖片來自雅虎財經，圖表來自 Tradingview.com