Dogecoin's Open Interest and MDIA Indicate Market Stagnation and Caution

狗狗幣的未平倉合約和 MDIA 表明市場停滯和謹慎

Dogecoin's open interest has plummeted to $1.42 billion, a sharp decline from its April peak of $12 billion. This sustained drop in open interest, especially amidst DOGE's recent price decline to $0.32, suggests traders are unwinding positions due to reduced optimism.

狗狗幣的未平倉部位已暴跌至 14.2 億美元，較 4 月高峰 120 億美元大幅下降。未平倉部位持續下降，尤其是在 DOGE 最近價格跌至 0.32 美元的情況下，顯示交易者因樂觀情緒減弱而正在平倉。

This bearish trend in open interest often indicates waning confidence in short-term price recovery. Coupled with a 20% drop in DOGE's price over the past week, the shrinking open interest implies traders are hesitant to open new positions, signaling potential for further correction unless market sentiment reverses.

未平倉部位的這種看跌趨勢通常表示對短期價格復甦的信心減弱。再加上過去一周 DOGE 價格下跌 20%，未平倉合約減少意味著交易者對開立新頭寸猶豫不決，這表明除非市場情緒逆轉，否則可能會進一步調整。

MDIA Reveals Stagnation and Cautious Sentiment

MDIA 揭示了停滯和謹慎的情緒

The Market Value to Realized Value (MDIA) indicator suggests Dogecoin holders are increasingly opting to hold rather than trade their assets. MDIA, which measures the average age of coins weighted by purchase price, has steadily risen to 335 days. This trend indicates that long-term holders are not actively trading or reallocating their assets, pointing to stagnation within the market.

市場價值與已實現價值（MDIA）指標表明，狗狗幣持有者越來越多地選擇持有而不是交易其資產。 MDIA（衡量以購買價格加權的代幣平均年齡）已穩定上升至 335 天。這一趨勢表明長期持有者並未積極交易或重新分配其資產，表明市場陷入停滯。

Historically, a rising MDIA has correlated with reduced liquidity and lower demand, often interpreted as a bearish signal. If this upward trajectory persists, it underscores a lack of fresh capital or speculative activity in the DOGE market, aligning with its recent price declines. This supports the narrative of cautious sentiment dominating Dogecoin's short-term outlook.

從歷史上看，MDIA 上升與流動性減少和需求下降有關，通常被解讀為看跌訊號。如果這種上升趨勢持續下去，則凸顯出 DOGE 市場缺乏新資本或投機活動，這與近期價格下跌是一致的。這支持了謹慎情緒主導狗狗幣短期前景的說法。

Dogecoin Struggles Below Key Support Levels

狗狗幣在關鍵支撐位下方掙扎

On the daily chart, Dogecoin is struggling to reclaim critical support levels following its recent downturn. The price has dropped below the $0.35 threshold, which previously acted as a significant support level, indicating that bearish momentum continues to dominate.

在日線圖上，狗狗幣在最近的低迷之後正在努力奪回關鍵支撐位。價格已跌破 0.35 美元的門檻，該門檻此前是一個重要的支撐位，表明看跌勢頭繼續占主導地位。

The Moving Average Convergence Divergence (MACD) indicator confirms this bearish outlook. At press time, the MACD line is positioned in negative territory, reflecting downward momentum. The histogram shows fading bearish pressure, but until a clear bullish crossover occurs, recovery prospects remain limited.

移動平均收斂分歧（MACD）指標證實了這個看跌前景。截至發稿，MACD 線位於負值區域，反映出下行動能。長條圖顯示看跌壓力正在減弱，但在出現明顯的看漲交叉之前，復甦前景仍然有限。