Dogecoin Price Plunges Amidst Market Downturn

市場低迷期間狗狗幣價格暴跌

Dogecoin continued its downward trajectory on Tuesday, mirroring a broader decline in the cryptocurrency market. DOGE reached a low of $0.1140, its lowest point since March 1st, 2024. This represents a near 50% drop from its yearly peak.

狗狗幣週二繼續下跌，反映出加密貨幣市場更廣泛的下跌。 DOGE 跌至 0.1140 美元的低點，這是自 2024 年 3 月 1 日以來的最低點。

Factors Driving the Sell-Off

推動拋售的因素

• Shift in Trader Focus: Attention among meme token traders has shifted towards newer options such as Pepe, Dogwifhat, and Brett, leaving traditional meme tokens like DOGE struggling.
• Bitcoin's Performance: The lack of upward momentum in Bitcoin, the world's largest cryptocurrency, has impacted Dogecoin's performance. Attempts to surpass the $72,000 resistance level have been unsuccessful.
• Federal Reserve Concerns: The Federal Reserve's signals of only a single rate cut have raised concerns, as Dogecoin and other risk assets tend to perform well under dovish conditions.

Technical Analysis

交易者焦點的轉變：meme 代幣交易者的注意力已轉向Pepe、Dogwifhat 和Brett 等較新的選擇，而DOGE 等傳統meme 代幣陷入困境。上漲動力，影響了狗狗幣的表現。試圖突破 72,000 美元阻力位的嘗試並未成功。

The daily chart for DOGE indicates that the upward momentum peaked at $0.2290 in March, aligning with Bitcoin's record high. The current downtrend has pushed the coin below the Andrew's Pitchfork tool and the critical support level of $0.1208.

DOGE 的日線圖顯示，上漲勢頭在 3 月達到頂峰 0.2290 美元，與比特幣的歷史新高一致。目前的下跌趨勢已將代幣推至安德魯乾草叉工具和 0.1208 美元的關鍵支撐位下方。

• RSI (Relative Strength Index): Has fallen into the oversold territory (below 30) for the first time this year.
• Awesome Oscillator: Has remained below the neutral level since June 8th.

Price Forecast

RSI（相對強度指數）：今年首次跌入超賣區域（低於30）。

The continuation of the sell-off seems likely, with sellers targeting the psychological support of $0.10. A break below this level could potentially lead to a decline towards $0.0750, the lowest point reached in January.

拋售似乎可能會持續，賣家的目標是 0.10 美元的心理支撐位。跌破該水平可能會導致跌至 0.0750 美元，即 1 月達到的最低點。