Dogecoin Extends Decline as Crypto Sentiment Sours

隨著加密貨幣情緒惡化，狗狗幣持續下跌

Dogecoin resumed its downward trajectory on Wednesday amid a prevailing bearish sentiment in the crypto market.

由於加密貨幣市場普遍存在看跌情緒，狗狗幣週三恢復了下跌趨勢。

DOGE witnessed a notable 4% drop on Wednesday morning, mirroring the performance of its peers Bitcoin, Ethereum, and BNB Coin. The cryptocurrency has now plunged nearly 50% from its annual peak and remains 75% below its all-time high. Here are three key factors contributing to its ongoing market decline:

DOGE 於週三上午顯著下跌 4%，與比特幣、以太坊和 BNB 幣的表現相呼應。該加密貨幣目前已較年度高峰暴跌近 50%，仍比歷史最高點低 75%。以下是導致其市場持續下滑的三個關鍵因素：

Intensified Competition from Newer Meme Co

Newer Meme Co 的競爭加劇

Dogecoin has suffered from the rise of competing meme coins, such as Pepe, Dogwifhat, Bonk, and Brent. These tokens have outperformed Dogecoin by leaps and bounds, registering gains of over 200% this year.

狗狗幣因 Pepe、Dogwifhat、Bonk 和 Brent 等競爭性 meme 幣的崛起而受到影響。這些代幣的表現突飛猛進，今年漲幅超過 200%。

This competition is evident in the daily trading volume. According to CoinGecko data, Dogecoin's 24-hour volume was recorded at $585 million, while its market capitalization exceeded $17 billion.

這種競爭在每日交易量中顯而易見。根據CoinGecko數據，狗狗幣24小時交易量錄得5.85億美元，而其市值則超過170億美元。

Conversely, Pepe, with a market cap of $4.36 billion, boasted a trading volume of $676 million. Similarly, Dogwifhat logged a 24-hour volume of $587 million. This indicates a growing demand for these newer tokens among traders.

相反，佩佩的市值為 43.6 億美元，但交易量卻高達 6.76 億美元。同樣，Dogwifhat 的 24 小時交易量為 5.87 億美元。這表明交易者對這些新代幣的需求不斷增長。

Deteriorating Crypto Fear and Greed Index

加密貨幣恐懼和貪婪指數惡化

Investor sentiment towards cryptocurrencies, including Dogecoin, has taken a pessimistic turn. The widely followed fear and greed index has dipped to the neutral level of 48, down from its year-to-date high of 90.35. Should this trend continue, a shift into the fear zone is highly likely.

投資者對包括狗狗幣在內的加密貨幣的情緒已經發生悲觀轉變。廣受關注的恐懼和貪婪指數已從年初至今的高點 90.35 降至 48 的中性水平。如果這種趨勢持續下去，很可能會進入恐懼區。

Historically, cryptocurrencies and other risk assets experience sell-offs during periods of elevated market fear. This anxiety stems from the absence of significant drivers within the crypto industry.

從歷史上看，加密貨幣和其他風險資產在市場恐慌加劇期間會遭受拋售。這種焦慮源於加密產業內缺乏重要的驅動因素。

Technical Patterns Suggest Downward Momentum

技術形態顯示下行勢頭

Dogecoin's price action has also been influenced by bearish technical patterns. Notably, the coin has been trending towards a "death cross," a technical indicator that occurs when the 50-day and 200-day moving averages intersect. This pattern signifies a potential acceleration of the sell-off.

狗狗幣的價格走勢也受到看跌技術模式的影響。值得注意的是，該代幣一直呈現「死亡交叉」趨勢，這是一種在 50 天和 200 天移動平均線相交時出現的技術指標。這種模式意味著拋售可能會加速。

Moreover, Dogecoin has faced formidable resistance during its previous recovery attempts. In May, it encountered strong resistance at $0.1750, and in June, it repeated at $0.1285. These bearish signals are reinforced by the recent bearish behavior of Bitcoin, which has established a "quadruple top" pattern and has fallen below its 50-day and 100-day moving averages.

此外，狗狗幣在先前的復甦嘗試中也面臨巨大的阻力。 5月份，它在0.1750美元處遇到強勁阻力，6月份，它又在0.1285美元處重複。比特幣最近的看跌行為強化了這些看跌訊號，比特幣已經建立了「四重頂」模式，並已跌破其 50 日和 100 日移動均線。