Dogecoin Price Plummets amid Crypto Market Sell-Off

加密貨幣市場拋售導致狗狗幣價格暴跌

Dogecoin (DOGE) has faced a precipitous decline in recent days, reaching its lowest level since November 11th. The cryptocurrency has lost nearly 45% from its monthly high, signaling a severe bearish trend.

狗狗幣（DOGE）近幾日面臨急遽下跌，觸及11月11日以來的最低水準。該加密貨幣已較月度高點下跌近 45%，預示著嚴重的看跌趨勢。

Factors Contributing to the Crash

導致墜機的因素

Dogecoin's crash is attributed to escalating apprehension within the crypto industry, fueling panic selling among investors. Cryptocurrency remains highly susceptible to volatility due to its predominantly retail investor base with shorter investment horizons.

狗狗幣的暴跌歸因於加密貨幣行業內部不斷升級的擔憂，加劇了投資者的恐慌性拋售。由於其以散戶為主且投資期限較短，加密貨幣仍極易受到波動的影響。

Wyckoff Method Analysis

威科夫方法分析

DOGE's retracement suggests it has entered the markdown phase of the Wyckoff Method, after a prolonged distribution phase. The Wyckoff Model identifies four distinct phases: accumulation, markup, distribution, and markdown.

DOGE 的回調表明，在經歷了長時間的派發階段之後，它已進入威科夫方法的降價階段。威科夫模型確定了四個不同的階段：累積、加價、分配和減價。

Phases of the Wyckoff Model

威科夫模型的各個階段

In the case of Dogecoin:

以狗狗幣為例：

• Accumulation phase: Limited price fluctuation from April to November.
• Markup phase: Parabolic rise driven by increased demand surpassing supply.
• Distribution phase: Price stabilization as informed investors sold.
• Markdown phase (current): Excess supply over demand leads to panic selling.

Influence of Elon Musk's Initiative

吸籌階段：4 月至 11 月價格波動有限。馬斯克的倡議

Dogecoin's decline has also been influenced by skepticism toward Elon Musk's "Department of Government Efficiency" initiative. Musk and Vivek Ramaswamy's proposal to slash government spending by over $2 trillion has met with skepticism from analysts, who argue such measures face substantial regulatory and political obstacles in the government context.

狗狗幣的下跌也受到了對伊隆·馬斯克「政府效率部」倡議的懷疑的影響。馬斯克和維韋克·拉馬斯瓦米提出的削減超過 2 兆美元政府支出的提議遭到了分析師的懷疑，他們認為此類措施在政府背景下面臨著巨大的監管和政治障礙。

Technical Price Analysis

技術價格分析

DOGE's price peaked at $0.4853, a key level near the overshoot of the Murrey Math lines tool. It has since fallen beneath the 50-day moving average and the strong pivot release.

DOGE 的價格達到 0.4853 美元的峰值，這是接近 Murrey Math 線工具超調的關鍵水平。此後，它跌破了 50 日移動均線和強勁的樞軸釋放。

Potential Support and Resistance Levels

潛在支撐位和阻力位

• $0.2293: Highest swing in March and aligns with the cup and handle pattern's horizontal line.
• $0.1953: Major support/resistance pivot, approximately 30% below the current price.

Caution against Dead Cat Bounce

0.2293 美元：3 月份的最高波動，與杯柄圖案的水平線對齊 0.1953 美元：主要支撐/阻力樞軸，比當前價格低約 30%。

Investors should be wary of a potential dead cat bounce when considering purchasing a dip. This phenomenon occurs when an asset momentarily rises within a downtrend before resuming its decline.

投資者在考慮逢低買入時應警惕潛在的死貓反彈。當資產在下跌趨勢中短暫上漲然後又恢復下跌時，就會出現這種現象。